BankSathi raises INR 40 million funding from Hem Angels and others

By Leandra Monteiro

BankSathi, an AI-enabled FinTech concept to empower consumers to save money and time on financial products through safe, easy, and trustable shopping, announced that it has secured INR 40 million funding from Hem Angels and Reputed Entrepreneurs including Founder, Dinesh Godara – TREAD Founder, Anuj & Aditya – StudyBase founders and Rajendra Lora, Founder & CEO Freshokartz.

Commenting on securing of INR 40 million funding, Jitendra Dhaka, CEO & 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 cr 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.”

Banksathi is currently offering Saving accounts, Dmat accounts, Credit card, Personal loans and Business loans on their platform. Also plans to expand their product portfolio into insurance. Banksathi continues to grow 60% every month with 34k active advisor on platform and has clocked a September month revenue of INR 20 million in which they have distributed INR 1.6Cr of commission to their advisor.

Hem Angels is part of Hem Securities Limited, having experience of 4 decades in Financial Markets. It focuses across multiple sectors, asset-light scalable business model, business with existing customer and steady revenue traction.