Chqbook.com raises $ 5 million in Series A funds
CHENNAI: The startup Fintech has announced raising an investment of $ 5 million in funds from Aavishkaar Capital to expand its product portfolio, expand distribution in several cities, strengthen its patented AI-driven technology platform and become a brand of choice for Small business owners.
Chqbook.com is a bank to help small business owners access financial services. The company's statement added that it is already positive for the economic unit and that its year-on-year revenues have grown 8 times in fiscal year 20 compared to fiscal year 19.
Speaking about this investment from Aavishkaar Capital, Vipul Sharma, founder and CEO of Chqbook.com, said: “We are really excited to have Aavishkaar Capital as our first institutional investor. Chqbook and Aavishkaar Capital share a common vision of creating impact and catalyzing development in highly neglected segments in India. With the backing of a strong founding team, we are building the first market bank in India and we will be the financial control center for small business owners by offering them a wide selection of products and a superior customer experience.
Sushma Kaushik, a partner at Aavishkaar Capital, said: We liked Chqbook's approach to serving the small business segment profitably. The integrated understanding of the founding team of the product, technology and distribution makes this an attractive team to support. A platform that comprehensively addresses the financial services needs of this segment with a positive economic unit makes this an exciting investment opportunity for Aavishkaar Capital.