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.”
Kotak Securities Limited (KSL), a subsidiary of Kotak Mahindra Bank, is one of India’s largest full-service stock broking firms catering to retail and institutional investors across all segments of the capital market. Through a tie-up with partner brokers, the company also provides direct access to the US markets. Supported by a strong research team, robust digital trading platform, large branch network & franchisee base, and referral coordinators spread across Kona Kona of India, KSL processes lakhs of secondary market trades every day. As on 30th September, 2022, KSL has a national footprint of 180 branches, 1317 franchisees and satellite offices across 388 cities in India serving 34.9 lakh active client base. KSL provides a wide array of services including investment options in equities, derivatives (equities, commodities, currency) and mutual funds. It also offers margin trading facility, depository services and third-party products like insurance.