Finance technology startup Chqbook has raised Rs 40 crore in the Pre-Series B round which is led by the existing investors Rajiv Dadlani group and Avishkaar capital. Chqbook will use this capital to strengthen its technology platform and to increase user acquisition. Earlsfield Capital UK, Family offices and HNI investors which includes Jeremy Lim, Bhupesh Kumar, Nilesh Srivastava and others also participated in the B round
Chqbook provides small business owners access to the current account, bookkeeping services for cash transactions along with credit and insurance. It was founded in 2017 and launched its Neo-banking platform with over ₹6,50,000 transacting customers for the services and crossed 1 million app downloads now this app processes over 3,000 crore transaction value annually.
Chqbook to increase its lending operations, it had currently raised Rs75 million of venture debt from Innoven capital.
Chqbook founder, Vipul Sharma stated that that they have huge demands from small business communities for their multi-product stack and launched products. Which boost their companies confidence to double down and provide their customers access to banking credit and insurance all over the country in the next 10 years to increase their growth rapidly integrated and continuously committed to solving all the issues for this community insure 10 million customers, and open 1 million accounts and around Rs 300 billion is the target to lend.
Perhaps, the insurance gap is so much wider that this opportunity will take multiple players to join this movement.