Chqbook.com raises USD 5 mn from Aavishkaar Capital

Fintech start-up Chqbook.com on Monday said it has raised USD 5 million (about Rs 36 crore) from Aavishkaar Capital.

The Gurugram-based company will use the proceeds from the series A round to expand its product portfolio, scale up distribution across multiple cities and strengthen its proprietary AI-powered technology platform, a statement said.

"Backed by a strong founding team, we are building India's first marketplace bank and will be the financial control centre for small business owners by offering them massive product choice and superior customer experience," Chqbook.com founder and CEO Vipul Sharma said.

Chqbook said it is already unit economics-positive and its year-on-year revenue has seen a growth of 8x in FY20 compared to FY19.

Some of the early stage investors of Chqbook include Harsha Bhogle, Bharat Shyam, Ken Glass, Anand Chandrasekaran, Amit Manocha, Amit Singhal, Bhupesh Kumar, Nilesh Srivastava, Rohit Chanana and Sakshi Vij.

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