Bengaluru-based fintech startup Banksathi has raised $4 million in pre-Series A funding from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities, and Inflection Point Ventures. Recur Club and Liquiloans along with some individuals including Sunil Singhania, Kunal Shah, Dr Ritesh Malik, Kailash Biyani, Mukul Rastogi and Bhaswat Agarwal, Varun Alagh, Sameer Rastogi, Manish Dabkara, and Mukund Modi also participated in this round.
The funds will be used to accelerate the development of new products and technology. It will also invest in resources to grow the agent network and geographic reach into new regions.
“We’re keen to make a big contribution in the prime minister’s mission ‘Develop India by 2047’ by increasing financial penetration through our tech-empowered financial advisors. With this funding, we will be able to expand product, technology, and distribution network at a faster pace.” Jitendra Dhaka, Founder and CEO said in a statement.
BankSathi is a social commerce fintech platform that aims to empower consumers’ financial life by offering the right financial products access to last-mile users. The platform uses algorithms to recommend financial products based on user profiles and past financial transactions.
BankSathi was founded by Jitendra Dhaka and Sandeep Kaler in 2020. The company claims to have $10 million ARR in just a span of 20 months. It also raised $200,000 in a seed funding round in May 2021 and Rs 4 crore led by Hem Angels in October 2021.
