At a Glance
Chqbook.com is a small business marketplace that provides loans, credit cards, insurance, accounts, and incentives to small business owners. InnoVen Capital led the latest round of fundraising. The new funds will be utilized to enhance the company’s lending portfolio. According to the firm, Chqbook intends to raise $30 million in debt over the next two years to extend its loan book.
Chqbook, a Fintech startup, has announced that it has raised $1 million in a funding round from InnoVen Capital.
The cash generated will be used to expand the company’s loan book. Chqbook plans to raise $30 million in debt over the next two years to expand its loan book, according to the company.
Chqbook.com is a marketplace for small company owners that offers them products such as loans, credit cards, insurance, accounts, and incentives. It was founded in 2017 by Vipul Sharma, Rajat Kumar, Sachin Arora, and Mohit Goel.
Speaking about the funding, Mr. Sharma, Founder, and CEO of Chqbook, said they have seen that credit-related inquiries account for half of all requests on the Chqbook App. As a result, they must focus on that requirement straight away.
He added, “We have credit lines from a select list of NBFCs and banks that will help us in meeting this demand. We are happy to have InnoVen as our partner in this growth, and we look forward to increasing our debt lines with them over the coming years.”
“We are excited to partner with Chqbook as they continue to build a financially inclusive eco-system for small business owners. What is unique about Chqbook is its multi-product strategy that will go a long way in creating customers’ stickiness on their platform. Neobanks are uniquely positioned to serve this large target segment which makes it an interesting opportunity for us.”Ashish Sharma, MD, and CEO, InnoVen Capital India Pvt Ltd.
Aavishkaar Capital, Bharat Shyam, Amit Manocha, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Singal, Nilesh Shrivastava, Harsha Bhogle, and Sakshi Vij are some of Chqbook’s other early-stage investors.