Chqbook, the startup which started its journey in the year 2017, initially raised funds from Startup Buddy and industry stalwarts including Harsha Bhogle, Amit Manocha, Bhupesh Kumar, Bharat Shyam Ken Glass, Rohit Chanana, Nilesh Shrivastava and Sakshi Vi. The startup has a promising future as it was able to raise approximately $5 million at the beginning of the current year.
The startup has created a new mobile application that will help small scale businesses. Many small scale businesses are so small that they do not have a current account which restricts their access to financial support from the government or financing entities. Also, these small scale businesses are still dependent on manual ledgers for daily entries. This new application will provide a digital ledger to those small scale businesses.
The app’s objective is to serve the underserved segment of the society like merchants, kiranas, chemists, etc. and those who suffer financially. India has 60 million small scale businesses, and the people who own these businesses are mostly overlooked. This app will help them with their financial requirements. The spokesperson of the startup told that the startup will use alternate data, a powerful Artificial Intelligence-driven recommendation engine called TARA AI to give small businesses control over their finances.
The company will charge zero processing fees upon services like credit, loans, current accounts among other services like bookkeeping and group insurance. The transition among these services will be powered by a reward system that will encourage businesses to use the app to make transitions and avail the services of this app.
The Chqbook has launched a zero balanced current account for these small scale businesses through their mobile application. And “Chqbook khata” is one of the several services which will help in account keeping. The app enables small-scale businesses to create and send orders to their supplier which will make their work a lot easier. The app will help in reminding and tracking orders which will surely help these businesses. It also helps in collecting payment from the customers as well as sending payments to their suppliers. The application will help in meeting the financial requirements of small scale businesses with minimal documentation.
The business owners will earn rewards called “Chqbook coins” on their daily transitions, and the best part is “Chqbook coins” can be redeemed for offers and discounts across entertainment, lifestyle and food. Also, the startup provides current account services with zero balance in which they do not have to maintain a minimum balance of they will be charged for having a balance lower than what is mandatory.