Chqbook

Chqbook Foundation Story

Vision and Early Days

Chqbook was founded in 2017 by Vipul Sharma, Rajat Kumar, and Mohit Goel with a vision to transform financial services for India's small business owners. The founders recognized a significant gap in the market - millions of micro-enterprises were being ignored by the formal banking system due to a lack of proper documentation, collaterals, and reliable cash flows.

The name "Chqbook" was chosen deliberately, combining "Chq" (cheque) with "book," symbolizing the company's mission to bridge the gap between traditional banking and the digital age for small businesses. From its inception, Chqbook aimed to be more than just a fintech company; it aspired to be a comprehensive financial control center for India's vast network of small business owners.

Founding Team Background

The founding team of Chqbook brought diverse expertise to the table:

• Vipul Sharma: With a background in finance and technology, Vipul serves as the CEO and brings strategic vision to the company.
• Rajat Kumar: Co-founder with expertise in product development and technology infrastructure.
• Mohit Goel: Brings over two decades of experience in sales and marketing across industries including insurance, mutual funds, and telecom.

This combination of skills in finance, technology, and marketing was crucial in building Chqbook into a leading neobanking platform for small businesses.

Chqbook Business Evolution

From Fintech Startup to Neobanking Powerhouse

Chqbook has undergone significant transformation since its inception. What started as a fintech startup has evolved into a comprehensive neobanking platform for small business owners. According to Business Standard, Chqbook launched India's first 'Financial Control Center' on mobile in 2020, marking a significant milestone in its evolution.

The company's growth has been driven by its focus on addressing the unique needs of small business owners, particularly in sectors like retail, kirana stores, and local services. Chqbook's platform has expanded to offer a range of services including:

• Digital current accounts
• Business loans
• Insurance products
• Digital bookkeeping (Chqbook Khata)
• Rewards program

Key Growth Milestones

• 2017: Founded in Gurugram
• 2020: Launched mobile-based 'Financial Control Center'
• 2021: Raised INR 40 Cr in funding from Aavishkaar Capital and Rajiv Dadlani Group
• 2022: Recognized as the Most Innovative Neo Bank at India Fintech Awards
• 2023: Achieved significant growth across all business lines, with revenue growth of 100% YoY

Chqbook Technology Infrastructure

Digital Neobanking Platform

Chqbook's technology infrastructure is built to handle complex financial transactions efficiently and securely. The company utilizes advanced algorithms and data analytics to provide personalized financial solutions to small business owners.

At the core of Chqbook's platform is its proprietary AI engine, TARA, which enables swift and accurate decision-making for various financial services. As mentioned in the Business Standard article, Chqbook's intelligent two-step checkout process and intuitive TARA AI engine bring together the best of technology and research to give small businesses control over their finances.

Innovation in Financial Technology

Chqbook continues to innovate in the neobanking space. Some of its key technological innovations include:

• AI-powered credit assessment for faster loan approvals
• Digital KYC process for seamless account opening
• Integration with UPI for easy payments and collections
• Cloud-based infrastructure for scalability and reliability

These technological advancements have helped Chqbook streamline financial processes and improve the overall experience for small business owners.

Chqbook Market Impact

Empowering Small Businesses

Chqbook has played a significant role in empowering small businesses across India. By providing a comprehensive suite of financial services tailored to the needs of small business owners, Chqbook has helped bridge the gap between traditional banking and the unique requirements of this underserved segment.

According to PR Newswire, Chqbook has seen tremendous growth amid the COVID-19 pandemic, driven by phenomenal acceptance by small business owners across India. The company processes one application every 10 seconds, demonstrating the high demand for its services.

User Base Growth

Chqbook has experienced substantial growth in its user base over the years. Key figures include:

• Over 600,000 customers served across 500 Indian cities
• Processing over 150,000 applications per month across its five pillars
• Plans to reach 1 million customers by the end of the financial year

This growth in user base reflects the strong market demand for Chqbook's services and its success in addressing the needs of small business owners.

Chqbook Financial Journey

Revenue Growth and Profitability

Chqbook has shown strong revenue growth in recent years. According to the company's statements:

• YoY revenue witnessed 10X growth in FY 2019-20 compared to FY 2018-19
• The company is unit economics-positive
• In FY 2023, Chqbook achieved 100% YoY revenue growth

This impressive growth demonstrates the effectiveness of Chqbook's business model and its ability to monetize its services while providing value to small business owners.

Funding Rounds

Chqbook has raised significant funding to fuel its growth. Key investment milestones include:

• 2020: Raised $5 million in Series A funding from Aavishkaar Capital
• 2021: Secured INR 40 Cr from Aavishkaar Capital and Rajiv Dadlani Group
• Total funding raised to date: Approximately $12 million

These investments have provided Chqbook with the capital needed to expand its operations, develop new products, and strengthen its market position.

Chqbook Strategic Partnerships

Banking Collaborations

Chqbook has forged strategic partnerships with established financial institutions to enhance its service offerings. A key partnership is with ICICI Bank, which powers Chqbook's digital current account. This collaboration allows Chqbook to offer its customers a lifetime zero-balance account with the security and reliability of a major private sector bank.

Insurance Partnerships

In 2024, Chqbook announced a significant partnership with ICICI Lombard to offer insurance coverage to small businesses. This collaboration enables Chqbook to provide tailored insurance products that address the specific risks faced by small business owners, further expanding its suite of financial services.

Chqbook Future Roadmap

Expansion Plans

Chqbook has ambitious plans for future expansion. According to statements from the company's leadership, key focus areas include:

• Scaling to over 50 cities across India
• Targeting 2 million customers over the next 2 years
• Expanding product offerings in current accounts, lending, and insurance
• Enhancing technology infrastructure to improve operational efficiency

Innovation Pipeline

Chqbook continues to focus on innovation to maintain its competitive edge. The company's innovation pipeline includes:

• Further development of AI and machine learning models for personalized financial advice
• Expansion of the Chqbook Khata digital bookkeeping service
• Introduction of new financial products tailored for different small business segments
• Enhancement of the mobile app to provide a more seamless user experience

In conclusion, Chqbook's journey from a fintech startup to a comprehensive neobanking platform for small businesses is a testament to its innovative approach, strong technology infrastructure, and strategic vision. As the company continues to expand its product offerings and reach, it is well-positioned to play a significant role in transforming the landscape of financial services for small business owners in India.