Hyderabad-based fintech, blockchain startup ChitMonks has raised $6,50,000 in a pre-series A round from Mumbai-based early-stage venture capital fund house Unicorn India Ventures. This is the second investment by Unicorn India Ventures from its Rs 400 crore Fund II after SaScan.

Pavan Adipuram, Co-founder and CEO, ChitMonks, said, “Our team comes from a strong finance and tech background hence fintech as a space was a natural choice. Based on our research in the fintech space, we believed that foundational technologies like blockchain for fintech products were redefining the trust and transparency at a new dimension. We believed that such technologies can redefine chit funds and they can re-emerge as a bonafide sector where retail investors can invest and borrow money in a trustless manner.”

Funds raised will be used for product development, market expansion, strategic hiring, and further investment in scaling up ChitMonks’ current business. Founded in 2016, ChitMonks, a product from Pangean Global Services, has a singular vision to make investments in chit funds more accessible, credible, and rewarding. Building India’s largest blockchain network for savings and borrowings, ChitMonks synergizes chit fund companies, regulators, subscribers, banks, service providers, ecosystem enablers to drive the largest trusted network of savers and borrowers platform.

Source Credit: CNBC TV 18