In a major development in the Indian fintech space, newly-launched startup Bachatt has secured USD 4 million (~INR 34 crore) in a seed funding round co-led by Lightspeed and Info Edge Ventures. The round also drew participation from prominent industry leaders including Urban Company cofounder Abhiraj Bhal, L&T Finance’s Sunil Prabhune, OYO COO Abhinav Sinha, and OYO CSO Maninder Gulati.
The investment comes at a pre-revenue stage for the startup, which is preparing to fully launch its daily savings mobile application—currently in beta mode. According to Bachatt’s co-founder and CEO Anugrah Jain, the fresh capital will be utilized for scaling the platform, enhancing the product interface, and driving aggressive customer acquisition.
A Platform Built for the Underserved
Founded in November 2024 by Jain (ex-BCG), Ankur Jhavery (ex-OYO), and Mayank Agarwal (ex-Urban Company), Bachatt was conceived with a mission to build financial solutions tailored to India’s vast segment of self-employed and non-salaried individuals. The startup’s core offering allows users to invest as little as INR 51 per day or INR 1,001 per week through UPI into debt mutual funds, aiming to make disciplined saving both accessible and seamless.
Targeting individuals earning INR 30,000 to INR 70,000 per month, the app is designed for daily SIPs (Systematic Investment Plans), a first-of-its-kind approach in a space where traditional investment products often fall short for this demographic.
“We believe that India’s financial ecosystem has long overlooked the self-employed segment. There’s a significant opportunity in designing savings instruments that match their cash flows,” Jain said.
Rooted in Ground-Level Insights
The startup’s inception stems from Jain’s decade-long consulting experience with leading NBFCs during his time at BCG. Having worked with institutions managing books worth INR 14,000 Cr, Jain gained firsthand insight into the saving behaviors and constraints of India’s non-salaried population.
He observed that over 30 crore Indians currently rely on co-operative societies for basic financial services such as credit, insurance, and savings. Despite offering low returns and little flexibility—along with penalties for premature withdrawals—these societies continue to thrive, largely due to trust and accessibility.
“There’s a trust gap and convenience gap that we aim to bridge through technology and strong institutional partnerships,” Jain explained.
Strategic Product Choices and Partnerships
In the early product development phase, the Bachatt team evaluated multiple investment vehicles including fixed deposits and digital gold. Both were ruled out due to limitations around low-ticket flexibility and unfavorable taxation, respectively. Citing the struggles of GoldPe and the fierce competition faced by Jar—despite its INR 50 Cr revenue in FY24—the team opted instead to focus on the more stable and regulated debt mutual funds space.
To this end, Bachatt has secured partnerships with top-tier fund houses such as ICICI Prudential and SBI Mutual Fund, and is now a registered mutual fund distributor under AMFI (Association of Mutual Funds in India). This move aims to instill confidence among new users and deliver reliable, low-risk returns.
Future Roadmap
Looking forward, Bachatt aims to onboard 2–3 crore users over the next few years by targeting India’s underserved self-employed population—an addressable market worth trillions.
The immediate focus, according to Jain, is on product stability and delivering a seamless digital user experience. Once a strong user base is in place, Bachatt intends to evolve into a comprehensive financial services platform offering lending products (including partially secured loans), fixed deposits, and credit cards.
“In fintech, savings is one of the hardest products to sell directly. Our goal is to first establish scale and trust, and then build a bouquet of tailored financial offerings around that core user base,” Jain concluded.
Conclusion
Bachatt’s bold foray into the daily savings segment for non-salaried Indians marks a timely and relevant disruption in the financial services landscape. With strong backers, deep industry insights, and a focused product vision, the startup is well-positioned to tap into a large and underpenetrated market that has long remained underserved.
As India’s fintech ecosystem matures, innovations like Bachatt’s could play a pivotal role in democratizing access to wealth creation tools and driving financial inclusion from the ground up. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.