Kotak Securities announced that it has led the Pre-Series A investment round for BankSathi, a B2B2C FinTech firm located in Bangalore.
By developing a digital distribution platform for financial services goods under the direction of advisors, BankSathi is offering solutions for financial inclusion in India. Its app supports 7 lakhs+ agents across all of India and is accessible in 5 regional languages.
Jaideep Hansraj, MD & CEO, Kotak Securities Limited said, “Today, small and mid-sized financial advisors/micro-entrepreneurs are not able to directly work with financial institutions. BankSathi is enabling these micro-entrepreneurs to sell & earn extra income through selling financial products online and making themselves financial independent & educated”.
Shripal Shah, President, COO & Key Leadership Member, Kotak Securities Limited added, “The next wave of growth in financial products penetration especially in tier 3 & 4 cities will happen through last-mile service network. We are excited to be part of BankSathi’s journey of deepening financial inclusion in India and taking steps towards savings and building wealth”.
Founders Jitendra Dhaka & Sandeep Kaler, BankSathi in a joint statement said, “We are excited to have Kotak Securities onboard. We’ll be deploying the freshly infused funds to take our product up by notches and expand our presence in every pin code. People generally rely on their networks for recommendations, particularly when it comes to significant financial services. Our distribution network of vetted agents provides the much-needed security to customers”.