Four unidentified men attacked Sunil Mishra (35) and Pandurang Awate (38), who work as collection agents for a fruit and vegetable dealer, and fled after snatching away a bag in Awate's hand which contained Rs 13,90,000 in cash, police said.
The robbers assaulted Awate and Mishra with cricket stumps which they threw away before fleeing.
Awate and Mishra were admitted to the Civil Hospital and released after treatment.
As the plastic wrapping on the stumps -- recovered from near the spot where the assault took place -- had not been removed, police suspected that they had been purchased recently. Probe revealed that three unidentified men had bought them at Viraj Traders in Thane market a few hours earlier.
Deputy Police Commissioner Ashok Dudhe said that further probe was on.