Bachatt Secures $12 Million in Series A Funding Led by Accel

Bachatt Raises $12 Million in Series A Round

Bachatt, a platform designed to help Indians manage daily savings, has successfully raised $12 million in a Series A funding round. The investment was led by Accel, a prominent venture capital firm. Bachatt offers users the ability to save small amounts daily, starting from as little as ₹100, with the opportunity to earn fixed deposit-like returns through mutual funds from ICICI and SBI. The platform is currently trusted by over 30 crore self-employed Indians and provides flexibility with no lock-in periods, allowing users to withdraw their savings at any time.

Leadership and Vision

The company was co-founded by Anugrah Jain, who also serves as CEO, along with Ankur Jhavery and Mayank Agarwal. Under their leadership, Bachatt has developed a product that caters to merchants, including retailers, jewelers, and auto dealers, by offering investment options in mutual funds and digital gold. Anugrah Jain, CEO of Bachatt, emphasized the importance of this funding round in furthering the company’s mission to simplify savings for millions of Indians.

Use of Funds

While specific plans for the use of the new funds were not detailed, the investment is expected to support Bachatt's growth initiatives. This could include expanding its user base, enhancing technology platforms, and potentially introducing new financial products. The focus will likely remain on strengthening its offerings to better serve its large and diverse customer base.

Lead Investor

Accel's involvement as the lead investor highlights the potential they see in Bachatt’s approach to financial management and savings in the Indian market. Accel’s support is anticipated to provide strategic guidance and resources to scale Bachatt’s operations and reach.

Conclusion

With this significant infusion of capital, Bachatt is well-positioned to enhance its platform and broaden its impact on the financial well-being of its users. The company continues to innovate in the fintech space, providing accessible savings solutions to everyday Indians.