Getting a bank locker for personal valuables is not easy in India as customers often face a years-long wait; some are even forced to buy financial products from a bank just to secure a locker.
Bengaluru-based startup Aurm, founded by former MyGate CEO Vijay Arisetty, is using technology to fill this gap by taking smart lockers to housing complexes — residents are offered 24/7 secure storage just steps away from home.
“For 5,000 to 6,000 wealthy account holders, there are only 30 bank lockers. Lockers are not high-revenue earners for banks, while also eating into their costs — banks want to become more digital instead of creating physical infrastructure, which also needs additional security,” Arisetty explains.
Layered security
Aurm’s on-demand smart lockers for residential complexes are modelled on ATM-style automation, where users access their storage units through a fully digitised, human-free interface.
Instead of traditional key-based access, the system uses biometric authentication, eliminating security risks posed by manual handling.
The modular vault panels are built with multiple layers of high-strength steel, reinforced with concrete and set in a mesh design, making them tamper-proof. “We designed a honeycomb mesh structure that prevents cutting or drilling. Anyone attempting to break into the lockers would need to cut through multiple layers of steel and concrete, which could take over four hours,” Arisetty says.
The system is also equipped with sensors that detect motion, heat and vibration to thwart any unauthorised usage. “If someone even bangs on the locker, it triggers an immediate alert,” he says.
Subscription
Aurm has installed its smart lockers in seven gated communities and is currently installing them in seven more communities. “We need a minimum of 200 homes per community to set up operations,” Arisetty says. “Over time, we expect 150 residents per community to subscribe to the service.”
Demand forecast
Arisetty foresees a growth in demand for the secure storage service as more people move into gated societies amid rising urbanisation. “Gold is India’s first asset class. Nearly every household has gold and, yet, many families struggle to find a secure place to store it,” he observes.
As traditional banking infrastructure evolves, the rise of on-demand, high-tech storage solutions is likely to redefine how Indians safeguard their wealth.
With convenience, security and accessibility at their core, smart lockers may soon become a mainstay of modern urban living.