ChitMonks uses blockchain technology to develop solutions for the chit fund industry which allows for higher transparency and better efficiency.
Basic Information
Founded in 2016, ChitMonks has developed a blockchain-based product to allow the state government regulators to administer chit fund operations on a private permissioned blockchain network. It is extending its services to chit fund companies of any size and anywhere in India, by digitally enabling them with process efficiency (payment collections, online auctions, eKYC, eSign etc), better underwriting (bank statement analysis, credit profiling, and credit liabilities), and making their offerings more inclusive. According to ChitMonks’ research, there are about 30,000 registered chit fund companies in India, which are operating registered chit fund business with approximately 1,50,000 crore AUM (Asset Under Management). In July 2020, the startup raised $650,000 in pre-Series A funding round from Unicorn India Ventures.
Legal Name
:
Pangean Global Services Private Limited
Headquarters
:
Hyderabad, Telangana, India
Founding Date
:
2016
No. of Employees
:
21 to 40
Core Team
:
1.
Pavan Adipuram
Founder & CEO
Funding
Total Funding
$650.0k
Investors
:
1.
Kishore Ganji
2.
Unicorn India Ventures
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