Yesterday, Hyderabad-based blockchain firm ChitMonks received a $650,000 investment from Unicorn India Ventures, The Hindu Business Line reported. ChitMonks has developed a distributed ledger technology (DLT) platform for managing chit fund operations.
Chit fund is an age-old funding system practiced in India before banks were accessible in villages. It is essentially a savings and credit association organized by financial institutions or informally by friends, relatives, and community members. So it’s a precursor of community microfinance and p2p lending.
“Chit fund, as an asset class, is very close to millions of people pan-India,” said Pavan Adipuram, co-founder and CEO, ChitMonks. “Our passion is to create, empower, and enable the next-generation chit fund companies that are looking to grow in the chit fund business.”
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