Fintech startup Chqbook has raised Rs 40 crore in a pre-Series B funding round led by existing investors Aavishkaar Capital and the Rajiv Dadlani Group, among others. Earlsfield Capital UK, family offices, and HNI investors such as Jeremy Lim, Nilesh Srivastava, and Bhupesh Kumar, among others, also participated in the funding round. 

As per the startup, the freshly raised funds will be used to ramp up its user acquisition and bolster its technology.

Chqbook | Neobank For Small Business Owners

Founded by Vipul, Rajat Kumar, Mohit Goel and Sachin Arora in 2017, Chqbook is a Gurugram and Bengaluru-based neobank aimed towards helping small business owners. Chqbook offers various financial services to small businesses, including banking, khata, lending, insurance, and rewards.

The Gurugram and Bengaluru-based startup is working with a mission to empower this massively underserved segment to help drive financial inclusion.

Speaking about the growth of small businesses in India, Vipul Sharma, Co-founder and CEO of Chqbook, said,

“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.”

He added that the startup aims to lend over Rs 300 billion (Rs 30,000 crore), open one million accounts, and insure 10 million customers over the next few years. In March 2020, Gurugram and Bengaluru-based neobank had raised Rs 35 crore in institutional funding from Aavishkar Capital.

Processing over Rs 300 crore of the annualised transaction value, the neobank works closely with financial institutions, credit bureaus and partners to deliver tailormade financial products to small business owners. Since the launch, Chqbook’s app has crossed over a million downloads has over 6.5 lakh transacting customers.

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