Gurugram-based fintech startup Chqbook.com said it has recently raised $5 million in Series A funding from Aavishkaar Capital. According to the startup, the capital will be deployed to expand its product portfolio, scale up distribution across multiple cities, and strengthen its proprietary AI-powered technology platform.
Founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora, and Mohit Goel, Chqbook.com is a marketplace for small business owners, offering them products around lending, credit cards, insurance, accounts, and rewards. Speaking on the investment from Aavishkaar Capital, Vipul Sharma, Founder & CEO, Chqbook.com, said,
Speaking on the investment from Aavishkaar Capital, Vipul Sharma, Founder & CEO, Chqbook.com, said,
The platform offers over 60 products with zero-fee and negotiated rates, and has served over 200,000 customers across 20 cities. According to the startup, it uses alternate data and works with credit bureaus, partners, and financial institutions to provide financial services to over 12,000 business owners per month and processes more than 40,000 customer applications per month.
Sushma Kaushik, Partner, Aavishkaar Capital, said,
Some of the other early-stage investors of Chqbook include Harsha Bhogle, Bharat Shyam, Ken Glass, Anand Chandrasekaran, Amit Manocha, Amit Singhal, Bhupesh Kumar, Nilesh Srivastava, Rohit Chanana, and Sakshi Vij.
Chqbook claims to be already unit economics-positive, and said that its year-on-year revenue has seen a growth of 8x in FY20 compared to FY19. Read more