From Rs 10 Lakh to Rs 150 Crore: The Rise of Bankit and Amit Nigam

Success stories often begin with modest resources and unwavering determination. Amit Nigam, a Bhopal-based entrepreneur, exemplifies this journey. Starting with an initial investment of Rs 10 lakh, Nigam founded Bankit, a digital payment startup that has grown into a Rs 150 crore enterprise.

Early Life and Education

Born in Bhopal, Madhya Pradesh, Amit Nigam comes from a family largely comprised of government employees. His father is a senior lawyer practicing in the Allahabad High Court Amit Nigam Advocate & Tax Consultant. While a career in law or government service might have been expected, Nigam pursued his interest in management.

He completed a Bachelor of Arts in Economics from Allahabad University, followed by a PGDM in Marketing from Noida.

Corporate Career

Nigam began his career at Indian Rayon Limited in Delhi, earning a starting salary of Rs 10,000 per month. He quickly rose through the ranks, receiving a promotion within six months. He continued his career with prominent companies such as Escortel Mobile Communication, Usha, and Airtel, holding key positions in sales and marketing.

The Founding of Bankit

In 2017, Amit Nigam established Bankit with an initial investment of Rs 10 lakh. The company’s core mission is to provide financial services to underserved populations, particularly migrant laborers and daily wage earners who often lack access to traditional banking facilities. Amit Nigam’s LinkedIn profile confirms his involvement with Bankit.

Bankit offers a comprehensive suite of financial services through its digital platform, including bank account opening, money transfer, bill payments, and insurance. It also provides traditional banking products like recurring deposits (RDs) and fixed deposits (FDs).

Rapid Growth and Financial Performance

Bankit’s business model has proven highly successful. The company’s revenue grew from Rs 15 crore in 2020-21 to Rs 150 crore in 2023-24. AdvisorKhoj lists Amit Nigam Advocate & Tax Consultants, indicating his continued business activities.

Bankit Services Private Limited is headquartered in Noida and continues to expand its reach across India.

Key Takeaways

• Amit Nigam successfully transitioned from a corporate career to entrepreneurship.
• Bankit addresses a critical necessitate for financial inclusion among underserved populations.
• The company experienced significant revenue growth in a short period.