Fintech Startup BankSathi Raises $200,000 Seed Round The Delhi-based startup will use these funds for product development, team building and executing marketing and growth plan
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New-Delhi-based fintech startup BankSathi Technologies has announced on Monday to have raised $200,000 in a Seed funding round from a group of angel investors including Dinesh Godara, founder, TREAD; Rajendra Lora, founder, Freshokartz; Anuj Ahuja and Aditya Talwar, founders, Studybase, and others.
Founded in January 2020 by Jitendra Dhaka, Sandeep Choudhary, and 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 over 5000 advisors across 700 PIN codes of India; with a total advisor income of 75 lakh earned till now, currently, we have 45 products of 15 Financial Institute in our bucket to sell, we are targeting 1 million advisors, and 150 products of over 50FIs 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 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," said Jitendra Dhaka, founder, and chief executive officer, BankSathi Technologies.
The startup aims at promoting the role of financial advisors in right and impeccable decision making while buying retail Loans, Credit card,s and Insurance products, through their BankSathi advisors app.
"We liked the idea as this is solving a huge mess in the distribution of retail financial products, also there is a market which is not yet tapped properly; and India is in the process of witnessing a huge shift in fintech space, as the major, reselling of products is going to be smart-phone driven; which is majorly going to be through social commerce. We believe that Banksathi will aim to leverage it out of it by helping financial advisors learn the different aspects of financial products, and by empowering financial advisors to recommend and sell financial products with ease," commented Dinesh Godara, founder, TREAD.
The platform brings a great opportunity in these hard times to earn extra income of up to 10 per cent of direct referral's income, the company shared.
"India has a huge variety of customers due to a number of income classes and a huge population; this is the only reason even after 74 years of Independence, thousands of financial institutions, millions of FI branches; India still has a penetration of 4 per cent Insurance. Most of the Indians believe in taking advice from experts around them, this is the reason 75 per cent of retail financial products are sold in India through authorized advisors/agents, India has 2 million active advisors in the insurance industry and 50 per cent of retail assets in India is sold through DSA and connectors, which are again in millions," Dhaka added.
"This brings an urgent requirement of a technology-based solution that can help these financial advisors earn more via a trustable and easy-to-use platform," remarked Himanshu Pujari, co-founder, BankSathi Technologies.
The BankSathi advisors app claims to be working to earn itself the real meaning of its name a real Sathi by earning the trust of financial advisors, the overall product development is happening; keeping in mind all pains of advisors are solved by giving them financial literacy and an easy to use; world-class product.
