BankSathi Technologies, a Fintech start-up based out of Delhi has raised $200,000 in a seed funding round from a group of angel investors including Dinesh Godara – Founder of TREAD & ex-Unacademy, Rajendra Lora – Founder of Freshokartz, Anuj Ahuja and Aditya Talwar – Founders at Studybase, and others.
The raised capital is going to be used on product development, team building, and executing marketing and growth plan.
BankSathi is focusing majorly on Tier-II and beyond cities as consumers and is more likely to go for advice in these cities. The startup is determined to promote the role of financial advisors correctly for impeccable decision making while buying retail loans, credit card and insurance products, through its advisors’ app.
The start-up issued a statement and it said, “We presently have 5000+ advisors throughout 700 pincodes of India; with a total advisor income of ₹75 Lakh earned to this date. Right now, we have 45 products from 15 financial establishment in our bucket to sell. We are targeting 1 million advisors, and 150 products of 50+ FIs ready to distribute through BankSathi App by the end of this 2021.”
“In the upcoming 3 years, the plan is to create 5 million advisors; and 500 products of 100 FIs available on our platform. We will be raising one more round of investment by June this year to accomplish our set goals,” the statement further added.
Jitendra Dhaka, Co-founder of BankSathi, said, “Even after seventy-four years of independence, numerous financial institutions, thousands of FI branches, India still has a penetration of 4% insurance.”
Jitendra further added, “Most of the Indians believe in taking recommendation from consultants around them, that is why 75% of retail financial products are sold in India via authorised advisors/agents. India has 2 Mn active advisors in the insurance industry and 50% of retail assets in India are sold through DSA and connectors, which are again in millions.”
According to Sandeep Choudhary, Co-founder of BankSathi, “COVID-19 and the lockdown has brought the technology at least 5 years ahead, and buying behaviour of consumers has also changed so much. This worldly shift is going to assist BankSathi a great deal.”