[Funding alert] Fintech startup BankSathi raises Rs 4 Cr from Hem Angels and others

Delhi-based fintech startup BankSathi aims to use the fresh funding in its sales and marketing, operation, and technology, the company stated.
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Delhi-based fintech startup Banksathi Technologies Pvt Ltd on Monday announced that it has raised Rs 4 Crore in funding from Hem Angels and reputed entrepreneurs including Dinesh Godara (Founder, TREAD Fitness), Anuj Ahuja and Aditya (Founders, Talwar – StudyBase), and Rajendra Lora (Founder and CEO Freshokartz Agri).

The fresh funds will be used in sales and marketing, operations, and technology, the company stated. Hem Angels had previously invested in BankSathi's seed funding round. The startup was virtually incubated at Nasscom 10000 Startups.

Jitendra Dhaka, CEO and Founder of BankSathi, said, "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 Rs 4 crore funding clearly signifies the kind of trust and belief investors have in BankSathi as a fintech product."

"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," he added.

Founded in January 2020 by Jitendra Dhaka, BankSathi currently offers saving accounts, demat accounts, credit cards, personal loans, and business loans on its platform. The startup also plans to expand its product portfolio into insurance.

BankSathi claims to continue to grow 60 percent every month with 34,000 active advisors on its platform and has clocked revenue of Rs 2 crore in September, during which the startup says it distributed Rs 1.6 crore of commission to their advisor.

Hem Angels is part of Hem Securities Limited, having experience of four decades in financial markets. It focuses across multiple sectors, asset-light scalable business model, business with existing customers and steady revenue traction.

Edited by Saheli Sen Gupta