Delhi-based fintech startup BankSathi Technologies has raised $200,000 in a seed funding round from a group of angel investors, including Dinesh Godara, founder, TREAD (he had also founded Wifistudy, which got acquired by Unacademy); Rajendra Lora, founder, Freshokartz; and Anuj Ahuja and Aditya Talwar, founders, Studybase.
Founded in January 2020 by Jitendra Dhaka, Sandeep Choudhary and former banker Himanshu Pujari, the Delhi-based startup will use these funds for product development, team building and executing marketing and growth plan.
“The seed funds raised will be utilized on product development, team building, and executing marketing and growth plan. We currently have more than 5,000 advisers across 700 PIN codes of India; with a total adviser income of [ ₹]75 lakh earned till now, currently we have 45 products of 15 financial institutions (FIs) in our bucket to sell, we are targeting 1 million advisers, and 150 products of more than 50 FIs ready to distribute through BankSathi App by the end of this financial year. And in the next three years, the plan is to create 5 million advisers 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,” says BankSathi.
The startup aims to promote the role of financial advisers in right and impeccable decision-making while buying retail loans, credit cards and insurance products, through the BankSathi Advisor app.
The app is a user-friendly, multilingual interface available in Hindi and English wherein advisers can easily get themselves trained in financial products by accessing short videos.
BankSathi co-founder Himanshu Pujari says, “This brings an urgent requirement of a technology-based solution, which can help financial advisers earn more via trustable and easy to use platform.”
Sandeep Choudhary, another co-founder, said covid-led lockdowns have brought the technology at-least five years ahead, and buying behaviour of customers has also changed a lot. “This secular shift is going to help BankSathi a lot,” he added.