Indian fintech startup BankSathi raises $200,000 seed funding from angel investors

Photo: Reuters

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.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.