Bachatt Secures Seed Funding to Launch Financial Solutions for India’s Independent Workers
The fintech startup Bachatt has recently completed a significant seed funding round, raising $4 million (approximately ₹34 crore) led by renowned investors Lightspeed and Info Edge Ventures. The funding will facilitate the full launch of its Daily Savings application, which is currently undergoing beta testing.
Founded in November 2022, Bachatt aims to empower individuals earning between ₹30,000 and ₹70,000 per month by providing them with the tools to enhance their income through savings of merely ₹100-₹200 per day. The company has gained support from notable figures like Abhiraj Bhal of Urban Society, Sunil Prabhune from L&T Finance, Oyo’s COO Abhinav Sinha, and Oyo’s CSO Handle Gulati, who have all joined its cap table.
Understanding Bachatt’s Unique Value Proposition
As stated by Anugrah Jain, the CEO and co-founder of Bachatt, the startup is focused on creating innovative financial solutions tailored for the independent and non-salaried workforce in India. With over a decade of experience in consulting and financial services, Jain recognized a significant gap in the market: a lack of accessible financial products for non-salaried workers. This understanding drove the creation of Bachatt.
Industry Challenges and Solutions
Many independent workers traditionally rely on cooperative societies for their financial needs, which can be inadequate due to low interest rates and inflexible withdrawal terms. Jain identified that approximately 30 crore individuals depend on these co-operative institutions for savings, credit, and insurance, with the market size exceeding ₹15 crore. Addressing these challenges, Bachatt’s platform aims to offer flexible and appealing savings options.
Bachatt’s Collaborative Approach to Financial Products
Bachatt enables users to invest as little as ₹51 daily or ₹1,001 weekly through UPI into a common investment fund, partnering with industry leaders like ICICI Prudential and SBI Mutual Fund. This collaboration not only enhances credibility but also ensures that users can access varied investment opportunities, fostering financial growth even with minimal contributions.
Future Expansion Plans
Looking ahead, Bachatt is focused on scaling its user base to 2-3 crore, particularly within the non-salaried segment, which represents a vast potential market. Anugrah Jain emphasizes the goal of stabilizing the application interface to improve user experience and increase transparency. With fresh capital, Bachatt plans to intensify customer acquisition efforts and expand its product offerings.
Conclusion: Revolutionizing Savings in the Fintech Sector
Bachatt is poised to disrupt the financial services landscape for India’s independent workers by addressing their unique savings needs. As the startup evolves its offerings, it aims to diversify into loans, fixed deposits, and credit cards, ensuring a comprehensive financial ecosystem for users. With its innovative approach and strategic partnerships, Bachatt is well-positioned for success in India’s burgeoning fintech space.