Chqbook, India’s neobank for small business owners like kiranas, merchants, chemists, and others running proprietorships, has announced that it has secured Rs 40 crore in pre-Series B round. The round saw participation from existing investors including Aavishkaar Capital along with Rajiv Dadlani Group, and others.
“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,” commented Vipul Sharma, Co-founder and CEO, Chqbook.
“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,” added Rajiv Dadlani.
Aakash Agrawal at 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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.