Startup reimagines bank lockers with high-tech vaults in gated communities

Aurm, a Bengaluru-based firm brings technology equipped lockers to gated societies, offering 24/7 access, military-grade security, and even insurance coverage

Vijay Kumar Arisetty can never forget the frustration and anxiety of searching for a secure locker to store his family's precious belongings. After months of waiting, he was finally allocated a locker at a bank branch which was far from where he lived. To make matters worse, the locker was too small and far away from his residence. This experience sparked a realisation: millions of people face similar challenges, sacrificing peace of mind for lack of better options. 

 

This led Arisetty to start Aurm, a next-generation safe deposit locker service that is reimagining how people think about securing their valuables. The Bengaluru-based firm brings state-of-the-art lockers to gated communities, offering 24/7 access, military-grade electronic security, and insurance coverage, to boot. 

 

“In India, securing a reliable and accessible locker is a daunting task. Banks have limited capacity, long waiting lists, and restrictive access hours,” Arisetty told Business Standard.  “Home safes are vulnerable to theft and damage. This uncertainty leaves individuals and families exposed to risk, compromising their financial security and emotional well-being.” 

 

Arisetty’s previous venture, MyGate, tapped into gated community living, serving over 4 million residents across over 25,000 communities. Now, with Aurm, Arisetty and his team are tackling the outdated bank locker industry head-on, delivering a modern solution to a long-standing problem. 

 

Arisetty said Aurm establishes a new benchmark in secure storage compared to banks, surpassing traditional solutions. He said Aurm has successfully overcome the drawbacks of conventional bank lockers, including distance, restricted access hours, and need for human intervention. In contrast, Aurm’s lockers are conveniently situated near residents' homes. In most cases, these are located in the club house of the gated communities, accessible 24/7, and operate autonomously without human intervention.  

 

“Our security measures have enabled us to offer insurance coverage for all our lockers, a unique feature that sets us apart from traditional bank lockers, which typically do not offer insurance,” said Arisetty.    

 

Active surveillance, sensors 

 

In terms of security, Aurm implements active surveillance and intrusion detection systems at its facilities. Other features include multi-factor authentication for secure access and advanced warning systems for enhanced security.  

 

The company builds a strong room with reinforced steel and concrete for storing valuables. This vault is equipped with a sensor-rich environment, where every inch is monitored by an array of advanced sensors. These detect smoke, heat, vibration, and even seismic activity. The sensors work in tandem to detect even the slightest attempt at intrusion. 

 

Besides security patrol, Aurm also partners with local police and fire departments. 

 

“The site is a completely isolated network (with only outbound traffic allowed for monitoring) reducing the attack surface and lowering the risk of cyber threats,” said Arisetty. “The network is gated (only whitelisted devices are allowed) and encrypted with very strict access controls.” 

 

To use the service, a user needs to download the Aurm app, fill in the details and complete the KYC (know your customer), a process that verifies his/her identity to prevent illegal activities like fraud and money laundering.  

 

However, cash and other negotiable instruments are prohibited from these storage locations, as are chemicals, hazardous materials, illicit drugs, firearms, ammunition, and other weapons. 

 

As for privacy and data protection concerns, Arisetty says Aurm’s equipment and systems underwent rigorous evaluation by Tata AIG, a leading insurance provider, which subsequently extended insurance coverage to the offering.  He said this due diligence, coupled with certifications from external parties, serves as a trust marker. 

 

Challenges and opportunities 

 

The firm is currently self-funded and bootstrapped, with a target of cumulative capacity of 500 centres hosting 120,000 lockers across Bengaluru, Hyderabad, and Visakhapatnam by 2025. 

 

The challenge for companies like Aurm is primarily centered around establishing partnerships with gated communities. This involves complex interactions with management committees, securing a suitable location, and setting up the infrastructure. 

 

“Traditional bank lockers evoke a specific image, whereas our cutting-edge, automated system can be difficult for people to visualise,” said Arisetty. “Nevertheless, we are confident that, over time, we will successfully address these challenges and drive adoption.” 

 

The potential market size, though, is considerable. India is the world's second-largest consumer of gold, second only to China. Indian households hold around 22,000-25,000 tonnes of gold, according to some estimates. On average, Indian households allocate 10-15 per cent of their total assets to gold, either in the form of jewelry or as an investment. 

  In recent years, the safety and security of bank lockers in India have also come under scrutiny, primarily due to increased incidents of theft and banks' practices of upselling or cross-selling other financial products as a condition for providing locker facilities, according to the report.