ChitMonks, a blockchain startup with focus on the financial services industry, announced that it has raised $650,000 in pre-Series A funding round from Unicorn India Ventures.
The Company will utilise the fund infusion for product development, market expansion, strategic hiring, and further investment in scaling up the current business.
Unicorn India Ventures is an early-stage VC firm and this latest announcement is the second investment from its Rs 400 crore Fund II, according to a press release.
Founded in 2016, ChitMonks synergizes Chit Fund Companies, Regulators, Subscribers, Banks, Service providers, EcoSystem enablers to drive the largest trusted network of Savers and Borrowers platform.
Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “Even before the current COVID-19 scenario, we saw the potential in ChitMonks to revolutionise the current antiquated system of the chit fund industry by bringing the whole ecosystem online. It is in-line with our philosophy of investing in businesses which can digitise current processes and make them more transparent and accessible.”
Pavan Adipuram, Co-founder and CEO, ChitMonks, said, “Based on our research in the fintech space, we believe that foundational technologies like Blockchain for fintech products were redefining the trust and transparency at a new dimension. We believe that such technologies can redefine chit funds industry.”
Unicorn India Ventures is a Mumbai-based fund house started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund House has also launched a UK-India cross border fund for funding UK startups looking to enter India and have invested in six UK startups so far.
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