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Who is Sankarsh Chanda?
Sankarsh Chanda, a nineteen years old lad is in high recognition off late because of his fintech startup “Savart”. A Hyderabad born, at the age of 14 swayed his sister to let him invest in her DEMATS account from all the scholarship amount that he received as prizes. While he was preparing to fly to the US for his studies, he bumped into Bennett University. He was more ensnared towards joining Bennett because of their focus on entrepreneurship. And thus, he joined Bennett for his BTech course.
His first book “Financial Nirvana”
“Financial Nirvana”, was his first book published in 2016 while he was just 17 years old. It’s a book which is a combination of traditional values and current day planning. This book helps its readers to invest independently without any disturbance from the external sources. It will also help the beginners to develop a strategy for investment planning and will help the experienced investors to reconsider their policies. This book is more like a “DO IT YOURSELF” project.
Ideas, beginning, and foundation of the startup
It was after joining Bennett University for his BTech course, he met Mr. Ajay Batra who was the Director at the Centre of Innovation and Entrepreneurship at the university. It was he who boosted Sankarsh to come up with a startup like “Savart”. Mr. Ajay Batra added the direction and the motivation to his by and large idea. His continuous productive criticism helped him a lot. He also helped him in building the right culture for the organisation.
Finally when he was just 18 years old, he incorporated “Savart”. It is a wealth management venture. The name “Savart” is acquired from the axiom the "art" of "sav"ing.
Subsequent to the incorporation of “Savart”, he had to drop out of the college. His parents were a big support while he dived out from his course. The initial funds consisted of his savings from his various earlier investments.
This online stage helps the investors to invest in markets depending on their disposition and requirements. It is done by taking a psychometric analysis of the investors during the onboarding process to comprehend their expectations from the market. It fills up the gap by figuring out the wants of the investors and their expectations and matches them with the investor’s socio-economic conditions. Once the psychometric analysis of the investors is done, the platform suggests the investors with suitable mutual funds. Also, there is a manual mode where the investors can research and invest in the instruments on their own without any assistance.
Savart is easily accessible using Android or IOS app and also, on its website. It charges between one and two percent commission from the investors for a mutual fund investment.
Savart functions as a mutual fund distributor. It has aligned with Bombay Stock Exchange for mutual funds. It has applied for the Registered Investment Advisor (RIA) license from SEBI, which is awaited.
Also, it is not a broker. For finalising the transactions it has combined itself with a discount broking platform “Upstox”. The investors using Savart can sign up for their UpstoxDemat account. Over the period of time, it is looking to align with few more digital brokers.
It is looking to make public a “Goal” feature once all its licenses are attained so that the investors would directly get the push notifications informing them when to buy and sell the stock.
Savart and Sankarsh both are not only looking for an online platform but are also ambitious to partner with the banking correspondents so that its offline platform also flourishes.
Savart and Sankarsh go hand in hand. We wish them luck so that they prosper in leaps and bounds.