Eko

Name

Eko

Legal name

Eko Bharat Ventures Private Limited

Website

https://eko.in

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Digital Payments Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)

akta.pro secondary industries

POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Digital Identity, eKYC & Borrower Verification (Lending-Focused) (FSAGAHAF), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Cross-Border & FX Payments Platforms (BPAMAFAK)

Keywords

• Digital payment APIs
• Retail banking platform
• White-label fintech
• KYC verification APIs
• Aadhaar banking services

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Transaction-based fees (AePS, DMT, BBPS, recharge, Indo-Nepal): Eko earns per-transaction commissions/fees on cash-based money transfer (IMPS/NEFT), Aadhaar Enabled Payment System (AePS) cash-in/cash-out, utility/bill payments, mobile recharges and Indo-Nepal remittances routed through its retailer/CSP network. Retailers earn commissions on each transaction.
2. Usage-based API verification fees: Verification APIs (Voter ID, CIN, Driving Licence, PAN, GST, Bank Account, RC/vehicle, UPI ID, DigiLocker, etc.) are billed per successful API call with no minimum commitment; volume-based pricing tiers available on request. Public starting prices: Voter ID ₹1.80, CIN ₹1.80, DL ₹1.80, RC ₹3.00 per verification (excl. GST).
3. Subscription (Eloka white-label SaaS): Eloka is sold via a fixed subscription pricing model (no transactional charges), giving partners a complete white-labeled portal + mobile app stack including branding, themes, agent/distributor hierarchy, wallet management and dashboard.
4. Insurance and other commission-based financial services: Eko's "Connect" platform lets retailers/distributors earn commissions on selling low-cost insurance policies and other financial products (business loans, AePS, utility bill pay) sourced through bank and insurer partnerships.
5. Licensing / OEM revenue (white-label APIs & platforms): White-label API solutions for fintech businesses (DMT, AePS, verification APIs) are licensed to 500+ fintech clients across India, allowing partners to offer cash-in/cash-out services under their own brand with reduced operational cost.

Pricing tiers

Go-to-market motion5 records

Distribution channels6 records

Marketing channels7 records

Core offering

Eko provides low-cost fintech infrastructure that enables instant, secure cash-to-digital financial transactions for India's unbanked and underbanked population. It operates three integrated offerings: (1) Eko Connect, a retailer-facing mobile app used by 1,50,000+ micro-entrepreneurs to deliver AePS cash-in/cash-out, money transfer, bill payment, insurance and Indo-Nepal remittance; (2) Eloka, a white-label SaaS platform that lets partners launch their own branded fintech portal in about 30 minutes; and (3) Eko Platform Services (EPS), a public REST API suite covering payment APIs and 12+ identity/KYC verification APIs (PAN, Voter ID, CIN, DL, RC, GST, DigiLocker, etc.) for fintechs, NBFCs and developers.

Differentiator

Problem solved

Functional benefit

Brands

• Eko Connect: Retailer-facing mobile application used by Eko's network of over 1,50,000 retailers to offer money transfer, AePS cash-in/cash-out, bill payments, insurance, and Indo-Nepal remittance services.
• Eloka
• Eko Platform Services (EPS)
• Eko University
• Eko Global
• Kiosk

Products and services

• Eko Connect Proprietary Android mobile app that lets retailers and micro-entrepreneurs deliver cash-based and assisted commerce services — money transfer, Aadhaar banking, mobile recharge, utility bill payment, insurance, and Indo-Nepal remittance — earning commission on each transaction. Built for small shop owners serving unbanked customers.
• Eloka White-Label SaaS Platform White-label SaaS platform on Microsoft Azure that enables retail/distribution network owners, NBFCs, small banks, and social organizations to launch their own branded digital financial-services business in about 30 minutes, with custom branding, themes, white-label domains, and a fixed subscription pricing model.
• Eko Platform Services (EPS) API Suite Public REST API platform with sandbox, MCP server and SDKs (JavaScript, PHP) that bundles payment APIs and 12+ KYC/identity verification APIs (PAN, Bank Account, GST, DigiLocker, EPFO, Driving License, Vehicle RC, CIN, Voter ID, Passport, OCR, Reverse Geocoding, UPI ID) for businesses, fintechs, and developers to integrate into their own apps.
• SBI Kiosk Banking Solution Banking-correspondent kiosk solution in partnership with State Bank of India that lets retailers offer SBI banking and PMJDY (Pradhan Mantri Jan Dhan Yojana) services to customers.
• DMT API (Domestic Money Transfer) REST API for instant IMPS/NEFT-based domestic money transfer that enables retailers and partners to accept cash remittances and transfer funds to any Indian bank account.
• AePS API (Cash Withdrawal / Cashout SDK) Biometric AePS API and SDK supporting cash withdrawal, cash deposit, fund transfer, balance inquiry, and mini statement using Aadhaar number and fingerprint authentication, backed by NPCI.
• BBPS API (Utility Bill Payment) REST API for utility and bill payment processing covering 100+ billers in India through the Bharat Bill Payment System (BBPS).
• Voter ID (EPIC) Verification API Real-time Voter ID (EPIC) verification API that validates Indian Electoral Photo Identity Card details against government records, returning name (English + regional script), age, DOB, gender, father's name, address with state/assembly/parliamentary constituency, and polling station — used for KYC, onboarding and address verification. Priced at ₹1.80 per verification.
• CIN Verification API Corporate Identification Number (CIN) verification API that validates CINs against Ministry of Corporate Affairs records, returning company name, registration number, incorporation date, CIN status (Active/Struck-Off/Dormant/Under Liquidation), incorporation country, and director details (name, DIN, designation, DOB). Priced at ₹1.80 per verification.
• Driving License Verification API Real-time Driving License verification API returning holder name, DOB, status (Active/Suspended/Expired), father's/husband's name, address, COV entitlements (LMV, MCWG, TRANS etc.), validity windows for transport/non-transport categories, and badge details — designed for gig-worker, mobility, and driver-onboarding pipelines. Priced at ₹1.80 per verification.
• Vehicle & RC Verification API Pan-India VAHAN-integrated vehicle RC verification API pulling owner details, chassis/engine numbers, manufacturer/model, fuel type, BS norms, insurance company/policy/validity, blacklist & challan status, permits, fitness, and financier info in a single sub-second API call. Priced at ₹3.00 per verification.
• PAN Verification API NSDL-powered PAN card validation API for real-time KYC including name and validity checks; used for identity verification and customer onboarding workflows.
• Bank Account Verification API Bank account verification API validating bank account details, holder name, and IFSC for KYC and payout workflows.
• DigiLocker API DigiLocker integration API for fetching KYC documents as part of pre-bundled verification solution packs (MFI Field Operations, Employee BGV, Lending KYC, Merchant Onboarding, MSME Credit Assessment).
• Employee Verification (EPFO) API Employee/EPFO verification API endpoint for background verification (BGV) workflows, integrated into employee onboarding solution packs.
• Passport Verification API Passport verification API for KYC of customers with international travel documents.
• Reverse Geocoding API Reverse geocoding API converting GPS coordinates to address details for field operations and last-mile services.
• UPI ID Verification API UPI ID verification API for validating UPI handles linked to bank accounts for payment routing and verification workflows.
• OCR Verification API OCR (Optical Character Recognition) API for extracting and validating data from identity documents as part of KYC workflows.
• Eloka B2B Travel Portal Brandable B2B travel portal within the Eloka SaaS platform supporting domestic and international travel booking, payment processing, itinerary management, and agent-network scaling, with go-live in as little as 10 minutes for travel agents and businesses.
• Eloka Indo-Nepal Money Transfer Portal White-label portal within the Eloka platform enabling retailers and partners to facilitate India-to-Nepal remittance services for customers.

Quantifiable outcome

• Over 50 million customers served; over 7 million banking transactions processed monthly.
• +5 more outcomes

Named customers1 record

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability7 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered flagship and core.

• State Bank of India (SBI)flagshipStrategic or Co-development Partner · 1 December 2024Eko operates as a banking correspondent (CSP) for SBI's Pradhan Mantri Jan Dhan Yojana (PMJDY) program and received the SBI Award of Excellence (Dec 2024) for its role. Eko facilitated 4.8 million+ PMJDY accounts for women through SBI, 45% of CSPs women-led, with reach into Northeast India and tribal belts.
• Indifi TechnologiescoreStrategic or Co-development PartnerIndifi Technologies partners with Eko to extend credit-line services to Eko's cash distributors/retailers. Quoted on Eko's homepage: "Our partnership with Eko will further our vision of facilitating financial inclusion for India's huge SME sector. By providing Eko's cash distributors with the credit line services, we will also help empower a greater number of retailers across the country." (Alok Mittal, Co-founder & CEO, Indifi).
• Yes BankcoreChannel Partner/ Reseller/ DistributorYes Bank is listed as one of Eko's "Trusted Partners" on the homepage; partnership supports Eko's AePS, DMT and banking-correspondent services across India.
• Fino Payments BankcoreChannel Partner/ Reseller/ DistributorFino Payments Bank is listed as one of Eko's "Trusted Partners" on the homepage; supports Eko's payments and AePS ecosystem reach.
• Airtel Payments BankcoreChannel Partner/ Reseller/ DistributorAirtel Payments Bank is listed as one of Eko's "Trusted Partners" on the homepage; supports Eko's payments and AePS banking-correspondent model.
• Axis BankcoreChannel Partner/ Reseller/ DistributorAxis Bank is listed as one of Eko's "Trusted Partners" on the homepage; supports Eko's banking and payments services.
• Microsoft AzurecoreTechnology or IntegrationEloka — Eko's white-label SaaS platform — is powered by Microsoft Azure's cloud infrastructure for scalability, with a tech stack of React, Next.js, Node.js, Java and the Android SDK. Azure underpins Eloka's ability to handle growing demand and serve micro-entrepreneurs nationwide.

Scale indicators11 records

Expansion highlights6 records

Direct peers

• Fino Payments Bank: Listed Indian payments bank that runs an extensive banking-correspondent and AePS-led cash-to-digital network across rural and semi-urban India — directly comparable to Eko's CSP/AePS business model and target customer base.
• PayNearby: India-focused retailer/distributor fintech enabling cash-based digital transactions, AePS, bill payments, and financial services at the last mile — closely overlaps Eko's retailer-led Connect model and target micro-entrepreneur segment.
• Spice Money: Operates one of India's largest Adhikari (CSP) networks offering AePS, money transfer, recharge, bill payment and micro-ATM services to unbanked customers — a near-direct competitor to Eko's 1,50,000+ retailer network.
• India1 Payments: Banking-correspondent and ATM network operator providing AePS, micro-ATM, bill payments, and cash-based financial services across India — comparable scale and business model to Eko's last-mile cash-to-digital proposition.

Broad incumbents

• Airtel Payments Bank: One of Eko's listed 'Trusted Partners' and a large licensed payments bank with deep distribution, AePS, and BBPS offerings — competes broadly in the same cash-to-digital and AePS space but as part of a much larger telecom-led portfolio.
• Jio Payments Bank: Payments bank backed by Reliance Jio with a large distribution footprint and digital-first banking offerings — overlaps with Eko in AePS and basic banking services for underbanked consumers.
• Paytm (One97 Communications): Largest Indian digital-payments and fintech platform offering payments, AePS via the Paytm app, lending, and developer APIs — overlaps with Eko's payment/verification APIs and retailer-facing services at much greater scale.
• PhonePe: Dominant UPI-led Indian payments platform offering AePS, BBPS, money transfer, and merchant-facing fintech APIs — competes with Eko across consumer payments, retailer services, and developer APIs.
• Razorpay: India's leading full-stack payments and fintech-API platform for online businesses — competes with Eko's EPS verification and payment APIs at the developer-customer layer while also offering banking-as-a-service and lending APIs.

Emerging players

• Setu (ApphiTect Private Limited): India-based fintech API platform offering payments, KYC, and account aggregation APIs — directly comparable to Eko Platform Services (EPS) for fintech/NBFC developers, though without Eko's retail-distribution footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/ekoindia
• Xx.com/ekospeaks
• Facebookfacebook.com/ekoindia
• LinkedInlinkedin.com/company/282596

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eko