Bangalore (Karnataka) [India], May 3 (ANI/NewsVoir): BankSathi, India's largest Agent Based financial products distribution platform, closed FY23 with a net revenue of Rs 60 crore, marking a 120 per cent growth over FY22. The company's exceptional growth was fuelled by a 300 per cent surge in credit card distribution, and the support of leading banks, non-bank financial 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 sell Right Financial Products to end consumers using our technology and recommendation-based algorithms.
BankSathi's impressive achievements include 2.5 million leads, 65K Demat accounts, disbursement of 200 crores in loans, 135K savings accounts, and 153K credit cards in FY23. These accomplishments have led to BankSathi ranking 3rd as PAN India's largest credit card distributor. BankSathi reaches annualized rate of 3 lakh credit card issued.
Jitendra Dhaka, Co-founder and CEO of BankSathi.com, stated that the company is dedicated to bringing fintech to the 500 million online users in untapped Bharat. The platform has built an extensive network of reliable agents, connecting consumers to financial brands using technology while also providing an income source 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 right recommendations to end consumers. Our Tech is built in a way that based on customers data which get added by Advisors it recommend financial products which are best suited for end consumers.
BankSathi addresses various problems faced by consumers in tier 2, 3 & 4 cities, including lack of awareness about financial solutions and trust deficit towards modern fintech services & 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 forayed into the insurance industry, receiving an IRDRA license in March 2022, enabling it to provide consumers in remote areas with suitable coverage.
BankSathi is now in a strong position to accelerate revenue growth in FY24 and achieve profitability in EBITDA 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 of India. We will be closing FY24 with around 160 Crore (USD 20M) in Revenue. Recently company added good talent in Insurance vertical, Product and tech, finance and revenue operations which will help it in scaling in Tech and Insurance side.
BankSathi is a tech platform that allows financial advisors to build their digital presence and start financial product sales online. Advisors can use its algorithm to recommend eligible products to their customers and manage their team, customers, leads, renewals, cross sell & up sells. Variety of products are available to sale i.e Accounts, Credit cards and Loans. We are supporting to advisors by providing training and marketing content in vernacular languages i.e Hindi, English, Marathi, Telugu and Tamil etc.
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