BankSathi funding

banksathi funding

Fintech startup BankSathi Technologies has raised $200,000 in a seed funding round led by a clutch of angel investors including Dinesh Godara (founder, TREAD, ex-Unacademy), Rajendra Lora (founder, Freshokartz), Anuj Ahuja, and Aditya Talwar (founders, Studybase), and others.

The startup strives at promoting the role of financial advisors in right and excellent decision making while acquiring retail loans, credit cards, and insurance products, via its advisors’ app.

The startup plans to use the freshly raised funds on product development, team building, and executing marketing and growth plan.

“We currently have 5000+ advisors across 700 pin codes of India; with a total advisor income of Rs 75 Lakh earned till now. Currently, we have 45 products from 15 financial institutes in our bucket to sell. We are targeting one million advisors, and 150 products of 50+ FIs ready to distribute through BankSathi App by the end of this financial year,” the startup said in a statement.

“In the next three years, the plan is to create five million advisors; and 500 products of 100 FIs available on our platform. We would be raising another round of investment by the middle of this year to achieve our set goals,” the statement added.

BankSathi is concentrating primarily on Tier-II and beyond cities as customers are more inclined to get advice in these cities.

Co-founder Jitendra Dhaka stated that even after 74 years of independence, thousands of financial institutions, millions of FI branches, India still has a penetration of four percent insurance.

“Most of the Indians believe in taking advice from experts around them, this is the reason 75 percent of retail financial products are sold in India through authorized advisors/agents. India has two million active advisors in the insurance industry and 50 percent of retail assets in India are sold through DSA and connectors, which are again in millions,” Jitendra added.

According to the Co-founder Sandeep Choudhary, “COVID-19 and the lockdown has brought the technology at least five years ahead, and buying behavior of customers has also changed a lot. This secular shift is going to help BankSathi a lot.”

BankSathi appears to an interesting platform offering not only financial products at the best price but also financial advisory. I believe the company has huge growth prospects. My best wishes to the team of BankSathi.

Shishir Gupta, Founder and CEO, StartupLanes

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