- June 10, 2021
-- Chqbook, India's first neobank for small business owners, has built a suite of innovative financial products along with a strong demand funnel. The company now intends to use the funds raised to increase its loan book. Chqbook currently offers two types of loan products – Short Term Credit - a revolving credit line for small traders and retailers, and Micro Business Loans. It has posted a 25X increase in loan disbursals in the last FY. Over the next two years, Chqbook expects to raise US $30 Mn of debt to scale its loan book.
Given the products that Chqbook offers to its customers, the company has access to unique datasets, which help them in underwriting customers better.
Chqbook is razor-focused on providing financial services to small business owners in India, including small proprietorships across the country. Chqbook, on its mobile app-driven financial control center, provides a full KYC current account, its digital bookkeeping service - Chqbook Khata, and lending.
Vipul Sharma, Founder & CEO, Chqbook said, "We have witnessed that 50% of all requests on the Chqbook App are credit-related. Hence, it becomes important for us to focus on that need right away. 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."
Ashish Sharma, MD & CEO, InnoVen Capital India Pvt Ltd. said, "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."