Company:Oxigen Services

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Short description: Indian fintech company

Oxigen Services India Pvt. Ltd.
OxigenLogo.png
Type of site
Private
FoundedJuly 2004 (2004-07)
HeadquartersGurugram
Area servedIndia
Founder(s)Pramod Saxena
IndustryFintech
ServicesRecharge, Bill Payment, Money transfer, Ticket Booking, Online/Offline Shopping, Mobile Wallet
Websitemyoxigen.com

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.[1][2]

In June 2016, the company reported that its transaction volume rate increased to 600 million transactions per year with a customer base of more than 150 million.[3]

History

The company started in 2004 by an alumnus of IIT Roorkee with seed capital of ₹4 crores.[4]

In 2006, Oxigen Services received $11.5 million from Citi Venture Capital, USA and then $35 million from Microsoft in 2008.[5]

The firm launched India’s first non-banked mobile wallet,[6][7] approved by RBI in 2013 for instant money transfers to any bank.[8] These money transfers are available real-time in association with National Payments Corporation of India using IMPS.[9]

In 2014, the company was estimated at $150 million (₹921 crores).[10]

In 2016, Oxigen became a part of the Bharat Bill Payment System to connect users with the central bill payments and settlement system of National Payments Corporation of India.[11]

The firm set up ‘Super PoS - Micro ATM’ (point of sale) terminals to meet the requirements of merchants.[12] This Super PoS works as Micro ATM - Cash-In and Cash-Out, biometric scanner for Aadhaar transactions, Jan Dhan account servicing, merchant payments and eKYC.[13]

Services

Oxigen Wallet

Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is India ’s first non-bank wallet, approved by Reserve Bank of India[18] allowing customers to send and receive money through popular social networking platforms.[19]

As per a report published in April 2016 by VCCircle, the app claims to have 20 million users, and is accepted at around 9,000 merchant locations and 10,000 online sites.[20]

The services include money transfer, mobile & DTHTV payments, utility bill payments, gift cards, travel, movie ticket booking and Virtual Visa.[3][17] Oxigen is the first online wallet allowing consumers to load cash in their mobile wallet. It enables individuals to transfer money, even if they don't have a bank account.[21]

Oxigen enables payments in different systems with various brand tie-ups.

Accessibility

Oxigen Wallet is available on the iOS App Store and Google Play Store.

Awards and recognition

  • Best Prepaid Payment Instrument for 2014 by National Payments Corporation of India Excellence Awards[22]
  • Access to Banking & Financial Services – Use of Technology 2015 by Skoch Group[23]
  • Money Transfer Programme Award 2015 by Internet and Mobile Association of India[24]

Projects

Aarambh Ventures is Oxigen's accelerator programme which helps startups to grow and innovate. Kalaage which was the first startup at Aarambh Ventures and it recently got funded.[25]

Sponsorship

The firm appointed cricketer Sachin Tendulkar as its brand ambassador.[1] Oxigen sponsors the Twenty20 squads of South Africa national cricket team[26] and New Zealand national cricket team[27] along with Indian Premier League’s Gujarat Lions franchisee.[28]

References

  1. ↑ 1.0 1.1 "Oxigen ropes in Sachin Tendulkar as its brand ambassador". The Times of India. 25 September 2015. http://articles.economictimes.indiatimes.com/2015-09-25/news/66884664_1_brand-ambassador-sachin-tendulkar-retail-footprint. 
  2. ↑ "Future group ties up with Oxigen for its e-comm venture". Business Standard India. 17 February 2016. http://www.business-standard.com/article/companies/future-group-ties-up-with-oxigen-for-its-e-comm-venture-116021700607_1.html. 
  3. ↑ 3.0 3.1 3.2 "Oxigen, Visa tie up to breathe new life into e-wallet business". The Financial Express (India). 13 January 2016. http://www.financialexpress.com/article/industry/companies/oxigen-visa-tie-up-to-breathe-new-life-into-e-wallet-business/192987/. 
  4. ↑ "Payments solutions firm Oxigen Services in talks to raise $50M funding". VCCircle. 25 November 2014. http://www.vccircle.com/news/technology/2014/11/25/payments-solutions-firm-oxigen-services-talks-raise-50m-funding. 
  5. ↑ "Oxigen Services India in talks to raise Rs 1,230 crore". The Economic Times. 25 November 2014. http://articles.economictimes.indiatimes.com/2014-11-25/news/56455330_1_cx-partners-ajay-relan-mobikwik. 
  6. ↑ "Oxigen launches India's first mobile wallet" (in en-US). 2014-08-14. https://www.dqindia.com/oxigen-launches-india-s-mobile-wallet/. 
  7. ↑ "Oxigen Services India Pvt. Ltd.". The Economic Times. https://economictimes.indiatimes.com/csr-compendium-touching-lives-2016/company/oxigen-services-india-pvt-ltd-/articleshow/56137752.cms?from=mdr. 
  8. ↑ "Reserve Bank of India - Publications". https://m.rbi.org.in/scripts/publicationsview.aspx?id=12043. 
  9. ↑ "Oxigen & NPCI launch OxiCash Money Transfer". Moneycontrol.com. 7 May 2013. http://www.moneycontrol.com/news/business/oxigennpci-launch-oxicash-money-transfer_866107.html. 
  10. ↑ "How Saxena built a Rs 921 cr empire with seed capital of Rs 4 cr". 7 October 2014. http://www.franchiseindia.com/entrepreneur/interview/established/techpreneur/How-Saxena-built-a-Rs-921-cr-empire-with-seed-capital-of-Rs-4-cr-278/. 
  11. ↑ "Oxigen gets RBI nod for Bharat Bill Payments System". The Times of India. 16 May 2016. http://timesofindia.indiatimes.com/tech/tech-news/Oxigen-gets-RBI-nod-for-Bharat-Bill-Payments-System/articleshow/52297988.cms. 
  12. ↑ 12.0 12.1 "Now, a 'Super PoS' device with multiple functions". The Hindu Business Line. 17 August 2015. http://www.thehindubusinessline.com/money-and-banking/now-a-super-pos-device-with-multiple-functions/article7550905.ece. 
  13. ↑ 13.0 13.1 "Oxigen launches 'super PoS' device with multiple functions". Firstpost. 25 August 2015. http://www.firstpost.com/business/oxigen-launches-super-pos-device-with-multiple-functions-2407094.html. 
  14. ↑ 14.0 14.1 14.2 "Future group ties up with Oxigen for its e-comm venture". Business Standard. 17 February 2016. http://www.business-standard.com/article/companies/future-group-ties-up-with-oxigen-for-its-e-comm-venture-116021700607_1.html. 
  15. ↑ "How Oxigen is positioning itself in Indian mobile payment ecosystem?". 5 March 2016. http://telecom.economictimes.indiatimes.com/tele-talk/how-oxigen-is-positioning-itself-in-indian-mobile-payment-ecosystem/1336. 
  16. ↑ "Oxigen-SBI Kiosk Banks achieve 500 Crores of Banking transactions in its First year of Operations". The Telegraph. 27 September 2011. https://www.telegraphindia.com/?mode=details&id=28376. 
  17. ↑ 17.0 17.1 "Oxigen Wallet, Rajasthan roadways pact for easy ticket booking". Business Standard. 13 April 2016. http://www.business-standard.com/article/pti-stories/oxigen-wallet-rajasthan-roadways-pact-for-easy-ticket-booking-116041300481_1.html. 
  18. ↑ 18.0 18.1 "Oxigen launched Prepaid Visa card, and is in talks with RuPay to launch virtual prepaid cards". The Economic Times. 11 November 2015. http://articles.economictimes.indiatimes.com/2015-11-11/news/68192210_1_visa-rupay-mastercard. 
  19. ↑ "Money goes social with Oxigen's new wallet". Business Standard. 13 August 2014. http://www.business-standard.com/article/technology/money-goes-social-with-oxigen-s-new-wallet-114081300669_1.html. 
  20. ↑ "Oxigen Wallet names former Airtel exec Saleem Mobhani COO". 13 April 2016. http://techcircle.vccircle.com/2016/04/13/oxigen-wallet-names-former-airtel-exec-saleem-mobhani-coo/. 
  21. ↑ "Online wallets: Creating a category". 16 June 2016. http://www.bestmediainfo.com/2016/06/online-wallets-creating-a-category/. 
  22. ↑ "Oxigen Mobile Wallet is awarded the 'Best Prepaid Issuer' at National Payments Excellence Awards 2014 by NPCI - INDIAN NEWS & TIMES : INDIAN NEWS & TIMES". http://www.indiannewsandtimes.com/2014/12/15/oxigen-mobile-wallet-awarded-best-prepaid-issuer-national-payments-excellence-awards-2014-npci/. 
  23. ↑ "Skoch Financial Inclusion & Deepening Award 2015 - Awardee List". http://www.skoch.in/158/skoch-financial-inclusion-&-deepening-award-2015--awardee-list.html. 
  24. ↑ "IAMAI announces winners of 5th India Digital Awards". 16 January 2015. http://www.bestmediainfo.com/2015/01/iamai-announces-winners-of-5th-india-digital-awards/. 
  25. ↑ "Writers' Social Networking Platform Kalaage Raises Funding from Rajasthan Angel Innovators Network". 29 September 2016. https://inc42.com/flash-feed/kalaage-funding-rain/. 
  26. ↑ "Payment startup Oxigen to sponsor South Africa's T20 cricket team". The Economic Times. 29 June 2015. http://articles.economictimes.indiatimes.com/2015-06-29/news/63937587_1_yepme-icc-cricket-world-cup-south-african-cricket-team. 
  27. ↑ "Oxigen to sponsor New Zealand T20 team Blackcaps". Business Standard. 11 March 2016. http://www.business-standard.com/article/companies/oxigen-to-sponsor-new-zealand-t20-team-116031001003_1.html. 
  28. ↑ "Intex signs Oxigen as title sponsor for Gujarat Lions". Mint. 30 March 2016. http://www.livemint.com/Consumer/nKu62754CTexaoKSOsaDoL/Intex-signs-Oxigen-as-title-sponsor-for-Gujarat-Lions.html. 



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