Bengaluru-based social commerce platform BankSathi has raised $4 million in a pre-Series A funding round led by Kotak Securities, Lets Venture, We Founder Circle, Hem Securities, and Inflection Point Ventures.
The round also saw participation from Recur Club, Liquiloans, and individuals including Sunil Singhania (Abakkus), Kunal Shah (CRED), Ritesh Malik (Innov8), Kailash Biyani (Asian Markets), Mukul Rastogi and Bhaswat Agarwal (Classplus), Varun Alagh (Mamaearth), Sameer Rastogi (India Juris), Manish Dabkara (EKI Energy), and Mukund Modi (MS Fincap).
The startup plans to use the raised capital to invest in high-calibre employees across operations and accelerate the development of new products and technology. It also plans to invest in growing its agent network and geographic reach into new regions.
Founded by Jitendra Dhaka and Sandeep Kaler, BankSathi is a social commerce fintech platform to empower consumers’ financial life by providing the right financial product access to last-mile users.
The startup uses priority algorithms to recommend financial products to advisors based on the customer’s profile and past transactions. This helps both customers and advisors receive recommendations for the best products.
It has partnered with over 60 financial institutions, including HDFC Bank, Axis Bank, IDFC First, SBI, Kotak Mahindra Bank, and Bank of Baroda.
Jitendra Dhaka, Founder & CEO of BankSathi, 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.”
Jaideep Hansraj, MD & CEO of Kotak Securities Limited, said, “Today small and mid-sized financial advisors/micro-entrepreneurs are not able to work directly 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.”
Source @Indianstartupnews
