Blockchain startup ChitMonks raised $6,50,000 in pre-series A from early-stage VC Unicorn India Ventures.
ChitMonks works with chit fund companies and regulators and offers enterprise private platform for chit fund firms to make their services more streamlined, efficient, and inclusive for their customers.
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.”