Bengaluru-based fintech startup BankSathi has raised $4 million in a new round from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities and IPV (Inflection Point Ventures).
The company has also received funding 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 among others.
The funds will be used to invest to hire employees across all the company’s operations and to ramp up the development of new products and technology. In addition, the organisation will invest resources toward growing both its agent network and geographic reach into new regions, the company said in a press release.
Founded by Jitendra Dhaka, BankSathi uses priority algorithms to recommend financial products to advisors based on the customer’s profile and past transactions. According to the company, its advisor base has increased by 40X and since the company’s formation, advisors have earned over 6 millions by serving 3 million customer base across 18K pin codes. The platform’s financial advisors include insurance agents, chartered accountants, product advisors, financial analysts, retired bankers and small business entrepreneurs.
BankSathi has partnered with over 60 financial institutions, including HDFC Bank, Axis Bank, IDFC First, SBI, Kotak Mahindra Bank, and Bank of Baroda.