BankSathi is a Bengaluru-based social commerce fintech platform that connects financial advisors and micro-entrepreneurs with last-mile customers in Tier II and Tier III cities and remote locations. The platform uses priority algorithms to recommend financial products to advisors based on customer profiles and past transactions. It enables small and mid-sized financial advisors and micro-entrepreneurs to sell financial products online and earn extra income; its advisors include insurance agents, chartered accountants, product advisors, financial analysts, retired bankers, and small business entrepreneurs. BankSathi reports a 40X increase in advisor base, has served over three million customers across 18,000 pin codes, and achieved an ARR of $10 million in 20 months. The company partners with 60+ financial institutions including HDFC Bank, Axis Bank, IDFC First, SBI, Kotak Mahindra Bank, and Bank of Baroda, and recently received IRDAI approval for an insurance licence. It plans to use new funding to hire high-calibre employees, accelerate product and technology development, and expand its agent network and geographic reach, aiming to empower 10 million financial advisors and serve 50 million+ customers in five years. Founded in January 2020 by Jitendra Dhaka and virtually incubated at Nasscom 10000 Startups, BankSathi offers savings accounts, demat accounts, credit cards, personal loans, and business loans on its platform. The company plans to expand its product portfolio into insurance. BankSathi emphasizes guided matching of customers to the right financial product from the right bank or NBFC and uses AI to enable advisor workflows and flexible income opportunities. The startup reports 60% month-on-month growth, 34,000 active advisors on its platform, and revenue of Rs 2 crore in September, during which it paid Rs 1.6 crore in commissions to advisors. The company says it will deploy the fresh funding into sales and marketing, operations, and technology to support further growth. BankSathi operates an advisors' app that helps authorised advisors distribute retail loans, credit cards and insurance products and aims to promote adviser-led decision making. The startup currently has 5,000+ advisors across 700 pincodes and reports a total advisor income of Rs 75 lakh earned to date. It offers 45 products from 15 financial institutions on its platform and is focused on Tier‑II and beyond cities. The fresh seed funding will be used for product development, team building, and marketing and growth. Management targets one million advisors and 150 products from 50+ financial institutions by the end of this financial year, and plans to scale to five million advisors and 500 products from 100 FIs over the next three years. Co‑founders Jitendra Dhaka and Sandeep Choudhary say they expect to raise another round of investment by the middle of this year to achieve these goals.

Total raised

$5M

Funding rounds

3

Latest round

Series A

Latest activity

Jan 2023