Gurugram-headquartered Chqbook, a fintech startup has raised an undisclosed investment from YouWeCan-backed Startup Buddy and a consortium of investors.
The funding round also saw participation from angel investors Apurva Chamaria, global head of corporate marketing at HCL; Sachin Arora, ex-CTO at Myntra; and Bharat Gupta, founder of Net Asset Consulting LLP, among others.
Kunal Singhal from Suresh Chandra and Associates was the advisor for the transaction, reports ET.
The proceeds will be deployed to expand to over 50 cities, and expand further into credit cards and personal loan services.
Backed by cricketer Yuvraj Singh’s YouWeCan Ventures, Startup Buddy provides support functions such as incorporation, accounting and taxation, secretarial compliance, legal assistance and project advisory to startups.
Following the investment, Startup Buddy co-founder and CEO Amit Singhal has joined the board at Chqbook while Chamaria and Arora joined as advisers to the board.
Incorporated in 2017, Chqbook is a marketplace for financial products – that brings suppliers (Banks & NBFC’s), distributors (Chqbook experts) and customers onto a single platform, both online and offline.
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The fintech firm currently operates in four major cities and has over 400 plus experts on its platform. The startup allows customers to explore, compare, book and get personal finance products such as home loans, personal loans, and credit cards.
“Financial products are quite complex and diverse and our model aims to provide complete and honest advice and support to retail consumers to take best decisions for their key financial needs. Currently, we provide only home loan on our platform and will be adding personal loans and credit cards shortly,” said Vipul Sharma, co-founder of Chqbook.
According to a joint report by ‘NASSCOM 10000 Startups’ and KPMG, the Indian fintech market is expected to double from $1.2 billion now to $2.4 billion in the next 4 years, thus creating a potential of turning into billion-dollar unicorns.