Money & Banking

ChitMonks unveils insurance product for chit fund subscribers

G Naga Sridhar Hyderabad | Updated on December 16, 2020

Blockchain start-up ChitMonks has launched ChitInsure, an insurance product designed to protect the subscribers of registered chit fund companies.

It offers two products – one helps the companies in providing additional security for new subscriptions – while the other is specially designed to protect the future liabilities of subscribers.

Over 15 companies on ChitFunds 2.0 Platform are already using the product since its beta launch in September, said Hyderabad-based ChitMonks in a release.

“Chit funds are one of oldest and still relevant financial instruments for the low- and middle-income bracket. We have built an AI-powered platform and are adding new products, said Pavan Adipuram, Co-founder and CEO, ChitMonks, in a release.

In July, ChitMonks raised $6,50,000 crore in pre-Series A round from Unicorn India Ventures.

Published on December 16, 2020

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