Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending

Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending

SUMMARY

The funding round led by Aavishkaar Group’s equity investment arm Aavishkaar Capital

Chqbook is planning to add more fintech products to its portfolio with the funds

Chqbook was founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora and Mohit Goel

Gurugram-based fintech startup Chqbook, on Tuesday (March 3), announced that it has raised $5 Mn in its Series A funding round led by Aavishkaar Group’s equity investment arm Aavishkaar Capital. Prior to this, the startup has also raised seed funding from angel investors including Harsha Bhogle, Apurva Chamaria, Sachin Arora, Bharat Gupta, and Amit Manocha.

With the recently raised capital, Chqbook is planning to add more fintech products to its portfolio. The startup is also looking to expand its distribution channel to more Indian cities. Chqbook said it would invest in enhancing its proprietary artificial intelligence (AI)-based lending and insurance platform.

Founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora and Mohit Goel, Chqbook is an online financial marketplace which offers services such as lending, credit cards and insurance. The startup helps small business owners to secure loans easily through its partners.

Customers can explore personalised loans and credit card products, and check their eligibility on the go, while Chqbook uses machine learning algorithms to match customers to the right lending provider.

For easy approval of loans, each application is tracked over 100 parameters and Chqbook monitors the entire approval process, making the experience seamless for both customers and banking partners. Beyond the loans, Chqbook has partnered with other online platforms such as Amazon, Bookmyshow, Gaana, travel ticketing platform Ixigo, epharmacy Netmeds and lifestyle brand The Man Company, for rewards, which keeps the customer spending within the digital ecosystem and promotes higher adoption of startup products. So when Chqbook customers are approved for loans and other products, they also net rewards and discount coupons from partner brands. This also makes acquisition easier for Chqbook itself.

In an earlier interaction with Inc42, cofounder Sharma had said that over 70% of its customers have good credit scores of around 700, and that’s the reason why brands partner with Chqbook because they want to access this customer base.

The company claims that it has already achieved unit economics-positive. Moreover, it also claims to have witnessed 8X growth year-on-year revenue in 2020 as compared to FY2019.

According to DataLabs by Inc42’s recently released report “Fintech Outlook 2019”, there are currently 2707 fintech startups in India and $5.29 Bn have been invested between 2014-2018 in this sector. These numbers suggest that fintech startups are getting more success in attracting investors.

Last month, while Mumbai-based fintech startup SuperMoney raised $1 Mn in pre-Series A funding from early-stage investor Unitus Ventures, serial entrepreneur Shailaz Nag’s new venture Dot raised $8 Mn in seed funding.

Moreover, the fintech sector has also attracted the eyes of smartphone markers which are now making an entry in this segment. Recently, Chinese smartphone maker OPPO has also forayed in financial services and is offering savings, lendings, and insurance on its OPPO Kash platform. Prior to this, Xiaomi, Realme, and Samsung have also marked their entry in the fintech segment.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending-Inc42 Media
Chqbook Bags $5 Mn Series A To Broaden Fintech Play Beyond Lending-Inc42 Media
You’re in Good company