Kotak Securities announces investment in Fintech startup BankSathi

Kotak Securities today announced that it has led a Pre-Series A funding round for a Bangalore based B2B2C fintech startup named BankSathi.

Founded in 2020, BankSathi is providing solutions for financial inclusion in India by creating an advisor-led digital distribution platform for financial services products. Its app is available in 5 vernacular languages, catering to 7 lakh+ agents across kona kona of India.

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."

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1795.70 as compared to the previous close of Rs. 1811.85. The total number of shares traded during the day was 23759 in over 3244 trades.

The stock hit an intraday high of Rs. 1816.95 and intraday low of 1789.05. The net turnover during the day was Rs. 42808568.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 KotakSecurities Investment PreSeriesA Funding BankSathi Fintech Startup