Bengaluru-based fintech platform BankSathi on Monday said it has secured pre-Series A funding of $4 million (around Rs 32 crore) from a clutch of investors including Kotak Securities Limited (KSL), Lets Venture and We Founder Circle, among others.
The round also saw participation from Recur Club, Liquiloans, Sunil Singhania (Abakkus), Kunal Shah (Cred), Varun Alagh (MamaEarth) and others.
The fresh funds will be deployed for product development, onboarding new talents and geographical expansion.
BankSathi, founded by Jitendra Dhaka and Sandeep Kaler in 2020, uses priority algorithms to provide access to financial products to its users based on their profile and past transactions. The company claims that in a span of 20 months, its ARR now stands at $10 million.
“Our vision is to build technology which reduces the physical work and even helps financial institutions to shift to digitalisation. We have an endeavour to empower 10 million financial advisors and serve over 50 million customers in the next five years and we are on track to achieve the same,” said Kaler.
“Today small and mid-sized financial advisors and micro-entrepreneurs are not able to directly work with financial institutions. BankSathi is enabling these micro-entrepreneurs to sell and earn extra income through selling financial products online and making themselves financially independent and educated,” said Jaideep Hansraj, MD and CEO, Kotak Securities Limited.
In October 2021, BankSathi secured Rs 4 crore in a fundraise led by Hem Angels. Prior to that, it had raised $200,000 in a seed funding round.
