Fintech platform Chqbook on Thursday announced that it has raised Rs 40 crore in a Pre-Series B round led by existing investor Aavishkaar Capital and the Rajiv Dadlani Group. Earlsfield Capital UK, and noted investors including Jeremy Lim, Bhupesh Kumar, Nilesh Srivastava also participated in the funding round. As per the press statement, the neobanking platform will use the capital to ramp up its user acquisition and strengthen its technology platform.
Founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora, and Mohit Goel, Chqbook provides small business owners access to current accounts, bookkeeping service for cash transactions, along with credit and insurance.
The Bengaluru and Gurugram headquartered compnay launched its neo-banking platform in September, last year and has crossed 1 million app downloads with over 650,000 transacting customers for the service. The Chqbook app now processes over ₹3,000 crore in annualized transaction value.
“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,” said Vipul Sharma, Co-founder and CEO of Chqbook in a press statement.
“At Chqbook, we are committed to solving for this community and aim to lend over Rs 300 billion (Rs 30,000 crore), open one million accounts, and insure 10 million customers over the next few years,” he added.
The fintech firm had recently raised Rs 75 million of venture debt from Innoven Capital, to ramp up its lending operations. In March last year, Chqbook had raised Rs 35 crore in institutional funding from Aavishkar Capital.