Start-ups try to draw youth to chit funds

ChitMonks raised Rs 1 crore from angel investors at the TiE ISB Connect event

The chit fund industry is seeing the emergence of start-ups, mostly as aggregators for brick-and-mortar players, on the expectation that technology and ease of operations will attract a younger generation of customers.
 
Kyepot, Chit Monks and Credright have investments by chit funds.
 
“These start-ups are helping chit funds widen their reach and are offering customers more options than are available in their neighbourhoods,” said TS Sivaramakrishnan, director of Balussery Benefit Chit Fund and general secretary of the All India Association of Chit Funds.
 
“Youngsters are interested in investing in chit funds, but lack adequate information,” said Sidd