The fintech startup BankSathi, based in Bangalore, has raised $4 million in Pre-series A round from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities, and IPV (Inflection Point Ventures).
Additional investors in the company include Recur Club, Liquiloans, Kunal Shah of CRED, Dr. Ritesh Malik of Innov8, Kailash Biyani of Asian Markets, Mukul Rastogi and Bhaswat Agarwal of ClassPlus, Varun Alagh of MamaEarth, Sameer Rastogi of India Juris, Manish Dabkara of EKI Energy, and Mukund Modi of Mukund Modi (MS Fincap), as per reported by BW Disrupt.
The money will be used to speed the creation of new goods and technologies as well as to hire top talent across the board for all corporate operations. The company will also allocate resources to expanding both its service network and regional reach into new areas.
Jitendra Dhaka, Founder & CEO said, “People generally rely on their networks for recommendations, particularly when it comes to significant financial services. As a result, our distribution network of vetted agents provides the much-needed security to customers. we’re keen to make a big contribution in the prime minister’s mission ‘Develop India by 2047’ by increasing financial penetration through our tech empowered financial advisors. With this funding, we will be able to expand product, technology, and distribution network at a faster pace.”
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Jitendra Dhaka founded BankSathi in January 2020 with the intention of improving the financial situations of its users. By offering financial products from numerous brands, like Kotak Bank, Axis Bank, IDFC Bank, AU Bank, Upstox, Paytm Money, Freecharge, Bajaj Finserv, ICICI Markets, and many more, they are enabling customers to begin a reliable source of income with room for endless growth.
Jaideep Hansraj, MD & CEO, Kotak Securities Limited said, “Today small and mid-sized financial advisors/micro-entrepreneurs are not able to directly work with financial institutions. BankSathi is enabling these micro-entrepreneurs to sell & earn extra income through selling financial products online and making themselves financially independent & educated.”
A cutting-edge digital advice platform called BankSathi enables financial advisors to establish their online presence and start selling financial products.
More than 8 Lakh advisers from 85% of the country’s pincodes have joined BankSathi, and they have helped more than 10 Lakh consumers who were previously unserviced. To help people better grasp the products and services, it offers thorough training provided by professionals in the field.