Chqbook, a Gurugram and Bengaluru based fintech, has announced it has secured $5.4 million in a recent funding round. The company, which focuses on providing financial services to Micro, Small, and Medium Enterprises (MSMEs), confirmed the capital infusion from investors to support its ongoing growth and operational expansion.
Founded by Vipul Sharma, Rajat Kumar, and Mohit Goel, Chqbook specializes in empowering proprietorship businesses such as kiranas, merchants, and chemists. It addresses the needs of this massively underserved segment by offering a suite of digital financial services, including digital current accounts, instant business loans, and insurance products. The company's core mission is to drive financial inclusion, helping small businesses grow and thrive.
The newly raised capital is earmarked to accelerate Chqbook's strategic initiatives. The company plans to use the funds to expand its technological infrastructure, enhance its product offerings, and broaden its customer base across India. This investment reflects confidence in Chqbook's model and its ability to deliver essential financial tools to a critical economic segment.
Since its launch in September 2020, Chqbook has demonstrated significant traction, with its mobile application downloaded by over 2 million customers. These users are spread across 500 cities in India, highlighting the widespread demand for accessible financial services among small business owners. The funding round is expected to enable Chqbook to further scale its operations and deepen its market penetration.
Looking ahead, Chqbook is committed to its vision of making small businesses big by continuing to innovate and provide tailored financial solutions. The company aims to solidify its position as a leading fintech platform for MSMEs, driving further financial empowerment and contributing to the digital transformation of India's small business economy.
