Synopsis
Bachatt has raised $12 million in a funding round led by Accel, with participation from Lightspeed and InfoEdge Ventures. The company will use the funds to scale its platform and build wealth and credit solutions for users. Bachatt targets small businesses, offering daily savings, mutual funds, and digital gold, and plans to reach 30 million users.The round also saw participation from existing investors Lightspeed and InfoEdge Ventures.
ET had reported on March 23, that Bachatt is looking to close this round with Accel.
In a statement, the company said that the funds will be used to scale up its platform and build wealth and credit solutions for its users.
Bachatt targets small businesses such as shops, jewelry stores and dealerships, offering them daily savings services that can be invested across mutual funds and digital gold. The company believes that there is a population of 300 million that fits into its product design and can be a target.
In a statement, Bachatt said it has already executed more than 2 million mutual fund transactions through the app. Over the next two years, it intends to reach a user base of 30 million.
The startup has invested in multiple features to make investments in mutual funds simpler for self-employed individuals.
“We want to build 5-6 financial solutions, specially curated & tailored for them. We started with a debt fixed income savings solution, and are now adding two new solutions: AI-led wealth and credit,” said Anugrah Jain, founder, Bachatt.
The company has built an AI-powered tool that can analyse mutual funds and market sentiments to offer tailor-made solutions for this segment of the Indian population.
“By combining trust with a daily SIP model, they are aligning purchases with real incomes and unlocking access to new products to the large self-employed segment,” said Pratik Agarwal, partner, Accel.
