Hyderabad-based Pangean Global Services Pvt Ltd Services, which owns and operates fintech platform ChitMonks, has raised $650,000 in its first institutional funding round from venture capital firm Unicorn India Ventures.
“Chit fund, as an asset class, is very close to millions of people across the country. At a time (especially after Covid-19), where digitisation is essential, we are building an inclusive ecosystem for chit fund companies to think beyond digitisation,” Pavan Adipuram, co-founder and CEO of ChitMonks, told TechCircle.
Pavan Adipuram set up ChitMonks in 2016 with Malla Reddy and Sridhar Reddy. The startup brings together chit fund companies, regulators, subscribers, banks, ecosystem enablers and service providers.
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Exclusive: Unicorn India Ventures strikes second deal from Fund II, backs fintech ChitMonks
Hyderabad-based Pangean Global Services, which owns and operates fintech platform ChitMonks, has raised $650,000 in its first institutional funding round from venture capital firm Unicorn India Ventures. The company plans to use the capital raised in this round, which it dubs a pre-Series A round, to foray into new Indian markets and for product development, and sales and marketing.
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