[Funding alert] Fintech startup Chqbook raises $1 M from InnoVen Capital to increase its loan book
Gurugram and Bengaluru-based fintech startup -on Friday announced that it has raised $1 million from InnoVen Capital.
According to the press statement, the company intends to use the funds raised to increase its loan book.
Over the next two years, Chqbook expects to raise $30 million of debt to scale its loan book, it stated.
Founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora, and Mohit Goel, Chqbook.com is a neobank for small business owners that claims to offer world-class financial services through banking, khata, lending, insurance, and rewards.
Speaking about the new development, Vipul Sharma, Founder and CEO, Chqbook said,
“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.
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 and CEO, InnoVen Capital India Pvt Ltd. added,
“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.”
Some of the other early-stage investors of Chqbook include Aavishkaar Capital, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava, and Sakshi Vij.
It is also the winner of many prestigious awards like the ‘Best Financial Inclusion’ at BW Festival of Fintech Awards 2021, Fintech Rocketship Award 2019 from the UK's Department of International Trade, Tech30 at YourStory TechSparks 2019, and the 2018 SuperStartups Asia Awards.