Fintech Startup BankSathi Raises $ 200,000 in Seed Funding from Angel Investors
Founded in January 2020 by Jitendra Dhaka, Sandeep Choudhary and ex-banker Himanshu Pujari, the Delhi-based startup will use these funds for product development, team building and execution of a marketing and marketing plan. growth.
Delhi-based fintech startup BankSathi Technologies raised a $ 200,000 seed funding round from a group of angel investors including Dinesh Godara, Founder TREAD (Ex-Unacademy), Rajendra Lora, Founder Freshokartz, Anuj Ahuja & Aditya Talwar , the founders, Studybase and others.
The startup BankSathi aims to promote the role of financial advisors in fair and impeccable decision-making while purchasing retail loans, credit cards and insurance products, through their BankSathi Advisors app.
BankSathi says, âThe seed funds raised will be used for product development, team building and execution of the marketing and growth plan. We currently have over 5,000 advisors spread over 700 PINs in India. ; with total advisor income of 75 Lakes earned so far, currently we have 45 products from 15 financial institutes in our bucket for sale, we are targeting 1 million advisors and 150 products from over 50 FIs ready for distribution via the BankSathi app by the end of this fiscal year. And over the next three years, the plan is to create 5 million advisors and 500 products from 100 FIs available on our platform. We would increase another cycle of ‘investment by the middle of this year to achieve our set goals. “
âWe liked the idea because it solves a huge mess in the distribution of retail financial products, there is also a market that is not yet being properly exploited; and India is witnessing a huge change in the fintech space, as the main product resale will be focused on smart phones, which will be done mainly through social commerce. The platform will aim to leverage this by helping financial advisors learn different aspects of financial products and empowering financial advisors to recommend and sell financial products with ease.
We mainly focus on Tier 2 cities and beyond as customers are more likely to seek advice in these cities they trust this channel.
Our technology advisors can organize and suggest the best product available to customers based on their finances, location and credit score. ”
The main features of the BankSathi Advisor application are: a user-friendly multilingual interface; already available in Hindi and English, Lead section easy to create, Knowledge section where advisors can easily learn about financial products by accessing short videos, product curation will help advisors suggest the most suitable product to customer in minutes, Share section helps advisors create more leads for themselves by sharing their personalized virtual business cards, greeting cards and promotional images, reminders and notifications will help advisors not miss any important alerts for allow them to manage their work efficiently, advisers can easily follow their income and prospects in the Wallet & My Leads space. Advisors can easily build their team by resending their unique referral code to their friends and can follow it in My Team.
And the best part; it brings a great opportunity in these difficult times to earn additional income of up to 10% of direct referral income.
Sharing product information, Jitendra Dhaka said, âIndia has a wide variety of customers due to a number of income classes and huge population; this is the only reason even after 74 years of independence, thousands of financial institutions, millions of IF branches; India still has a 4% insurance penetration rate. Most Indians believe in taking advice from the experts people around them, this is the reason why 75% of retail financial products are sold in India through authorized advisers / agents, India has 2 million active advisers in the insurance sector and 50% of retail assets in India are sold through DSA and Connectors, which are again in the millions. ”
According to Himanshu Pujari, “This brings an urgent need for a technology-based solution that can help these financial advisors earn more through a reliable and easy-to-use platform.”
Sandeep Choudhary added that COVID and lockdown brought the technology at least 5 years ahead, and the buying behavior of customers has also changed a lot, this age-old change will help BankSathi a lot.
The BankSathi Advisors App claims to work to gain the real meaning of its name a real Sathi by gaining the trust of financial advisers, overall product development is underway; keeping in mind that all counselor pains are resolved by giving them financial literacy and ease of use; World class product.