Fintech startup Chqbook has raised $1 M from InnoVen Capital to increase its loan book, according to a press release.
Speaking on the development, Vipul Sharma, Founder & CEO, Chqbook stated, “We have witnessed that 50 percent of all requests on the Chqbook App are credit-related. Hence, it becomes important for us to focus on that need right away.”
Vipul added, “We have credit lines from a select list of NBFCs and banks that will help us in meeting this demand. We are happy to have InnoVen as our partner in this growth, and we look forward to increasing our debt lines with them over the coming years.”
Ashish Sharma, MD & CEO, InnoVen Capital India Pvt Ltd. said, “We are excited to partner with Chqbook as they continue to build a financially inclusive eco-system for small business owners. What is unique about Chqbook is its multi-product strategy that will go a long way in creating customers stickiness on their platform. Neobanks are uniquely positioned to serve this large target segment which makes it an interesting opportunity for us.”
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.