BankSathi Raises INR 4 Cr Funding From Hem Angels And Others

The platform plans to expand its product portfolio into insurance

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BankSathi, an AI-enabled fintech concept to empower consumers to save money and time on financial products through safe, easy, and trustable shopping, on Monday announced that it has secured INR 4 crore funding from Hem Angels and reputed entrepreneurs including founder, Dinesh Godara - TREAD founder, Anuj & Aditya – StudyBase founders and Rajendra Lora, founder, and chief executive officerFreshokartz.

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Hem Angels backed Banksathi with seed funding which was Virtually incubated at Nasscom 10000 Startups.

"The funding comes as a big boost for us, especially at the time when many fintech startups and players are struggling to meet the basic demands amid pandemic crisis. The inflow of INR 4 crore funding clearly signifies the kind of trust and belief investors have in Banksathi as a fintech product," Jitendra Dhaka, chief executive officer, and founder, BankSathi. "BankSathi is geared up to grow in leaps and bounds since it is one the rare fintech platforms where customers are guided to the right financial product from the right bank or NBFC. Moreover, enabled by AI, it is also a thoughtfully accented concept where individuals (from all the profiles) are offered career options as a financial advisor and make income flexibly."

Banksathi is currently offering saving accounts, Dmat accounts, credit cards, personal loans, and business loans on their platform. Also plans to expand their product portfolio into insurance. Banksathi continues to grow 60 per cent every month with 34,000 active advisors on the platform and has clocked a September month revenue of INR 2 crore in which they have distributed INR 1.6 crore of commission to their advisor, the platforms said.