Neobank platform Chqbook has raised Rs 40 crore in a pre-series B round led by existing investors Aavishkaar Capital and Rajiv Dadlani Group. The new financing round has also seen participation from HNI investors including Earlsfield Capital U.K and family offices, Jeremy Lim, Bhupesh Kumar, Nilesh Srivastava and others.
Chqbook said in a press release that the new investment will be used for user acquisition and strengthening the technology. Vipul Sharma, Co-Founder and CEO, Chqbook, said in a press statement, “Across the country, over the next ten years, we expect small businesses to grow rapidly. In addition, the adoption of 5G services will expand the range of services that customers can access.
Vipul Sharma further added that at Chqbook we are committed to solve for this community and aim to lend over 300 billion rupees (Rs 30,000 crore) over the next few years, open one million accounts and insure 10 million customers. Chqbook enables small traders or SMEs to access current accounts, bookkeeping services, lending and insurance.
Most of the customers of Chqbook are banking with either PSU or co-operative banks. The company claims that Chqbook’s app has crossed one million downloads. It has a customer base of over 650,000 transactions and processes over Rs 3,000 crore of transaction value annually.