[Funding] Unicorn India Ventures invests $6,50,000 in Blockchain startup ChitMonks

ChitMonks, a chit-fund regulator company, has received fund from Unicorn India Ventures. The company will use this $6,50,000 for product development, market expansion, strategic hiring and further investment in scaling up the current business. It also received ₹400 crores from SaScan. This is its first institutional funding.

About ChitMonks

ChitMonks is a product from Pangean Global Services Pvt Ltd. In 2016, the founders made it with the sole vision of making investments in Chit Funds more Accessible, Credible and Rewarding. The company is working to build a Financially Inclusive Bharat with chit funds at its core. It has a blockchain network for savings and borrowings.

It synergizes chit fund companies, regulators, subscribers, banks, service providers, EcoSystem enablers to drive the largest trusted network of Savers and Borrowers platform. Further, it offers a private platform for chit fund companies. This helps them to make their services more streamlined, efficient and inclusive for their customers.

ChitMonks has developed a Blockchain-based product. This empowers the state government regulators to administer chit fund operations across the state on a private Blockchain network.

About the deal

Unicorn India Ventures has announced the second investment from Rs 400 crore Fund II in ChitMonks. The Company also raised $6,50,000 in a pre-series A round from UIV. It will use this fund for product development, accelerating expansion to other states, Sales and Marketing

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “Even before the current Covid 19 scenario, we saw the potential in ChitMonks to revolutionize the current antiquated system of the chit fund industry by bringing the whole ecosystem online. It is in-line with our philosophy of investing in businesses which can digitize current processes and make them more transparent and accessible.”

Pavan Adipuram, Co-founder, CEO ChitMonks, says, “Our team comes from a strong finance and tech background. Hence fintech as space was a natural choice. We believed that such technologies can redefine chit funds. They can also re-emerge as a bonafide sector where retail investors can invest and borrow money in a trustless manner.”

He further added: "Getting backing from Unicorn India Ventures lends credibility to our vision. It proves that we are not the only one who thinks some old economy sectors need a new age shake-up and a pinch of technology to usher them in the digital transformation world and beyond.