Mumbai: While the shortage of cash after demonetization has inconvenienced many people across India, it has also provided an opportunity to some enterprising folks. A new online company ‘CashToHome’ was launched today – to deliver cash to home for 5% delivery charges, the spokesman of the newly formed company said.
Faking News reporter first went online to request some money to be delivered and next met with the spokesman for an exclusive interview.
“To keep things simple, our website takes payment via netbanking or credit cards or any other means by which you can transfer money online. You transfer Rs 1050 to us and we will deliver Rs 1000 to you. You transfer Rs 525 to us and we will deliver Rs 500 to you”, the spokesman kept the things simple, explaining the new business model.
“There are two delivery modes. Immediate delivery costs 50 Rupees extra as of now while the regular delivery period is 3 days. That is about half the time that an ATM visit normally takes. This unique technical aspect gives us the competitive advantage over ATMs and bank tellers, our brick and mortar competition”, he further added.
When we asked him how they manage to withdraw cash despite such long queues outside most ATMs, he said,”All the founders of this company spent first 2 days standing in queues outside banks to withdraw 24,000 Rs using their cheque book. That gave us enough cash to start the company. Now, we are strategically located outside the ATMs that started working first after this demonetization. If the ATM is closed, they just wait till the cash arrives, making them first in line. We left our jobs to start this company so it is not like we have to go somewhere else. Once money is withdrawn, we rush to deliver it to our client before returning to stand in the queue.”
When asked what they will do once all ATMs start functioning normally, he said,”Oh I am sure we will get funded by a VC before that. Once funded, we will take the money and go home. Who cares what happens after that.”