Founded in January 2020 by Jitendra Dhaka, Sandeep Choudhary & Ex-Banker Himanshu Pujari, Delhi based startup will use these funds for product development, team building and executing marketing and growth plan.
Delhi based fintech startup BankSathi Technologies has raised $200K seed funding round from Group of angel investors including Dinesh Godara, Founder TREAD (Ex-Unacademy), Rajendra Lora, Founder Freshokartz, Anuj Ahuja & Aditya Talwar, Founders, Studybase and others.
BankSathi startup aims at promoting the role of financial advisors in right and impeccable decision making while buying retail Loans, Credit card and Insurance products, through their BankSathi Advisors App.
BankSathi says, “The seed funds raised will be utilized on product development, team building, and executing marketing and growth plan. We currently have 5000+ Advisors across 700 PIN codes of India; with a total Advisor Income of 75 Lacs earned till now, currently we have 45 products of 15 Financial Institute in our Bucket to sell, we are targeting 1 Million Advisors, and 150 products of 50+ FIs ready to distribute through BankSathi App by the end of this financial year. And in the next three years, the plan is to create 5 Million Advisors; and 500 products of 100 FIs available on our platform. We would be raising another round of investment by the middle of this year to achieve our set goals.”
“We liked the idea as this is solving a huge mess in the distribution of retail financial products, also there is a market which is not yet tapped properly; and India is in the process of witnessing a huge shift in Fintech space, as the major resell of products is going to be smart-phone driven; which is majorly going to be through social commerce. The platform will aim to leverage out of it by helping Financial Advisors learn the different aspects of financial products, and by empowering Financial Advisors to recommend and sell Financial products with an ease.
We are Focusing Majorly on Tier 2 and beyond cities as Customers are more likely to go for advices in these cities, they trust this channel.
Our Technology enabled Advisors can curate and suggest the best product available to the customers according to their Financials, Location and Credit Score.”
The key BankSathi Advisor App features are: user friendly multilingual interface; already available in Hindi and English, the easy to create Lead section, Knowledge section wherein Advisors can easily get their selves trained in financial products by accessing short videos, Product curation will help Advisors in suggesting the best suitable product to the customer within minutes, Share section helps Advisors in creating more leads for themselves by sharing their personalized Virtual Visiting Cards, Greeting Cards & Promotional Images, Reminders and Notifications will help Advisors in not missing any important alerts to let them manage their work efficiently, Advisors will be able to easily track their Income and leads in Wallet & My Leads space. Advisors can easily build their team by referring their Unique Referral Code to their friends and can track it in My Team.
And the best part; it brings a great opportunity in these hard times to Earn Extra Income of upto 10% of direct referral’s Income.
Sharing insights about the product, Jitendra Dhaka said, “India has a huge variety of customers due to a number of income classes & a huge population; this is the only reason even after 74 years of Independence, Thousands of financial institutions, Millions of FI branches; India still has a penetration of 4% Insurance. Most of the Indians believe in taking advices from experts around them, this is the reason 75% of retail Financial products are sold in India through Authorized Advisors/Agents, India has 2 Million active advisors in Insurance Industry and 50% of Retail Assets in India are sold through DSA and Connectors, which are again in Millions.”
According to Himanshu Pujari “This brings an urgent requirement of a Technology based solution which can help these Financial Advisors earn more via trustable and easy to use platform.”
Sandeep Choudhary added that the COVID and Lockdown has brought the technology at-least 5 Years ahead, and buying behavior of Customers has also changed a lot, this secular shift is going to help BankSathi a lot.
The BankSathi Advisors App claims to be working to earn itself real meaning of its Name a real Sathi by earning trust of Financial Advisors, the overall product development is happening; keeping in mind all pains of Advisors are solved by giving them Financial Literacy and an Easy to Use; World Class Product.