New Delhi, October, 04, 2017: Chqbook, an emerging fintech startup, has recently raised a combined funding from Youwecan backed Startup Buddy, Apurva Chamaria, Vice President and Head of Corporate Marketing, HCL, Sachin Arora, ex-CTO Myntra, Bharat Gupta, Founder of Net Asset Consulting LLP, Amit Manocha, Private equity professional(Singapore) among others. Kunal Singhal, Partner at Suresh Chandra and Associates, was the advisor for the transaction. Amit Singhal joins the board at Chqbook while Apurva Chamaria and Sachin Arora join as advisors to the board.
· Chqbook aims to disburse INR 1500 crore by March 2019
· Plans to add personal loans and credit cards in the next 3 months
· Targets tier II and Tier III cities as the potential marketplace.
As part of its future plans, Chqbook plans to disburse INR 1500 crores by March 2019 while it has already processed loan applications worth over Rs. 500 crores in just 6 months. Currently, it operates in four major cities – Delhi, Bengaluru, Mumbai and Chennai and has over 400 plus experts on their platform. The fund raised is to be deployed to expand to over 50 cities.
“Financial products are complex and diverse and our model aims to provide complete and honest advice & support to retail consumers to take the best decisions for their financial needs. It allows customers to choose the best home loan options from the largest Home Loan listing with tie-ups with over twenty banks offering interest rates as low as 8.35%. Currently, we provide only home loans on our platform and will soon be adding personal loans and credit cards,” said Vipul Sharma, Co-Founder & CEO, Chqbook.
He further adds, “We are confident of making our loan book stronger by disbursing INR 1500 crore by the end of next financial year. India is experiencing tremendous growth in fintech and surprisingly we see 50 per cent of the business coming from tier II and III cities that will be our focus in the next one year.”
Commenting on the deal, Apurva Chamaria, Vice President and Head of Corporate Marketing, HCL Technologies, said, “There is immense disruption in the personal finance segment and Chqbook has already demonstrated tremendous growth in this area and recent developments show, it is building the business model to dominate this sector. I’m excited to invest in and support Vipul, Rajat and the exciting Chqbook team. I have already invested in 27 exciting start-ups and plan to continue partnering with dynamic founders and their teams in enabling their scaling journey.”
Financial products are inherently complex, to guide the customer through these processes, Chqbook uses the expertise of its verified, trained and proactive experts. It is a marketplace for financial products that brings banks and non-banking financial companies as well as distributors and customers onto a single platform. As per market estimates, in the personal finance industry, around Rs 50,000 crores a month of home loans are disbursed out of which online is only 2%-3% but it’s been doubling each year, and is expected to reach Rs 10000 to Rs15000 crore a month by 2022. Personal finance is ripe for disruption, as more customers book online and choice, convenience and service become the key differentiators in the industry.