ChqBook is a 2016 Gurugram-based marketplace for people with small businesses. It was found by Rajat Kumar and Vipul Sharma and launched with Fintech Sector.
Chqbook is an Artificial Intelligence helper provided to people with small businesses to help customers’ select-credit cards, personal loans, and home loans.
Rajat Kumar and Vipul Sharma are former bankers with extreme knowledge in the sector of marketing.
Rajat Kumar worked with Standard Chartered and Indusland Bank for a duration of over 15 years while Vipul Sharma worked with Indusland, HDFC Bank, Citibank, and ICICI Prudential Life Insurance.
When thoughts meet reality, dreams turn into marvelous headlines.
The two former bankers met in Indusland Bank and on sharing their thoughts they decided to run a company that gained top spots in lists of marketplace applications.
In 2016, the former bankers successfully registered ChqBook as a marketplace and started their operations for the small market businessman.
Rajat was the COO and Vipul was the CEO of the Marketplace, as per the records of January 2017.
How does ChqBook work?
ChqBook works on the worldwide accepted Technology Artificial Intelligence.
The start-up was brought into demand when eligible, as well as potential customers, started running their business through ChqBook.
ChqBook is based on the user’s input after answering various questions. The questions define the eligibility of the business and the potential of the businessman.
“Our entire platform runs on AI system called Tara. Customers seeking loans are guided through contextual questions which define loan eligibility across 40 banks on a platform. Tara also recommends loans based on approval rates in the past for the certain demographic and income profile. Recommendation keeps getting refined as more data get added to Tara’s repository. Tara keeps a track of customer’s communication and informs the customer about the status of his case. It also tracks every check-book expert across hundred plus data points and real science cases to other experts in normal cases. The key goal is to provide fast and efficient service every time” said Vipul in an interview.
ChqBook, now, has over 2.5 lakh searches per month compared to just a few hundred at the beginning.
“Our annual revenue run rate will be over rupees 10 crores for FY19,” said Vipul.
The company has now over 12, 000 subscribers and is working on better features. ChqBook Khata is now available as a free digital bookkeeping services.
ChqBookKhata keeps a record of small deposits, withdrawals, loans in a book for future services or uses.
Funding For ChqBook
Initial fundraisers of ChqBook are Startup Buddy and few individual investors from Singapore and India.
The mere existence of the company was brought into light when their fundraisings were increased and the uses of the platform increased from 100 to 130% month-on-month.
Reports by Xpheno state how Artificial Technology is heading start-ups towards stepping stones of success.
Several fundings from Apurva Chamaria, Global head of Corporate Marketing at HCL, Sachin Arora, ex CTO at Myntra, Bharat Gupta, founder of Net Asset counseling LLP were the major leaders when it came to the funding for ChqBook.
Gurgaon-based ChqBook is currently operating in 4 cities and the funds are beinginvested in expanding the services to over 50 cities.
ChqBook is also planning on expanding the credit card services and personal loans to the worthy.
From 6 funds raised so far the current funding was raised to $450 Million in assets under management.
“Financial products are quite Complex and diverse and model aims to provide complete and honest advice and support to retail consumer us to take best season for their key financial needs. Currently we provide only home loan on a platform and we’ll be adding personal loans and credit cards shortly” said Vipul in 2017 when the funding was nearly increasing.
ChqBook raised $5 Million in a Series A funding from Aavishkar Capital in 2020.
Several famous personalities like Harsha Bhogle, commentator, have also took initiative in raising a fund for the Indian Marketplace startup.
Several other marquee investors like Amit Manocha, Bharat Shyam, Bhupesh Kumar, Nilesh Srivastava, Rohit Chanana, Ken Glas, and Sakshi Vig are a big hand in ChqBook’s fundraising.
“ChqBook mobile app brings together all the financial transactions a small business owner must handle, now available on demand and at their fingertips. Financial control Centre aggregates a simple to use current account traditional Khata transactions for lending and insurance. It brings all day transactions in one place, making them easy to access, so that small business owners can focus on what they do best running and doing this business” said Vipul Sharma
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