Kotak Securities announced today that it has served as the lead investor in a Pre-Series A funding round for a B2B2C fintech startup based in Bangalore called BankSathi.
Established in 2020, BankSathi aims to promote financial inclusion in India through the development of an advisor-led digital distribution platform for financial products. The startup’s app is accessible in five regional languages and is currently used by more than 7 lakh agents across various regions of India.
Jaideep Hansraj, MD & CEO of Kotak Securities Limited, stated, “Currently, small and mid-sized financial advisors and micro-entrepreneurs are unable to establish direct partnerships with financial institutions. BankSathi is empowering these micro-entrepreneurs to sell and earn additional income by selling financial products online, allowing them to become financially independent and educated.”
Shripal Shah, President, COO, and Key Leadership Member of Kotak Securities Limited added, “The next phase of growth in the penetration of financial products, particularly in tier 3 and 4 cities, will occur through a last-mile service network. We are thrilled to be a part of BankSathi’s mission to expand financial inclusion in India, and to support efforts to promote savings and wealth creation.
Jitendra Dhaka and Sandeep Kaler, Founders of BankSathi, said in a joint statement: “We are thrilled to have Kotak Securities join us. We will be using the newly acquired funds to enhance our product offerings and to expand our reach to every area of the country. People typically rely on their networks for recommendations, especially when it comes to crucial financial services. Our distribution network of vetted agents provides the necessary security for our customers.”
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