Bachatt: 10 Key Things You Must Know
Overview
Bachatt is an innovative fintech startup poised to revolutionize the way individuals save daily in India. Launched in 2024, it aims to simplify savings, making it more accessible and convenient for the everyday Indian. With its unique financial solutions, Bachatt caters to self-employed individuals and others who wish to save small amounts daily through a user-friendly app. Discover the intricacies of Bachatt in the following essential insights, showcasing what sets this startup apart and its potential impact on personal finance.
1. Founding Story
Bachatt was founded in November 2024 by Anugrah Jain, Ankur Jhavery, and Mayank Agarwal, all with significant backgrounds in finance and technology. The inception of Bachatt stemmed from their shared desire to create financial products tailored to the non-salaried and self-employed segment in India. Their collective experience highlighted a gap in daily savings options, prompting them to develop a solution that could seamlessly integrate with the cash flow patterns of self-employed individuals.
2. Key Features of the App
The Bachatt app offers users the flexibility to save as little as INR 51 daily through a systematic investment plan (SIP) model. Utilizing UPI for transactions, the app assures safety and convenience, leveraging partnerships with trusted financial entities such as SBI and ICICI. This AI-driven platform not only simplifies saving but also provides personalized financial advice, making it an attractive tool for first-time investors and seasoned savers alike.
3. Funding and Financial Growth
Recently, Bachatt secured $4 million in seed funding from investors like Lightspeed and Info Edge Ventures. This infusion of capital will be used to transition the app from its beta phase into a full-fledged financial product. Notable industry figures like Abhiraj Bhal and Sunil Prabhune have joined its cap table, underscoring the startup's promising potential and strategic direction.
4. Market Gap and Strategy
Bachatt addresses a critical market gap by providing a simple, yet effective saving solution for people earning between INR 30,000 to 70,000 monthly. Many in this demographic rely on cooperative societies with restrictive terms, whereas Bachatt offers a more flexible alternative without penalties and provides attractive returns through investments in debt mutual funds.
5. Technology and Innovation
Leveraging AI, Bachatt offers users intelligent savings recommendations based on their financial behavior and goals. This approach sets a new precedent in the fintech space by making personal finance management more aligned with individual preferences and future objectives. Its tech-driven model not only automates savings but also predicts optimal saving patterns.
6. Partnerships and Trust
Partnerships with major financial institutions are key to Bachatt’s strategy. By aligning with entities like ICICI Prudential and SBI Mutual Fund, Bachatt ensures the safety and credibility of its users' investments. This trust is further augmented by its registration with the Association of Mutual Funds in India (AMFI), solidifying its position as a reliable financial service provider.
7. Customer Experience and Accessibility
Bachatt is designed to cater to the diverse needs of its users, offering a seamless and intuitive interface that facilitates easy navigation and transaction execution. Users can monitor their savings growth in real-time, enhancing transparency and user engagement. The app’s simplicity in setting up a SIP and integrating with UPI makes it an inclusive solution across varied user groups.
8. Social and Economic Impact
Bachatt aspires to enhance financial literacy and inclusion across India, urging individuals to build a habit of saving regularly. By encouraging daily savings, it aims to improve financial health and independence for millions, contributing to broader economic stability and growth by channeling savings into institutional investments.
9. Challenges and Competitive Landscape
While Bachatt presents numerous advantages, it competes with various other fintech products offering mutual fund investments and savings options. Its unique focus on micro-savings and navigation of regulatory requirements are ongoing challenges. However, its targeted approach to the non-salaried segment allows it to stand out amidst competitors focusing primarily on salaried professionals.
10. Future Prospects and Vision
The long-term vision of Bachatt is to scale significantly by expanding its user base and broadening its financial offering portfolio. Future plans include integrating more financial products such as partially secured lending and credit services. By focusing on enhancing app functionality and expanding its reach, Bachatt envisions becoming a key player in India's financial ecosystem.
Conclusion
Bachatt emerges as a significant player in the Indian fintech landscape by addressing unmet needs of daily savers. Its innovative approach to daily savings via digital means simplifies financial management for a traditionally underserved segment. By blending modern technology with indispensable financial services, Bachatt is positioned to potentially transform India’s saving culture. As it matures, the startup could influence financial behavior, paving the way for more inclusive economic progress.