ChitMonks, a Hyderabad based blockchain startup with a focus on the financial services industry, has now secured $650000 in a Pre-Series A funding round from the Unicorn India Ventures.
The funds secured by ChitMonks will be going to be used for product development, strategic hiring, market expansion, and further investment in scaling up the current business.
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 digitise current processes and make them more transparent and accessible.”
Pavan Adipuram, Co-founder and CEO, ChitMonks, said, “Based on our research in the fintech space, we believe that foundational technologies like Blockchain for fintech products were redefining the trust and transparency at a new dimension. We believe that such technologies can redefine chit funds industry.”