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Chqbook: We are attempting to bridge the monetary hole for small companies: Vipul Sharma, Chqbook

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Earlier this yr Chqbook raised $5 million in Series-A funding from Aavishkaar Capital. The preliminary funding for the 2017 launched startup was from Startup Buddy and a number of other angel buyers together with cricket commentator Harsha Bhogle. In an e-mail interview Vipul Sharma, founder & CEO, Chqbook discusses the issues that the enterprise is making an attempt to unravel for small companies, plans for the subsequent few years and extra. Edited excerpts:

What is the issue you are attempting to unravel? And how massive is this chance?

Small companies are the spine of a thriving financial system and play a key position within the progress and improvement of any nation. With over 60 million small enterprise house owners within the nation — together with kiranas, retailers, chemists and others working proprietorship companies — there’s a big potential so as to add worth to this underserved phase by way of monetary options that leverage expertise.

Our intent is to offer this group with a spread of merchandise. Chqbook’s cell app will assist them handle their monetary necessities. We use alternate knowledge, a robust AI pushed advice engine known as TARA AI to present small companies management over their funds.

What form of services and products do you provide? How a lot does it price (rates of interest you cost; price of different providers and so forth?

The full suite of merchandise consists of credit score, loans, and present account, along with group insurance coverage and bookkeeping (khata) service. Transactions throughout these providers are powered by a rewards system and comes with zero processing payment.

Through the cell app, Chqbook has launched a zero-balance present account for small enterprise house owners. Chqbook clients additionally get a free digital bookkeeping service – Chqbook Khata, which permits small companies to report debits and credit from clients and suppliers alike. The small enterprise house owners can create and ship orders to their suppliers by way of the app. It additionally has a reminding and monitoring options that allows enterprise house owners to gather funds by sending a cost hyperlink to their clients.

The cell app is powered by synthetic intelligence and knowledge analytics to evaluate the eligibility of a possible buyer and to make sure their monetary necessities are fulfilled with minimal documentation.

There are already so many fintech startups focusing on small enterprise house owners with numerous services and products. What’s distinctive about your providing?

We are attempting to bridge the hole for small enterprise house owners by understanding their monetary objectives and providing them merchandise tailor-made to their necessities.

Our key differentiators are:

  • Zero-balance present account the place it’s not obligatory for the shoppers to take care of a sure minimal steadiness.
  • A rewards program designed for small enterprise house owners, permitting them to earn rewards known as ‘Chqbook Coins’ on every day transactions on the cell app. These cash could be redeemed for gives and reductions throughout way of life, leisure and meals.
  • Zero-processing payment throughout all our product choices be it loans, bank cards or insurance coverage.

How a lot capital have you ever raised to date?

Earlier this yr, we raised $5 million in Series-A funding from Aavishkaar Capital. Back in 2017, we raised our preliminary funding from Startup Buddy and business stalwarts together with Harsha Bhogle, Amit Manocha, Bharat Shyam, Bhupesh Kumar, Ken Glass, Nilesh Shrivastava, Rohit Chanana, and Sakshi Vij.

The capital injection has been primarily used to develop our product portfolio, enhance our proprietary AI-powered expertise platform, and scale up our distribution community throughout a number of cities.

What are your growth plans? Where do you see Chqbook within the subsequent Three to five years?

We plan to scale to over 50 cities and count on to extend our buyer base by 1 million throughout this monetary yr. Over the subsequent 3–5 years, we wish to be the monetary management heart for 10 million small enterprise house owners and supply them service throughout our pillars of accounts, khata, lending, insurance coverage, and rewards.


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