ChitMonks
ChitMonks is a Hyderabad-based blockchain SaaS platform (operated by Pangean Global Services Private Limited) that digitizes India's registered Chit Fund industry, serving Chit Fund companies, subscribers, state regulators, and ecosystem partners with subscription, payments, and insurance modules.
- Company typePrivate
- Founded2019
- HeadquartersHyderabad, India
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What ChitMonks does
ChitMonks, operated under Pangean Global Services Private Limited and headquartered at T-Hub in Hyderabad, sells a blockchain-based SaaS platform that digitizes India's regulated Chit Fund industry. The core offering, ChitFunds 2.0, is positioned on top of ChitMonks' proprietary ChitStack — a decentralized, distributed, consensus-driven architecture that the company uses to enforce trust across Chit Fund Companies, Subscribers, Regulators, Banks, Service Providers, and Ecosystem Enablers. Feature scope spans subscriber onboarding with offline eKYC, GST-integrated accounting, real-time and branch-level reporting, online auctions, push notifications, document management, and ROC compliance support, exposed via web dashboards and Android apps for both subscribers and CRM agents.
The company monetizes through tiered annual SaaS subscriptions (Growth, Pro, Enterprise), a one-time per-branch onboarding fee of INR 150,000, per-transaction payment processing fees across UPI, IMPS, NEFT, RTGS, cards, and net banking, and value-added services such as white-labelled apps and advanced integrations. Two adjacent products sit alongside the core platform: ChitPe, a standalone smart collection agent app that already reports over INR 15 Crores of collections, and ChitInsure, a sachet insurance product offered exclusively on top of ChitFunds 2.0 in partnership with Max Life Insurance. Distribution combines direct enterprise sales, regulator referrals (notably the Telangana ROC and the ITE&C Department under the T-Chits blockchain initiative), and partner-led demand generation through T-Hub, IAMAI, AIACF, Fintech Council, TiE, IIM Ahmedabad CIIE, and NASSCOM's 10,000 Startups. Revenue is undisclosed; the network has reportedly processed INR 1,979 Crores per annum across 34+ Chit Fund companies, 1,824+ offices, 20,150+ Chit Groups, and 8,84,225+ subscribers, but those figures describe money flow rather than company-recognized revenue.
ChitMonks firmographics
Firmographics- Name
- ChitMonks
- Legal name
- Pangean Global Services Private Limited
- Website
- https://chitmonks.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- ChitMonks is a Hyderabad-based blockchain SaaS platform (operated by Pangean Global Services Private Limited) that digitizes India's registered Chit Fund industry, serving Chit Fund companies, subscribers, state regulators, and ecosystem partners with subscription, payments, and insurance modules.
- Ownership category
- akta.pro rank
ChitMonks industry classification
Industry- Product category
- Chit Fund Management Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)
- akta.pro secondary industries
- Governance, Controls & Policy Automation (GRC for Web3) (FSAPAJAG), Regulatory Reporting, Tax & Audit Trails (reconciliation, provenance) (FSAPAJAI), AML/KYC, KYB & Identity Verification (VASP/Travel Rule) (FSAPAJAC)
Keywords
Where ChitMonks is headquartered
LocationHeadquarters
- HQ city
- Hyderabad
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
ChitMonks business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- SaaS Platform Subscription: ChitMonks charges Chit Fund companies subscription fees based on tiered plans (Growth, Pro, Enterprise) with per-branch onboarding fees of INR 150,000. Features include unlimited agents/subscribers, CRM, GST accounting, and various notification limits per tier.
- Transaction/Payment Processing Fees: Transaction fees charged per successful payment/collection made through the platform via UPI, IMPS/NEFT/RTGS, cards, or net banking. Flat fees apply for payment collections.
- Value-Added Services: Revenue from insurance products (ChitInsure), premium customization, white-labelled apps, advanced integrations, and business-specific reporting for enterprise clients
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Growth tier for small and fast growing Chit Fund companies needing an all-in-one solution |
| Subscription | Annual | Pro tier for Chit Fund companies who want to scale and build efficiency |
| Subscription | Annual | Enterprise tier built for companies who need Customisation and Control |
| One time/ perpetual license | Multi-year contract | One-time onboarding fee for all tiers |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels10 records
ChitMonks product offering
Product offeringCore offering
ChitMonks operates a blockchain-based SaaS platform (ChitFunds 2.0) for registered Chit Fund companies in India, providing end-to-end digitization of chit operations including subscriber onboarding with offline eKYC, online auctions, UPI/payment collections, GST-integrated accounting, real-time reporting, and regulatory compliance tooling. Complementary products include ChitPe (smart collection agent app) and ChitInsure (sachet insurance for chit subscriptions, partnered with Max Life Insurance), all built on the proprietary ChitStack blockchain network.
Product overview
ChitMonks offers a platform-plus-modules architecture centered on enabling digital Chit Funds in India. The core platform, ChitFunds 2.0, is a blockchain-based Chit Fund management system for Chit Fund companies, providing subscriber management, payment collections, accounting, reporting, and regulatory compliance tools. ChitPe is a standalone smart collection agent module for managing subscription collections, while ChitInsure is an insurance add-on (partnering with Max Life Insurance) that protects Chit subscriptions. All products target the Indian registered Chit Fund ecosystem, which is governed under the Chit Funds Act and regulated by State governments. ChitMonks positions itself as building India's largest blockchain network for savings and borrowings.
Differentiator
Problem solved
Functional benefit
Brands
- ChitFunds 2.0: A decentralized, distributed, consensus-driven blockchain platform for registered chit funds, enabling creation, management, and operations of next-generation chit fund groups.
- ChitPe
- ChitInsure
Products and services
- ChitFunds 2.0 A comprehensive blockchain-based platform for managing registered Chit Funds, targeting Chit Fund companies. Provides end-to-end management from chit group initiation to closure, including subscriber onboarding with free offline eKYC, GST-integrated accounting, real-time dashboards, branch/company/group-level reporting, intelligent tools for Foreman, subscriber underwriting, bank statement analysis, ROC regulatory support, and a free customer-facing mobile app for subscribers.
- ChitPe A smart collection agent application enabling Chit Fund companies and their agents to manage subscription collections digitally via UPI and other payment modes. Can operate independently without ChitFunds 2.0 platform integration. Designed to make collections smart, efficient, and reliable through technology.
- ChitInsure An insurance product specifically designed for Chit subscriptions, offered in partnership with Max Life Insurance. It protects subscribers and Chit groups against risks such as life emergencies that could derail a chit subscription. Available exclusively to Chit Companies and Subscribers of the ChitFunds 2.0 platform.
Quantifiable outcome
- 8,84,225+ subscribers served through the network
- +5 more outcomes
Companies that use ChitMonks
Customer profileNamed customers14 records
Segments6 records
Ideal customer profiles2 records
ChitMonks technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
ChitMonks partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered minor, core, moderate and flagship.
- Internet and Mobile Association of India (IAMAI)minorIndustry association membership for internet and mobile companies in India, providing networking and industry visibility opportunities.
- Fintech Council (FCC)minorMembership in FCC (Fintech Council) for fintech industry networking and collaboration opportunities.
- Max Life InsurancecoreInsurance partner for ChitInsure product offering sachet insurance products for Chit subscribers. ChitInsure works with Max Life Insurance to provide insurance coverage for Chit subscriptions.
- All India Association of Chit Funds (AIACF)moderateIndustry association representing Chit Fund companies, providing marketing and networking opportunities within the Chit Fund ecosystem.
- T-HubmoderateIndia's largest startup incubator based in Hyderabad. ChitMonks is hosted at T-Hub and benefits from startup ecosystem referrals and mentorship.
- IIM Ahmedabad (CIIE)minorCentre for Innovation, Incubation and Entrepreneurship at IIM Ahmedabad providing startup support and ecosystem connections.
- 10,000 StartupsminorNASSCOM startup program providing ecosystem support and networking for early-stage companies.
- TiE HyderabadminorEntrepreneurship organization providing networking, mentorship, and startup ecosystem connections in Hyderabad.
- Telangana Government - ITE&C DepartmentflagshipGovernment partner for T-Chits blockchain platform implementation. The Telangana government has deployed ChitMonks technology for state-level Chit Fund regulation and digitization. Endorsed by Sri Jayesh Ranjan IAS and Smt L Ramadevi as a right product-market fit.
- Telangana ROC (Registrar of Chits)flagshipState regulatory body administering Chit Funds in Telangana. ChitMonks has integrated with T-Chits portal (t-chits.telangana.gov.in) for blockchain-based Chit Fund registration and monitoring.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
ChitMonks competitors and assessment
Company assessmentBroad incumbents
- Razorpay: India's largest payment gateway and fintech platform with SaaS products for businesses. Comparable as a B2B fintech infrastructure provider in India, with payment collection features overlapping ChitMonks' UPI/card/net banking integrations.
- BharatPe: Leading Indian fintech serving SMB merchants with payments, lending, and investment products. Comparable as an India-focused SMB fintech platform with both merchant-facing SaaS and consumer-facing financial services, though at much larger scale.
- Lendingkart: Indian fintech lending platform for small businesses and MSMEs. Comparable to ChitMonks in addressing working capital and financial services access for Indian SMBs, with similar fintech infrastructure approach.
Direct peers
- OkCredit: Indian B2B SaaS platform providing digital ledger and credit management for SMBs. Comparable to ChitMonks as a B2B SaaS solution targeting Indian small/micro businesses for financial record-keeping and collections, with similar end-user mobile apps.
- Khatabook: Indian digital ledger and payment collection platform for SMBs and merchants. Highly comparable to ChitMonks as a mobile-first B2B SaaS platform digitizing manual financial processes for Indian small businesses, with similar product-led growth motion.
- CredFlow: Indian B2B financial management platform for SMBs covering receivables, payments, and working capital. Comparable to ChitMonks in targeting Indian SMBs with financial workflow automation and collections infrastructure.
Emerging players
- Setu: Indian fintech API platform enabling businesses to embed financial services (payments, KYC, accounts). Comparable to ChitMonks as a B2B infrastructure layer for Indian financial services with embedded KYC and regulatory compliance capabilities.
- CashFlo: Indian treasury management and collections platform for SMBs and enterprises. Comparable to ChitMonks in addressing collections and payment workflow challenges for Indian businesses, with similar SaaS subscription model.
- Saral Credit: Indian digital lending platform serving underserved borrowers and small businesses. Comparable to ChitMonks in addressing financial inclusion for underserved Indian segments through digital infrastructure.
- mPokket: Indian digital lending platform serving young professionals and small borrowers. Comparable to ChitMonks in its focus on bringing underserved Indian consumers into formal financial services through digital platforms.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
ChitMonks social profiles
Digital presenceChitMonks financial estimates
Financial estimateRevenue estimate
Valuation estimate
ChitMonks leadership team
Management profileNumber of profiles
Profiles3 records
ChitMonks funding detail
Funding detailFunding overview
Funding rounds5 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ChitMonks M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ChitMonks
What does ChitMonks do?
ChitMonks operates a blockchain-based SaaS platform (ChitFunds 2.0) for registered Chit Fund companies in India, providing end-to-end digitization of chit operations including subscriber onboarding with offline eKYC, online auctions, UPI/payment collections, GST-integrated accounting, real-time reporting, and regulatory compliance tooling. Complementary products include ChitPe (smart collection agent app) and ChitInsure (sachet insurance for chit subscriptions, partnered with Max Life Insurance), all built on the proprietary ChitStack blockchain network.
Is ChitMonks a public or private company?
ChitMonks is a private company. It is classified as venture growth investor backed and is currently operating.
When was ChitMonks founded?
ChitMonks was founded in 2019. It employs 11 to 50 people.
Where is ChitMonks based?
ChitMonks is headquartered in Hyderabad, India, in the Asia region.
How does ChitMonks make money?
Three revenue lines are on record. SaaS Platform Subscription is the primary driver. The others are transaction/Payment Processing Fees and value-Added Services.
Who are ChitMonks's main competitors?
Broad incumbents on record are Razorpay, BharatPe and Lendingkart. Direct peers are OkCredit, Khatabook and CredFlow. Emerging players are Setu, CashFlo, Saral Credit and mPokket.
Does ChitMonks have an API?
No public API is recorded for ChitMonks.
What industry is ChitMonks in?
ChitMonks's product category is Chit Fund Management Software. Its primary akta.pro industry code is FSAPAIAH, Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting), with a secondary code of FSAPAJAG, Governance, Controls & Policy Automation (GRC for Web3). Its NAICS code is 522320 and its SIC code is 6199.