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Business News/ Companies / Company Results/  Neobank Chqbook records 100% revenue growth in FY23, aims to empower small businesses
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Neobank Chqbook records 100% revenue growth in FY23, aims to empower small businesses

Chqbook, a fintech provider to small businesses has revealed its significant accomplishments for FY 2023, which show top-line growth across all of its lines of business (LOBs).

Chqbook has been providing digital access to financial services, such as current accounts, business loans, and insurance, to small company owners through its mobile application with an aim to expand financial inclusion in India.Premium
Chqbook has been providing digital access to financial services, such as current accounts, business loans, and insurance, to small company owners through its mobile application with an aim to expand financial inclusion in India.

Chqbook, a fintech provider to small businesses has revealed its significant accomplishments for FY 2023, which show top-line growth across all of its lines of business (LOBs). Chqbook has been providing digital access to financial services, such as current accounts, business loans, and insurance, to small company owners through its mobile application with an aim to expand financial inclusion in India. With a range of financial services, Chqbook empowers small business owners in India and achieves significant milestones in FY 2023.

From INR 13 crores (FY22) to INR 26 crores (FY23), the company's revenue grew by 100% YoY. Chqbook's loan and insurance divisions have both experienced rapid growth. The lending industry contributed the most, improving by 100% YoY from INR 138 crores in FY22 to INR 275 crores in FY23, while the insurance sector rose by 105% YoY. 

In India, there are over 9 crore small enterprises, the majority of which are sole proprietorships with a yearly turnover under 40 lakhs. These include Kirana stores, pharmacies, traders in markets, restaurants, and others. MSMEs make up about 30% of India's GDP, yet they don't have access to financial services like formal loans, business banking, or insurance. 

Since its inception in October 2022, Chqbook's first-of-its-kind digital current account, which has no balance and no maintenance fees, has gained significant appeal. Due to tremendous demand, the company has launched more than 70,000 current accounts and is presently opening 400 accounts every day. Based on its initial success, Chqbook expects to add over 500,000 store owners and merchants to its current accounts over the course of the next financial year.

Chqbook provides business, health, life, and auto insurance solutions. In March 2023, the company launched a novel shop insurance programme to shield business owners from climate threats. Its goal is to insure 500,000 company owners within the next 12 months. Chqbook intends to provide tailored solutions to address health and cybersecurity threats shortly.

Chqbook's array of financial services is powered by a cutting-edge tech platform that it built entirely from scratch. As a result of the platform's cutting-edge user interface and utilisation of agile technology, Chqbook is able to provide its clients with the most recent financial solutions. The company's personalised development of the full tech platform demonstrates its dedication to long-term provision of cutting-edge financial technology solutions. 

Vipul Sharma, Founder & CEO, Chqbook, expressed his delight in the key milestones achieved in FY23, which align with the company's mission and vision to bridge the gap for small business owners by understanding their financial goals and offering them products tailored to their requirements. Sharma further added, "Since the launch of the Chqbook app in October 2020, we have been working to meet the needs of small business owners with its suite of services. Empowering the underserved segment to be financially independent is the ultimate goal of the company."

Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava, and Sakshi Vij are a few of the notable investors that contributed to Chqbook's total fundraising of US$15 million. Early discussions between the firm and potential investors for its Series B capital raise are currently underway.

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Updated: 25 Apr 2023, 06:10 PM IST
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