Fintech firm BankSathi, funded by Kotak Securities, ends FY23 with net income of Rs 60 crore
Bangalore (Karnataka) [India]May 3 (ANI/NewsVoir): BankSathi, India’s largest agent-based distribution platform for financial products, closed FY23 with a net income of Rs 60 crore, marking a growth of 120 percent over FY22. The company’s exceptional growth was driven by a 300 percent increase in credit card distribution, and support from leading banks, non-bank funded companies and a network of 1.5 million financial advisors. With the help of the largest pan-India agent network, BankSathi has built a Rs 100 Cr ARR business, enabling advisors to manage sales of right financial products to end consumers using our technology and recommendation-based algorithms. BankSathi’s impressive achievements include 2.5 million leads, 65,000 Demat accounts, disbursement of 200 crores in loans, 135,000 savings accounts and 153,000 credit cards in FY23. These achievements have seen BankSathi rank third as PAN India’s largest credit card distributor. BankSathi reaches an annual rate of 3 lakh credit cards issued.
Jitendra Dhaka, co-founder and CEO of BankSathi.com, stated that the company is dedicated to bringing fintech to the 500 million net users of untapped Bharat. The platform has built an extensive network of trusted agents that connect consumers to financial brands using technology, while providing a source of income to the largest unemployed sector. BankSathi aims to extend the reach of fintech to the next billion users by developing solutions that cater to their specific needs. Our core USP is also training our financial advisors for correct recommendations to end consumers. Our technology is built in a way that, based on customer data added by advisors, recommends financial products that are best suited for end consumers. BankSathi addresses various issues faced by consumers in tier 2, 3 & 4 cities, including lack of awareness about financial solutions and trust deficit in modern fintech services and products. The company’s strategy for expansion has taken more than three years to develop, and it has partnered with 65+ financial institutions. BankSathi has also entered the insurance business, receiving an IRDRA license in March 2022, enabling it to provide consumers in remote areas with appropriate coverage.
BankSathi is now in a strong position to accelerate revenue growth in FY24 and achieve EBITDA profitability for the full year. Despite the difficult funding climate, the company has secured funding from marquee investors such as Kotak Securities, Lets Venture, We Founder Circle, Hem Securities, JITO, Kunal Shah, Sunil Singhania and IPV. BankSathi plans to raise its Series A round of funding to maintain its leading position in the market and show strong growth in every pin code in India. We end FY24 with around 160 Crore (USD 20M) in revenue. Recently, the company has added great talent in the insurance vertical, product and technology, finance and revenue operations that will help it scale on the technology and insurance side.
BankSathi is a technology platform that allows financial advisors to build their digital presence and start selling financial products online. Advisors can use the algorithm to recommend qualified products to their clients and manage their teams, customers, leads, renewals, cross-sells and upsells. A range of products are available for sale, ie accounts, credit cards and loans. We support advisors by providing training and marketing content in languages like Hindi, English, Marathi, Telugu and Tamil etc. This story was brought to you by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
