Get All Access for $5/mo

BankSathi Raises INR 4 Cr Funding From Hem Angels And Others The platform plans to expand its product portfolio into insurance

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

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.

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.

Prabhjeet Bhatla

Former Staff

News and Trends

K12 Techno Services Secures USD 40 Mn in Funding from Kenro Capital

The Bengaluru-based firm aims to expand aggressively, with plans to open 8–12 Orchids schools annually and onboard 100–150 schools under the Eduvate umbrella each year.

News and Trends

RapidCanvas Raises USD 16 Mn to Accelerate AI Innovation in Business Operations

The new capital will fuel the expansion of its innovative offerings and global reach.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Former Cleartrip CEO Ayyappan R Eyes Quick Commerce with FirstClub

After stepping down as Cleartrip's CEO earlier this year, Ayyappan brings his expertise from leading positions at Flipkart, including his role as chief business officer at Myntra.

Business Ideas

87 Service Business Ideas to Start Today

Get started in this growing industry, with options that range from IT consulting to childcare.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.