Fintech startup BankSathi has announced that it has secured $200K in seed funding from angel investors.
Dinesh Godara – founder of TREAD, Rajendra Lora – founder at Freshokartz, and Studybase founders Anuj Ahuja and Aditya Talwar, among others, participated in the round.
“The seed funds raised will be utilized on product development, team building, and executing marketing and growth plan. We currently have more than 5,000 advisers across 700 PIN codes of India; with a total adviser income of [ ₹]75 lakh earned till now, currently we have 45 products of 15 financial institutions (FIs) in our bucket to sell, we are targeting 1 million advisers, and 150 products of more than 50 FIs ready to distribute through BankSathi App by the end of this financial year,” the company said.
“And in the next three years, the plan is to create 5 million advisers 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,” it added.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.