Chqbook raises Rs 40 Cr in pre-Series B round
Chqbook, a fintech startup, announced that it has raised Rs 40 crore in a pre-Series B round led by existing investors Aavishkaar Capital and the Rajiv Dadlani Group, among others.
The Gurugram and Bengaluru-based startup plans to use the freshly raised funds to increase its user acquisition and support its technology.
In a statement, Vipul Sharma, Co-founder and CEO of Chqbook said, “Across the country, over the next ten years, we expect small businesses to grow exponentially. In addition, the adoption of 5G services will expand the scope of services customers can access.”
“At Chqbook, we are committed to solving for this community and aim to lend over Rs 300 billion (Rs 30,000 crore), open one million accounts, and insure 10 million customers over the next few years,” he added.
Earlsfield Capital UK, family offices, and HNI investors such as Jeremy Lim, Bhupesh Kumar, and Nilesh Srivastava, among others also participated in the round.
Established in 2017 by Vipul, Rajat Kumar, Sachin Arora, and Mohit Goel, Chqbook.com is a neobank for small business owners that provides several financial services to small businesses, including banking, khata, lending, insurance, and rewards.
“Given (the founders’) vision and strong execution, also neobanking being at a nascent stage in India, with huge growth potential, we are glad to partake as long-term investors,” said Rajiv Dadlani from the family office of the Rajiv Dadlani Group.
Aakash Agrawal from Earlsfield Capital said, “There is a large opportunity in providing financial products and services to small businesses in India and Southeast Asia, which has largely been ignored by existing lending institutions/banks due to lack of infrastructure and unavailability of credit history, among other factors. We are excited to partner with and support the team at Chqbook through their growth.”
Chqbook had raised Rs 35 crore in institutional funding from Aavishkar Capital in March last year.
Chqbook seems to be empowering several small businesses with its platform. I’m sure the company will soon emerge as a dominant player in the market. My best wishes to the team of Chqbook.Shishir Gupta, Founder and CEO, StartupLanes
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