Total amount raised
$11.4 Millions
Latest funding date
01/01/2023
Location
Chqbook has successfully raised INR 40 Cr from Aavishkaar and Rajiv Dadlani Group in its latest funding round. The fintech startup offers a range of financial products and services tailored for small business owners in India.
Keep reading to explore the intricacies of Chqbook's fundraising journey and the investors backing this innovative platform.
What Is Chqbook?
Chqbook, founded in 2017, is a fintech startup based in Gurgaon, Haryana, India. The company was established by Mohit Goel, Rajat Kumar, Sachin Arora, and Vipul Sharma. It operates in the banking, big data, financial services, fintech, and lending industries.
With an employee count ranging from 251 to 500, Chqbook focuses on providing financial services tailored for small and medium-sized enterprises (SMEs) in India. The company offers a variety of products, including zero balance current accounts, business loans, and insurance plans, aiming to simplify financial management for small business owners.
How Much Funding Has Chqbook Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2017
- Lead Investors: YWC Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and expand the customer base.
- Series A
- Amount Raised: $5M
- Date: March 2020
- Lead Investors: Aavishkaar Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the technology platform.
- Debt Financing
- Amount Raised: $1M
- Date: June 2021
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet significant customer demand for lending.
- Series B
- Amount Raised: ₹400M
- Date: September 2021
- Lead Investors: Aavishkaar Venture Capital, Rajiv Dadlani Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ramp up user acquisition and strengthen technology.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: SN Damani, Nilesh Srivastava
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
Chqbook has raised a total of $6M in funding. The current valuation is Not publicly disclosed.
Key Investors
- Aavishkaar Venture Capital
- Details: Aavishkaar Venture Capital is a venture capital firm that focuses on impact investing. They have been a lead investor in multiple funding rounds for Chqbook.
- Investment Focus Areas: Financial services, agriculture, healthcare
- Notable Investments: Chqbook, AgroStar, Milk Mantra
- Rajiv Dadlani Group
- Details: Rajiv Dadlani Group is a family office that invests in promising startups with strong growth potential. They have been a consistent supporter of Chqbook.
- Investment Focus Areas: Fintech, technology, consumer goods
- Notable Investments: Chqbook, Purplle, SUGAR Cosmetics
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides debt financing to high-growth startups. They participated in Chqbook's debt financing round.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Swiggy, Byju's, OYO Rooms
- Earlsfield Capital UK
- Details: Earlsfield Capital UK is an investment firm that focuses on high-growth potential startups. They participated in Chqbook's pre-Series B funding round.
- Investment Focus Areas: Fintech, technology, healthcare
- Notable Investments: Chqbook, Revolut, TransferWise
- YWC Venture Capital
- Details: YWC Venture Capital is a venture capital firm that invests in early-stage startups. They were a key investor in Chqbook's seed round.
- Investment Focus Areas: Technology, fintech, consumer services
- Notable Investments: Chqbook, Zomato, PolicyBazaar
What's Next for Chqbook?
Chqbook is poised to capitalize on the burgeoning demand for neobanking solutions among small business owners in India. With plans to lend over ₹30,000 crore, open 1 million accounts, and insure 10 million customers, the opportunities are vast. The adoption of 5G services will further enhance their technology platform, making financial services more accessible and efficient.
Future fundraising rounds are likely as Chqbook scales its operations and meets ambitious targets. The company has already attracted significant interest from investors, and this trend is expected to continue. However, challenges such as intense competition, regulatory hurdles, and the need to maintain robust technology infrastructure could pose obstacles along the way.
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