Chqbook, a Gurugram based Fintech startup has launched a package of services including loan plans, business loans, product insurance, etc. They mainly focused on small scales business owners such as merchants, Kiranas, and chemists to assure their necessities.
Chqbook Kheta is an online bookkeeping feature which helps the small business owners to manage the supplies and delivery of products as well as to record the transaction data. This opens the door to enter the growing number of startups like Tiger Global-backed OkCredit and Sequoia-backed Khatabook.
Through mobile apps, customers can access to Chqbook, it targets about 60 million small business owners with smartphones. The app is powered by Artificial Intelligence (AI) and data analytics to determine the eligibility of a potential customer and assure their financial requirements and provide them with minimum formalities.The motive is to bridge the gap for small businesses by understanding their financial needs and offers them financial support.
Currently, many small-scale business owners depend on manual ledgers to record the transactions and other data relating to it. Chqbook can help the owners through its five sources ie, lending, credit cards, insurance, Accounts, and rewards.
Chqbook aims to broaden its operations to over 50 cities and expects a rise of 1 million customer base during the financial year. The previous startup had already created a customer base of about 3,00,000 and the services provided were getting good feedback as well.
Cricket commentator Harsha Bhogle has invested an undisclosed amount in the startup that allows the customers to buy and explore financial products. Aavishkaar Capital, Bharat Shyam, Ken Glass, and other individual investors also contribute to the new initiative.
Vipul Sharma, founder, and chief executive of Chqbook stated that the mobile app brings together all the financial transactions a small business owner must handle, now available on-demand, and at our fingerprints. Their ‘financial control center’ aggregates a simple to use the current account, traditional that transactions, lending, and insurance. He is also of the opinion that it brings all daily transactions in one place making us easy to access, so that small business owners can focus on what they do the best for running and growing the business.