Chqbook, a fintech startup which allows its customers to explore, compare, book and get personal finance products like home loans, personal loans and credit cards, has raised undisclosed funds from Youwecan backed Startup Buddy, Apurva Chamaria, global head of corporate marketing, HCL, Sachin Arora, ex-CTO Myntra, Bharat Gupta, Founder of Net Asset Consulting LLP, Amit Manocha, Private equity professional based out of Singapore, and others. Kunal Singhal, Partner at Suresh Chandra and Associates, was the advisor for the transaction. Amit Singhal joins the board at Chqbook while Apurva Chamaria and Sachin Arora join as advisors to the board.
The Gurgaon-based startup currently operates in four major cities and has over 400 plus experts on their platform. Further, the raised capital will be deployed to expand to over 50 cities and further into credit cards and personal loan services. “Financial products are complex and diverse and our model aims to provide complete and honest advise and support to retail consumers to take the best decisions for their financial needs. Currently, we provide only home loans on our platform and will be adding personal loans and credit cards shortly” said Vipul Sharma, co-founder & CEO, Chqbook.
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. In India, there are over 20 Lakh Financial Service providers like Insurance Agents, Direct Selling Agents and Bank executives who help process loans and cards. Chqbook leverages that ecosystem and brings on the top 1% to service customers looking for financial services. Rajat Kumar, COO and co-founder, had this to say of the Expert community, “What we found are hardworking, smart and ambitious professionals with years of experience each and a razor-sharp focus on building relationships and being there with the customer for the long term. This ensures they put their best foot forward always.”
As per market estimates, in the personal finance industry, around Rs 50,000 crores a month of home loans are disbursed out of which online is only 2%-3% but it’s been doubling each year and is expected to reach Rs 10000 to Rs15000 crore a month by 2022. Personal finance is ripe for disruption, as more customers book online and choice, convenience and service become the key differentiators in the industry. Both of Chqbook’s founders, Vipul Sharma and Rajat Kumar are bankers by profession, and over the years have stressed on customer service as the only way to build relationships. Chqbook believes a magical experience is a key to grow and scale – till the point it becomes the way of life and an expectation from every customer.