Chqbook.com, a Gurugram-based fintech startup, announced it has raised $5 million in Series A funding from Aavishkaar Capital. The startup is helping small business owners through its five pillars of Lending, Credit Cards, Insurance, Rewards and Accounts.
The company will utilise the funds to boost expansion. As per the company, the funds will be deployed to expand its product portfolio, scale up distribution across multiple cities, and strengthen its proprietary AI-powered technology platform.
Chqbook.com was founded by Vipul Sharma, Rajat Kumar, Sachin Arora, and Mohit Goel in 2017. Currently, the company’s platform offers over 60 products with zero-fee and negotiated rates, and has served over 200,000 customers across 20 cities.
Vipul Sharma, Founder & CEO, Chqbook.com, said, “We are really excited to have Aavishkaar Capital as our first institutional investor. Chqbook and Aavishkaar Capital share a common vision of creating impact and catalysing development in highly underserved segments in India. Backed by a strong founding team, we are building India’s first marketplace bank and will be the financial control center for small business owners by offering them massive product choice and superior customer experience.”
Sushma Kaushik, Partner, Aavishkaar Capital, said, “We liked Chqbook’s focus on servicing the small business segment in a cost-effective manner. The founding team’s integrated understanding of product, technology, and distribution makes this an attractive team to back. A platform which holistically services the financial services needs of this segment with positive unit economics makes this an exciting investment opportunity for Aavishkaar Capital.”
Chqbook.com 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.
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