ChitMonks, a Hyderabad-based fintech startup, has raised $650,000 in a pre-series A round from Unicorn India Ventures.

This capital will be used for product development, market expansion, strategic hiring, and further investment in scaling up ChitMonks’ current business.

ChitMonks has developed a blockchain-based product that empowers state government regulators to administer chit fund operations across the state on a private permissioned blockchain network.

The startup 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.

Going forward, the company plans to extend its services to chit fund companies of various sizes across India, by digitally enabling them with process efficiency, better underwriting and making their offerings more inclusive.