CINXE.COM

<!doctype html><html lang="en"><head><title data-rh="true">Problems faced by the Chitfund industry and how Chitmonks is solving it | by Varun Bhatt | Unicornindia | Medium</title><meta data-rh="true" charset="utf-8"/><meta data-rh="true" name="viewport" content="width=device-width,minimum-scale=1,initial-scale=1,maximum-scale=1"/><meta data-rh="true" name="theme-color" content="#000000"/><meta data-rh="true" name="twitter:app:name:iphone" content="Medium"/><meta data-rh="true" name="twitter:app:id:iphone" content="828256236"/><meta data-rh="true" property="al:ios:app_name" content="Medium"/><meta data-rh="true" property="al:ios:app_store_id" content="828256236"/><meta data-rh="true" property="al:android:package" content="com.medium.reader"/><meta data-rh="true" property="fb:app_id" content="542599432471018"/><meta data-rh="true" property="og:site_name" content="Medium"/><meta data-rh="true" property="og:type" content="article"/><meta data-rh="true" property="article:published_time" content="2020-07-13T05:03:12.922Z"/><meta data-rh="true" name="title" content="Problems faced by the Chitfund industry and how Chitmonks is solving it | by Varun Bhatt | Unicornindia | Medium"/><meta data-rh="true" property="og:title" content="Problems faced in the Chitfund Industry and how Chitmonks will solve it"/><meta data-rh="true" property="al:android:url" content="medium://p/8d158303e8a1"/><meta data-rh="true" property="al:ios:url" content="medium://p/8d158303e8a1"/><meta data-rh="true" property="al:android:app_name" content="Medium"/><meta data-rh="true" name="description" content="Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving/ investment scheme used by millions. Although they have been around for…"/><meta data-rh="true" property="og:description" content="Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving/ investment…"/><meta data-rh="true" property="og:url" content="https://medium.com/unicornindia/problems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1"/><meta data-rh="true" property="al:web:url" content="https://medium.com/unicornindia/problems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1"/><meta data-rh="true" property="og:image" content="https://miro.medium.com/v2/resize:fit:332/1*EXAZwD8ZyFIxInzGYARl0Q.png"/><meta data-rh="true" property="article:author" content="https://medium.com/@varun_56338"/><meta data-rh="true" name="author" content="Varun Bhatt"/><meta data-rh="true" name="robots" content="index,noarchive,follow,max-image-preview:large"/><meta data-rh="true" name="referrer" content="unsafe-url"/><meta data-rh="true" property="twitter:title" content="Problems faced in the Chitfund Industry and how Chitmonks will solve it"/><meta data-rh="true" name="twitter:site" content="@unicornindia"/><meta data-rh="true" name="twitter:app:url:iphone" content="medium://p/8d158303e8a1"/><meta data-rh="true" property="twitter:description" content="Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving/ investment…"/><meta data-rh="true" name="twitter:image:src" content="https://miro.medium.com/v2/resize:fit:332/1*EXAZwD8ZyFIxInzGYARl0Q.png"/><meta data-rh="true" name="twitter:card" content="summary_large_image"/><meta data-rh="true" name="twitter:label1" content="Reading time"/><meta data-rh="true" name="twitter:data1" content="5 min read"/><link data-rh="true" rel="icon" href="https://miro.medium.com/v2/5d8de952517e8160e40ef9841c781cdc14a5db313057fa3c3de41c6f5b494b19"/><link data-rh="true" rel="search" type="application/opensearchdescription+xml" title="Medium" href="/osd.xml"/><link data-rh="true" rel="apple-touch-icon" sizes="152x152" href="https://miro.medium.com/v2/resize:fill:304:304/10fd5c419ac61637245384e7099e131627900034828f4f386bdaa47a74eae156"/><link data-rh="true" rel="apple-touch-icon" sizes="120x120" href="https://miro.medium.com/v2/resize:fill:240:240/10fd5c419ac61637245384e7099e131627900034828f4f386bdaa47a74eae156"/><link data-rh="true" rel="apple-touch-icon" sizes="76x76" href="https://miro.medium.com/v2/resize:fill:152:152/10fd5c419ac61637245384e7099e131627900034828f4f386bdaa47a74eae156"/><link data-rh="true" rel="apple-touch-icon" sizes="60x60" href="https://miro.medium.com/v2/resize:fill:120:120/10fd5c419ac61637245384e7099e131627900034828f4f386bdaa47a74eae156"/><link data-rh="true" rel="mask-icon" href="https://miro.medium.com/v2/resize:fill:1000:1000/7*GAOKVe--MXbEJmV9230oOQ.png" color="#171717"/><link data-rh="true" rel="preconnect" href="https://glyph.medium.com" crossOrigin=""/><link data-rh="true" id="glyph_preload_link" rel="preload" as="style" type="text/css" href="https://glyph.medium.com/css/unbound.css"/><link data-rh="true" id="glyph_link" rel="stylesheet" type="text/css" href="https://glyph.medium.com/css/unbound.css"/><link data-rh="true" rel="author" href="https://medium.com/@varun_56338"/><link data-rh="true" rel="canonical" href="https://medium.com/unicornindia/problems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1"/><link data-rh="true" rel="alternate" href="android-app://com.medium.reader/https/medium.com/p/8d158303e8a1"/><script data-rh="true" type="application/ld+json">{"@context":"http:\u002F\u002Fschema.org","@type":"NewsArticle","image":["https:\u002F\u002Fmiro.medium.com\u002Fv2\u002Fresize:fit:1200\u002F1*EXAZwD8ZyFIxInzGYARl0Q.png"],"url":"https:\u002F\u002Fmedium.com\u002Funicornindia\u002Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1","dateCreated":"2020-07-13T05:03:12.922Z","datePublished":"2020-07-13T05:03:12.922Z","dateModified":"2021-12-15T05:51:23.437Z","headline":"Problems faced by the Chitfund industry and how Chitmonks is solving it","name":"Problems faced by the Chitfund industry and how Chitmonks is solving it","description":"Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving\u002F investment scheme used by millions. Although they have been around for…","identifier":"8d158303e8a1","author":{"@type":"Person","name":"Varun Bhatt","url":"https:\u002F\u002Fmedium.com\u002F@varun_56338"},"creator":["Varun Bhatt"],"publisher":{"@type":"Organization","name":"Unicornindia","url":"https:\u002F\u002Fmedium.com\u002Funicornindia","logo":{"@type":"ImageObject","width":145,"height":60,"url":"https:\u002F\u002Fmiro.medium.com\u002Fv2\u002Fresize:fit:290\u002F1*IiqR9KiDGIP7e9DTgy7hFA.jpeg"}},"mainEntityOfPage":"https:\u002F\u002Fmedium.com\u002Funicornindia\u002Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1"}</script><style type="text/css" data-fela-rehydration="496" data-fela-type="STATIC">html{box-sizing:border-box;-webkit-text-size-adjust:100%}*, *:before, *:after{box-sizing:inherit}body{margin:0;padding:0;text-rendering:optimizeLegibility;-webkit-font-smoothing:antialiased;color:rgba(0,0,0,0.8);position:relative;min-height:100vh}h1, h2, h3, h4, h5, h6, dl, dd, ol, ul, menu, figure, blockquote, p, pre, form{margin:0}menu, ol, ul{padding:0;list-style:none;list-style-image:none}main{display:block}a{color:inherit;text-decoration:none}a, button, input{-webkit-tap-highlight-color:transparent}img, svg{vertical-align:middle}button{background:transparent;overflow:visible}button, input, optgroup, select, textarea{margin:0}:root{--reach-tabs:1;--reach-menu-button:1}#speechify-root{font-family:Sohne, sans-serif}div[data-popper-reference-hidden="true"]{visibility:hidden;pointer-events:none}.grecaptcha-badge{visibility:hidden} /*XCode style (c) Angel Garcia <angelgarcia.mail@gmail.com>*/.hljs {background: #fff;color: black; }/* Gray DOCTYPE selectors like WebKit */ .xml .hljs-meta {color: #c0c0c0; }.hljs-comment, .hljs-quote {color: #007400; }.hljs-tag, .hljs-attribute, .hljs-keyword, .hljs-selector-tag, .hljs-literal, .hljs-name {color: #aa0d91; }.hljs-variable, .hljs-template-variable {color: #3F6E74; }.hljs-code, .hljs-string, .hljs-meta .hljs-string {color: #c41a16; }.hljs-regexp, .hljs-link {color: #0E0EFF; }.hljs-title, .hljs-symbol, .hljs-bullet, .hljs-number {color: #1c00cf; }.hljs-section, .hljs-meta {color: #643820; }.hljs-title.class_, .hljs-class .hljs-title, .hljs-type, .hljs-built_in, .hljs-params {color: #5c2699; }.hljs-attr {color: #836C28; }.hljs-subst {color: #000; }.hljs-formula {background-color: #eee;font-style: italic; }.hljs-addition {background-color: #baeeba; }.hljs-deletion {background-color: #ffc8bd; }.hljs-selector-id, .hljs-selector-class {color: #9b703f; }.hljs-doctag, .hljs-strong {font-weight: bold; }.hljs-emphasis {font-style: italic; } </style><style type="text/css" data-fela-rehydration="496" data-fela-type="KEYFRAME">@-webkit-keyframes k1{0%{opacity:0.8}50%{opacity:0.5}100%{opacity:0.8}}@-moz-keyframes k1{0%{opacity:0.8}50%{opacity:0.5}100%{opacity:0.8}}@keyframes k1{0%{opacity:0.8}50%{opacity:0.5}100%{opacity:0.8}}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE">.a{font-family:medium-content-sans-serif-font, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif}.b{font-weight:400}.c{background-color:rgba(255, 255, 255, 1)}.l{display:block}.m{position:sticky}.n{top:0}.o{z-index:500}.p{padding:0 24px}.q{align-items:center}.r{border-bottom:solid 1px #F2F2F2}.y{height:41px}.z{line-height:20px}.ab{display:flex}.ac{height:57px}.ae{flex:1 0 auto}.af{color:inherit}.ag{fill:inherit}.ah{font-size:inherit}.ai{border:inherit}.aj{font-family:inherit}.ak{letter-spacing:inherit}.al{font-weight:inherit}.am{padding:0}.an{margin:0}.ao{cursor:pointer}.ap:disabled{cursor:not-allowed}.aq:disabled{color:#6B6B6B}.ar:disabled{fill:#6B6B6B}.au{width:auto}.av path{fill:#242424}.aw{height:25px}.ax{margin-left:16px}.ay{border:none}.az{border-radius:20px}.ba{width:240px}.bb{background:#F9F9F9}.bc path{fill:#6B6B6B}.be{outline:none}.bf{font-family:sohne, "Helvetica Neue", Helvetica, Arial, sans-serif}.bg{font-size:14px}.bh{width:100%}.bi{padding:10px 20px 10px 0}.bj{background-color:transparent}.bk{color:#242424}.bl::placeholder{color:#6B6B6B}.bm{display:inline-block}.bn{margin-left:12px}.bo{margin-right:12px}.bp{border-radius:4px}.bq{margin-left:24px}.br{height:24px}.bx{background-color:#F9F9F9}.by{border-radius:50%}.bz{height:32px}.ca{width:32px}.cb{justify-content:center}.ch{max-width:680px}.ci{min-width:0}.cj{animation:k1 1.2s ease-in-out infinite}.ck{height:100vh}.cl{margin-bottom:16px}.cm{margin-top:48px}.cn{align-items:flex-start}.co{flex-direction:column}.cp{justify-content:space-between}.cq{margin-bottom:24px}.cw{width:80%}.cx{background-color:#F2F2F2}.dd{height:44px}.de{width:44px}.df{margin:auto 0}.dg{margin-bottom:4px}.dh{height:16px}.di{width:120px}.dj{width:80px}.dp{margin-bottom:8px}.dq{width:96%}.dr{width:98%}.ds{width:81%}.dt{margin-left:8px}.du{color:#6B6B6B}.dv{font-size:13px}.dw{height:100%}.ep{color:#FFFFFF}.eq{fill:#FFFFFF}.er{background:rgba(26, 137, 23, 1)}.es{border-color:rgba(26, 137, 23, 1)}.ew:disabled{cursor:inherit !important}.ex:disabled{opacity:0.3}.ey:disabled:hover{background:rgba(26, 137, 23, 1)}.ez:disabled:hover{border-color:rgba(26, 137, 23, 1)}.fa{border-radius:99em}.fb{border-width:1px}.fc{border-style:solid}.fd{box-sizing:border-box}.fe{text-decoration:none}.ff{text-align:center}.fi{margin-right:32px}.fj{position:relative}.fk{fill:#6B6B6B}.fn{background:transparent}.fo svg{margin-left:4px}.fp svg{fill:#6B6B6B}.fr{box-shadow:inset 0 0 0 1px rgba(0, 0, 0, 0.05)}.fs{position:absolute}.fz{margin:0 24px}.gd{background:rgba(255, 255, 255, 1)}.ge{border:1px solid #F2F2F2}.gf{box-shadow:0 1px 4px #F2F2F2}.gg{max-height:100vh}.gh{overflow-y:auto}.gi{left:0}.gj{top:calc(100vh + 100px)}.gk{bottom:calc(100vh + 100px)}.gl{width:10px}.gm{pointer-events:none}.gn{word-break:break-word}.go{word-wrap:break-word}.gp:after{display:block}.gq:after{content:""}.gr:after{clear:both}.gs{line-height:1.23}.gt{letter-spacing:0}.gu{font-style:normal}.gv{font-weight:700}.ia{align-items:baseline}.ib{width:48px}.ic{height:48px}.id{border:2px solid rgba(255, 255, 255, 1)}.ie{z-index:0}.if{box-shadow:none}.ig{border:1px solid rgba(0, 0, 0, 0.05)}.ih{margin-left:-12px}.ii{width:28px}.ij{height:28px}.ik{z-index:1}.il{width:24px}.im{margin-bottom:2px}.in{flex-wrap:nowrap}.io{font-size:16px}.ip{line-height:24px}.ir{margin:0 8px}.is{display:inline}.it{color:rgba(26, 137, 23, 1)}.iu{fill:rgba(26, 137, 23, 1)}.ix{flex:0 0 auto}.ja{flex-wrap:wrap}.jd{white-space:pre-wrap}.je{margin-right:4px}.jf{overflow:hidden}.jg{max-height:20px}.jh{text-overflow:ellipsis}.ji{display:-webkit-box}.jj{-webkit-line-clamp:1}.jk{-webkit-box-orient:vertical}.jl{word-break:break-all}.jn{padding-left:8px}.jo{padding-right:8px}.kp> *{flex-shrink:0}.kq{overflow-x:scroll}.kr::-webkit-scrollbar{display:none}.ks{scrollbar-width:none}.kt{-ms-overflow-style:none}.ku{width:74px}.kv{flex-direction:row}.kw{z-index:2}.kz{-webkit-user-select:none}.la{border:0}.lb{fill:rgba(117, 117, 117, 1)}.le{outline:0}.lf{user-select:none}.lg> svg{pointer-events:none}.lp{cursor:progress}.lq{opacity:1}.lr{padding:4px 0}.lu{margin-top:0px}.lv{width:16px}.lx{display:inline-flex}.md{max-width:100%}.me{padding:8px 2px}.mf svg{color:#6B6B6B}.mw{margin-left:auto}.mx{margin-right:auto}.my{max-width:346px}.ne{clear:both}.nf{height:auto}.ng{line-height:1.58}.nh{letter-spacing:-0.004em}.ni{font-family:source-serif-pro, Georgia, Cambria, "Times New Roman", Times, serif}.od{margin-bottom:-0.46em}.oe{max-width:332px}.ok{margin-top:10px}.ol{max-width:728px}.oo{max-width:800px}.oq{cursor:zoom-in}.or{z-index:auto}.ot{margin-bottom:26px}.ou{margin-top:6px}.ov{margin-top:8px}.ow{margin-right:8px}.ox{padding:8px 16px}.oy{border-radius:100px}.oz{transition:background 300ms ease}.pb{white-space:nowrap}.pc{border-top:none}.pi{height:52px}.pj{max-height:52px}.pk{box-sizing:content-box}.pl{position:static}.pn{max-width:155px}.pt{margin-right:20px}.pz{margin-bottom:48px}.qn{border-radius:2px}.qp{height:64px}.qq{width:64px}.qr{align-self:flex-end}.qs{flex:1 1 auto}.qy{padding-right:4px}.qz{font-weight:500}.rm{margin-top:16px}.rn{color:rgba(255, 255, 255, 1)}.ro{fill:rgba(255, 255, 255, 1)}.rp{background:rgba(25, 25, 25, 1)}.rq{border-color:rgba(25, 25, 25, 1)}.rt:disabled{opacity:0.1}.ru:disabled:hover{background:rgba(25, 25, 25, 1)}.rv:disabled:hover{border-color:rgba(25, 25, 25, 1)}.rw{height:0px}.rx{border-bottom:solid 1px #E5E5E5}.ry{margin-top:56px}.rz{margin-top:72px}.sa{padding:24px 0}.sb{margin-bottom:0px}.sc{margin-right:16px}.as:hover:not(:disabled){color:rgba(25, 25, 25, 1)}.at:hover:not(:disabled){fill:rgba(25, 25, 25, 1)}.et:hover{background:rgba(15, 115, 12, 1)}.eu:hover{border-color:rgba(15, 115, 12, 1)}.ev:hover{cursor:pointer}.fl:hover{color:#242424}.fm:hover{fill:#242424}.fq:hover svg{fill:#242424}.ft:hover{background-color:rgba(0, 0, 0, 0.1)}.iq:hover{text-decoration:underline}.iv:hover:not(:disabled){color:rgba(15, 115, 12, 1)}.iw:hover:not(:disabled){fill:rgba(15, 115, 12, 1)}.ld:hover{fill:rgba(8, 8, 8, 1)}.ls:hover{fill:#000000}.lt:hover p{color:#000000}.lw:hover{color:#000000}.mg:hover svg{color:#000000}.pa:hover{background-color:#F2F2F2}.qo:hover{background-color:none}.rr:hover{background:#000000}.rs:hover{border-color:#242424}.bd:focus-within path{fill:#242424}.lc:focus{fill:rgba(8, 8, 8, 1)}.mh:focus svg{color:#000000}.os:focus{transform:scale(1.01)}.lh:active{border-style:none}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (min-width: 1080px)">.d{display:none}.bw{width:64px}.cg{margin:0 64px}.cv{height:48px}.dc{margin-bottom:52px}.do{margin-bottom:48px}.ef{font-size:14px}.eg{line-height:20px}.em{font-size:13px}.eo{padding:5px 12px}.fh{display:flex}.fy{margin-bottom:68px}.gc{max-width:680px}.hq{font-size:42px}.hr{margin-top:1.19em}.hs{margin-bottom:32px}.ht{line-height:52px}.hu{letter-spacing:-0.011em}.hz{align-items:center}.kb{border-top:solid 1px #F2F2F2}.kc{border-bottom:solid 1px #F2F2F2}.kd{margin:32px 0 0}.ke{padding:3px 8px}.kn> *{margin-right:24px}.ko> :last-child{margin-right:0}.lo{margin-top:0px}.mc{margin:0}.nd{margin-top:40px}.nz{font-size:20px}.oa{margin-top:2.14em}.ob{line-height:32px}.oc{letter-spacing:-0.003em}.oj{margin-top:56px}.ph{margin-bottom:88px}.ps{display:inline-block}.py{padding-top:72px}.qa{flex-direction:row}.qd{margin-bottom:0}.qe{margin-right:20px}.qt{max-width:500px}.rk{line-height:24px}.rl{letter-spacing:0}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (max-width: 1079.98px)">.e{display:none}.ln{margin-top:0px}.om{margin-left:auto}.on{text-align:center}.pr{display:inline-block}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (max-width: 903.98px)">.f{display:none}.lm{margin-top:0px}.pq{display:inline-block}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (max-width: 727.98px)">.g{display:none}.lk{margin-top:0px}.ll{margin-right:0px}.pp{display:inline-block}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (max-width: 551.98px)">.h{display:none}.s{display:flex}.t{justify-content:space-between}.bs{width:24px}.cc{margin:0 24px}.cr{height:40px}.cy{margin-bottom:44px}.dk{margin-bottom:32px}.dx{font-size:13px}.dy{line-height:20px}.eh{padding:0px 8px 1px}.fu{margin-bottom:4px}.gw{font-size:32px}.gx{margin-top:1.01em}.gy{margin-bottom:24px}.gz{line-height:38px}.ha{letter-spacing:-0.014em}.hv{align-items:flex-start}.iy{flex-direction:column}.jb{margin-bottom:2px}.jp{margin:24px -24px 0}.jq{padding:0}.kf> *{margin-right:8px}.kg> :last-child{margin-right:24px}.kx{margin-left:0px}.li{margin-top:0px}.lj{margin-right:0px}.ly{margin:0}.mi{border:1px solid #F2F2F2}.mj{border-radius:99em}.mk{padding:0px 16px 0px 12px}.ml{height:38px}.mm{align-items:center}.mo svg{margin-right:8px}.mz{margin-top:32px}.nj{font-size:18px}.nk{margin-top:1.56em}.nl{line-height:28px}.nm{letter-spacing:-0.003em}.of{margin-top:40px}.pd{margin-bottom:80px}.po{display:inline-block}.pu{padding-top:48px}.ql{margin-bottom:20px}.qm{margin-right:0}.qx{max-width:100%}.ra{font-size:24px}.rb{line-height:30px}.rc{letter-spacing:-0.016em}.mn:hover{border-color:#E5E5E5}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (min-width: 904px) and (max-width: 1079.98px)">.i{display:none}.bv{width:64px}.cf{margin:0 64px}.cu{height:48px}.db{margin-bottom:52px}.dn{margin-bottom:48px}.ed{font-size:14px}.ee{line-height:20px}.ek{font-size:13px}.el{padding:5px 12px}.fg{display:flex}.fx{margin-bottom:68px}.gb{max-width:680px}.hl{font-size:42px}.hm{margin-top:1.19em}.hn{margin-bottom:32px}.ho{line-height:52px}.hp{letter-spacing:-0.011em}.hy{align-items:center}.jx{border-top:solid 1px #F2F2F2}.jy{border-bottom:solid 1px #F2F2F2}.jz{margin:32px 0 0}.ka{padding:3px 8px}.kl> *{margin-right:24px}.km> :last-child{margin-right:0}.mb{margin:0}.nc{margin-top:40px}.nv{font-size:20px}.nw{margin-top:2.14em}.nx{line-height:32px}.ny{letter-spacing:-0.003em}.oi{margin-top:56px}.pg{margin-bottom:88px}.px{padding-top:72px}.qb{flex-direction:row}.qf{margin-bottom:0}.qg{margin-right:20px}.qu{max-width:500px}.ri{line-height:24px}.rj{letter-spacing:0}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (min-width: 728px) and (max-width: 903.98px)">.j{display:none}.w{display:flex}.x{justify-content:space-between}.bu{width:64px}.ce{margin:0 48px}.ct{height:48px}.da{margin-bottom:52px}.dm{margin-bottom:48px}.eb{font-size:13px}.ec{line-height:20px}.ej{padding:0px 8px 1px}.fw{margin-bottom:68px}.ga{max-width:680px}.hg{font-size:42px}.hh{margin-top:1.19em}.hi{margin-bottom:32px}.hj{line-height:52px}.hk{letter-spacing:-0.011em}.hx{align-items:center}.jt{border-top:solid 1px #F2F2F2}.ju{border-bottom:solid 1px #F2F2F2}.jv{margin:32px 0 0}.jw{padding:3px 8px}.kj> *{margin-right:24px}.kk> :last-child{margin-right:0}.ma{margin:0}.nb{margin-top:40px}.nr{font-size:20px}.ns{margin-top:2.14em}.nt{line-height:32px}.nu{letter-spacing:-0.003em}.oh{margin-top:56px}.pf{margin-bottom:88px}.pw{padding-top:72px}.qc{flex-direction:row}.qh{margin-bottom:0}.qi{margin-right:20px}.qv{max-width:500px}.rg{line-height:24px}.rh{letter-spacing:0}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="all and (min-width: 552px) and (max-width: 727.98px)">.k{display:none}.u{display:flex}.v{justify-content:space-between}.bt{width:24px}.cd{margin:0 24px}.cs{height:40px}.cz{margin-bottom:44px}.dl{margin-bottom:32px}.dz{font-size:13px}.ea{line-height:20px}.ei{padding:0px 8px 1px}.fv{margin-bottom:4px}.hb{font-size:32px}.hc{margin-top:1.01em}.hd{margin-bottom:24px}.he{line-height:38px}.hf{letter-spacing:-0.014em}.hw{align-items:flex-start}.iz{flex-direction:column}.jc{margin-bottom:2px}.jr{margin:24px 0 0}.js{padding:0}.kh> *{margin-right:8px}.ki> :last-child{margin-right:8px}.ky{margin-left:0px}.lz{margin:0}.mp{border:1px solid #F2F2F2}.mq{border-radius:99em}.mr{padding:0px 16px 0px 12px}.ms{height:38px}.mt{align-items:center}.mv svg{margin-right:8px}.na{margin-top:32px}.nn{font-size:18px}.no{margin-top:1.56em}.np{line-height:28px}.nq{letter-spacing:-0.003em}.og{margin-top:40px}.pe{margin-bottom:80px}.pv{padding-top:48px}.qj{margin-bottom:20px}.qk{margin-right:0}.qw{max-width:100%}.rd{font-size:24px}.re{line-height:30px}.rf{letter-spacing:-0.016em}.mu:hover{border-color:#E5E5E5}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="print">.pm{display:none}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="(orientation: landscape) and (max-width: 903.98px)">.jm{max-height:none}</style><style type="text/css" data-fela-rehydration="496" data-fela-type="RULE" media="(prefers-reduced-motion: no-preference)">.op{transition:transform 300ms cubic-bezier(0.2, 0, 0.2, 1)}</style></head><body><div id="root"><div class="a b c"><div class="d e f g h i j k"></div><script>document.domain = document.domain;</script><div class="l c"><div class="l m n o c"><div class="p q r s t u v w x i d y z"><a class="du ag dv bf ak b am an ao ap aq ar as at s u w i d q dw z" href="https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2Fp%2F8d158303e8a1&%7Efeature=LoOpenInAppButton&%7Echannel=ShowPostUnderCollection&source=---top_nav_layout_nav----------------------------------" rel="noopener follow">Open in app<svg xmlns="http://www.w3.org/2000/svg" width="10" height="10" fill="none" viewBox="0 0 10 10" class="dt"><path fill="currentColor" d="M.985 8.485a.375.375 0 1 0 .53.53zM8.75 1.25h.375A.375.375 0 0 0 8.75.875zM8.375 6.5a.375.375 0 1 0 .75 0zM3.5.875a.375.375 0 1 0 0 .75zm-1.985 8.14 7.5-7.5-.53-.53-7.5 7.5zm6.86-7.765V6.5h.75V1.25zM3.5 1.625h5.25v-.75H3.5z"></path></svg></a><div class="ab q"><p class="bf b dx dy dz ea eb ec ed ee ef eg du"><span><button class="bf b dx dy eh dz ea ei eb ec ej ek ee el em eg eo ep eq er es et eu ev ew ex ey ez fa fb fc fd bm fe ff" data-testid="headerSignUpButton">Sign up</button></span></p><div class="ax l"><p class="bf b dx dy dz ea eb ec ed ee ef eg du"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerSignInButton" rel="noopener follow" href="/m/signin?operation=login&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&source=post_page---top_nav_layout_nav-----------------------global_nav-----------">Sign in</a></span></p></div></div></div><div class="p q r ab ac"><div class="ab q ae"><a class="af ag ah ai aj ak al am an ao ap aq ar as at ab" aria-label="Homepage" data-testid="headerMediumLogo" rel="noopener follow" href="/?source=---top_nav_layout_nav----------------------------------"><svg xmlns="http://www.w3.org/2000/svg" width="719" height="160" fill="none" viewBox="0 0 719 160" class="au av aw"><path fill="#242424" d="m174.104 9.734.215-.047V8.02H130.39L89.6 103.89 48.81 8.021H1.472v1.666l.212.047c8.018 1.81 12.09 4.509 12.09 14.242V137.93c0 9.734-4.087 12.433-12.106 14.243l-.212.047v1.671h32.118v-1.665l-.213-.048c-8.018-1.809-12.089-4.509-12.089-14.242V30.586l52.399 123.305h2.972l53.925-126.743V140.75c-.687 7.688-4.721 10.062-11.982 11.701l-.215.05v1.652h55.948v-1.652l-.215-.05c-7.269-1.639-11.4-4.013-12.087-11.701l-.037-116.774h.037c0-9.733 4.071-12.432 12.087-14.242m25.555 75.488c.915-20.474 8.268-35.252 20.606-35.507 3.806.063 6.998 1.312 9.479 3.714 5.272 5.118 7.751 15.812 7.368 31.793zm-.553 5.77h65.573v-.275c-.186-15.656-4.721-27.834-13.466-36.196-7.559-7.227-18.751-11.203-30.507-11.203h-.263c-6.101 0-13.584 1.48-18.909 4.16-6.061 2.807-11.407 7.003-15.855 12.511-7.161 8.874-11.499 20.866-12.554 34.343q-.05.606-.092 1.212a50 50 0 0 0-.065 1.151 85.807 85.807 0 0 0-.094 5.689c.71 30.524 17.198 54.917 46.483 54.917 25.705 0 40.675-18.791 44.407-44.013l-1.886-.664c-6.557 13.556-18.334 21.771-31.738 20.769-18.297-1.369-32.314-19.922-31.042-42.395m139.722 41.359c-2.151 5.101-6.639 7.908-12.653 7.908s-11.513-4.129-15.418-11.63c-4.197-8.053-6.405-19.436-6.405-32.92 0-28.067 8.729-46.22 22.24-46.22 5.657 0 10.111 2.807 12.236 7.704zm43.499 20.008c-8.019-1.897-12.089-4.722-12.089-14.951V1.309l-48.716 14.353v1.757l.299-.024c6.72-.543 11.278.386 13.925 2.83 2.072 1.915 3.082 4.853 3.082 8.987v18.66c-4.803-3.067-10.516-4.56-17.448-4.56-14.059 0-26.909 5.92-36.176 16.672-9.66 11.205-14.767 26.518-14.767 44.278-.003 31.72 15.612 53.039 38.851 53.039 13.595 0 24.533-7.449 29.54-20.013v16.865h43.711v-1.746zM424.1 19.819c0-9.904-7.468-17.374-17.375-17.374-9.859 0-17.573 7.632-17.573 17.374s7.721 17.374 17.573 17.374c9.907 0 17.375-7.47 17.375-17.374m11.499 132.546c-8.019-1.897-12.089-4.722-12.089-14.951h-.035V43.635l-43.714 12.551v1.705l.263.024c9.458.842 12.047 4.1 12.047 15.152v81.086h43.751v-1.746zm112.013 0c-8.018-1.897-12.089-4.722-12.089-14.951V43.635l-41.621 12.137v1.71l.246.026c7.733.813 9.967 4.257 9.967 15.36v59.279c-2.578 5.102-7.415 8.131-13.274 8.336-9.503 0-14.736-6.419-14.736-18.073V43.638l-43.714 12.55v1.703l.262.024c9.459.84 12.05 4.097 12.05 15.152v50.17a56.3 56.3 0 0 0 .91 10.444l.787 3.423c3.701 13.262 13.398 20.197 28.59 20.197 12.868 0 24.147-7.966 29.115-20.43v17.311h43.714v-1.747zm169.818 1.788v-1.749l-.213-.05c-8.7-2.006-12.089-5.789-12.089-13.49v-63.79c0-19.89-11.171-31.761-29.883-31.761-13.64 0-25.141 7.882-29.569 20.16-3.517-13.01-13.639-20.16-28.606-20.16-13.146 0-23.449 6.938-27.869 18.657V43.643L545.487 55.68v1.715l.263.024c9.345.829 12.047 4.181 12.047 14.95v81.784h40.787v-1.746l-.215-.053c-6.941-1.631-9.181-4.606-9.181-12.239V66.998c1.836-4.289 5.537-9.37 12.853-9.37 9.086 0 13.692 6.296 13.692 18.697v77.828h40.797v-1.746l-.215-.053c-6.94-1.631-9.18-4.606-9.18-12.239V75.066a42 42 0 0 0-.578-7.26c1.947-4.661 5.86-10.177 13.475-10.177 9.214 0 13.691 6.114 13.691 18.696v77.828z"></path></svg></a><div class="ax h"><div class="ab ay az ba bb q bc bd"><div class="bm" aria-hidden="false" aria-describedby="searchResults" aria-labelledby="searchResults"></div><div class="bn bo ab"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24"><path fill="currentColor" fill-rule="evenodd" d="M4.092 11.06a6.95 6.95 0 1 1 13.9 0 6.95 6.95 0 0 1-13.9 0m6.95-8.05a8.05 8.05 0 1 0 5.13 14.26l3.75 3.75a.56.56 0 1 0 .79-.79l-3.73-3.73A8.05 8.05 0 0 0 11.042 3z" clip-rule="evenodd"></path></svg></div><input role="combobox" aria-controls="searchResults" aria-expanded="false" aria-label="search" data-testid="headerSearchInput" tabindex="0" class="ay be bf bg z bh bi bj bk bl" placeholder="Search" value=""/></div></div></div><div class="h k w fg fh"><div class="fi ab"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerWriteButton" rel="noopener follow" href="/m/signin?operation=register&redirect=https%3A%2F%2Fmedium.com%2Fnew-story&source=---top_nav_layout_nav-----------------------new_post_topnav-----------"><div class="bf b bg z du fj fk ab q fl fm"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24" aria-label="Write"><path fill="currentColor" d="M14 4a.5.5 0 0 0 0-1zm7 6a.5.5 0 0 0-1 0zm-7-7H4v1h10zM3 4v16h1V4zm1 17h16v-1H4zm17-1V10h-1v10zm-1 1a1 1 0 0 0 1-1h-1zM3 20a1 1 0 0 0 1 1v-1zM4 3a1 1 0 0 0-1 1h1z"></path><path stroke="currentColor" d="m17.5 4.5-8.458 8.458a.25.25 0 0 0-.06.098l-.824 2.47a.25.25 0 0 0 .316.316l2.47-.823a.25.25 0 0 0 .098-.06L19.5 6.5m-2-2 2.323-2.323a.25.25 0 0 1 .354 0l1.646 1.646a.25.25 0 0 1 0 .354L19.5 6.5m-2-2 2 2"></path></svg><div class="dt l">Write</div></div></a></span></div></div><div class="k j i d"><div class="fi ab"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerSearchButton" rel="noopener follow" href="/search?source=---top_nav_layout_nav----------------------------------"><div class="bf b bg z du fj fk ab q fl fm"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24" aria-label="Search"><path fill="currentColor" fill-rule="evenodd" d="M4.092 11.06a6.95 6.95 0 1 1 13.9 0 6.95 6.95 0 0 1-13.9 0m6.95-8.05a8.05 8.05 0 1 0 5.13 14.26l3.75 3.75a.56.56 0 1 0 .79-.79l-3.73-3.73A8.05 8.05 0 0 0 11.042 3z" clip-rule="evenodd"></path></svg></div></a></div></div><div class="fi h k j"><div class="ab q"><p class="bf b dx dy dz ea eb ec ed ee ef eg du"><span><button class="bf b dx dy eh dz ea ei eb ec ej ek ee el em eg eo ep eq er es et eu ev ew ex ey ez fa fb fc fd bm fe ff" data-testid="headerSignUpButton">Sign up</button></span></p><div class="ax l"><p class="bf b dx dy dz ea eb ec ed ee ef eg du"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerSignInButton" rel="noopener follow" href="/m/signin?operation=login&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&source=post_page---top_nav_layout_nav-----------------------global_nav-----------">Sign in</a></span></p></div></div></div><div class="l" aria-hidden="false"><button class="ay fn am ab q ao fo fp fq" aria-label="user options menu" data-testid="headerUserIcon"><div class="l fj"><img alt="" class="l fd by bz ca cx" src="https://miro.medium.com/v2/resize:fill:64:64/1*dmbNkD5D-u45r44go_cf0g.png" width="32" height="32" loading="lazy" role="presentation"/><div class="fr by l bz ca fs n ay ft"></div></div></button></div></div></div><div class="l"><div class="fu fv fw fx fy l"><div class="ab cb"><div class="ci bh fz ga gb gc"></div></div><article><div class="l"><div class="l"><span class="l"></span><section><div><div class="fs gi gj gk gl gm"></div><div class="gn go gp gq gr"><div class="ab cb"><div class="ci bh fz ga gb gc"><div><h1 id="c9aa" class="pw-post-title gs gt gu bf gv gw gx gy gz ha hb hc hd he hf hg hh hi hj hk hl hm hn ho hp hq hr hs ht hu bk" data-testid="storyTitle">Problems faced by the Chitfund industry and how Chitmonks is solving it</h1><div><div class="speechify-ignore ab cp"><div class="speechify-ignore bh l"><div class="hv hw hx hy hz ab"><div><div class="ab ia"><div><div class="bm" aria-hidden="false"><a rel="noopener follow" href="/@varun_56338?source=post_page---byline--8d158303e8a1--------------------------------"><div class="l ib ic by id ie"><div class="l fj"><img alt="Varun Bhatt" class="l fd by dd de cx" src="https://miro.medium.com/v2/resize:fill:88:88/0*RZVz3fjJTYk25Bjv.jpg" width="44" height="44" loading="lazy" data-testid="authorPhoto"/><div class="if by l dd de fs n ig ft"></div></div></div></a></div></div><div class="ih ab fj"><div><div class="bm" aria-hidden="false"><a href="https://medium.com/unicornindia?source=post_page---byline--8d158303e8a1--------------------------------" rel="noopener follow"><div class="l ii ij by id ik"><div class="l fj"><img alt="Unicornindia" class="l fd by br il cx" src="https://miro.medium.com/v2/resize:fill:48:48/1*LbMg_7-_2H_PW_VFdwsWLg.jpeg" width="24" height="24" loading="lazy" data-testid="publicationPhoto"/><div class="if by l br il fs n ig ft"></div></div></div></a></div></div></div></div></div><div class="bn bh l"><div class="ab"><div style="flex:1"><span class="bf b bg z bk"><div class="im ab q"><div class="ab q in"><div class="ab q"><div><div class="bm" aria-hidden="false"><p class="bf b io ip bk"><a class="af ag ah ai aj ak al am an ao ap aq ar iq" data-testid="authorName" rel="noopener follow" href="/@varun_56338?source=post_page---byline--8d158303e8a1--------------------------------">Varun Bhatt</a></p></div></div></div><span class="ir is" aria-hidden="true"><span class="bf b bg z du">·</span></span><p class="bf b io ip du"><span><a class="it iu ah ai aj ak al am an ao ap aq ar ex iv iw" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fsubscribe%2Fuser%2F261c06359ad3&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&user=Varun+Bhatt&userId=261c06359ad3&source=post_page-261c06359ad3--byline--8d158303e8a1---------------------post_header-----------">Follow</a></span></p></div></div></span></div></div><div class="l ix"><span class="bf b bg z du"><div class="ab cn iy iz ja"><div class="jb jc ab"><div class="bf b bg z du ab jd"><span class="je l ix">Published in</span><div><div class="l" aria-hidden="false"><a class="af ag ah ai aj ak al am an ao ap aq ar iq ab q" data-testid="publicationName" href="https://medium.com/unicornindia?source=post_page---byline--8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b bg z jf jg jh ji jj jk jl jm bk">Unicornindia</p></a></div></div></div><div class="h k"><span class="ir is" aria-hidden="true"><span class="bf b bg z du">·</span></span></div></div><span class="bf b bg z du"><div class="ab ae"><span data-testid="storyReadTime">5 min read</span><div class="jn jo l" aria-hidden="true"><span class="l" aria-hidden="true"><span class="bf b bg z du">·</span></span></div><span data-testid="storyPublishDate">Jul 13, 2020</span></div></span></div></span></div></div></div><div class="ab cp jp jq jr js jt ju jv jw jx jy jz ka kb kc kd ke"><div class="h k w fg fh q"><div class="ku l"><div class="ab q kv kw"><div class="pw-multi-vote-icon fj je kx ky kz"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerClapButton" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fvote%2Funicornindia%2F8d158303e8a1&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&user=Varun+Bhatt&userId=261c06359ad3&source=---header_actions--8d158303e8a1---------------------clap_footer-----------"><div><div class="bm" aria-hidden="false"><div class="la ao lb lc ld le am lf lg lh kz"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" aria-label="clap"><path fill-rule="evenodd" d="M11.37.828 12 3.282l.63-2.454zM13.916 3.953l1.523-2.112-1.184-.39zM8.589 1.84l1.522 2.112-.337-2.501zM18.523 18.92c-.86.86-1.75 1.246-2.62 1.33a6 6 0 0 0 .407-.372c2.388-2.389 2.86-4.951 1.399-7.623l-.912-1.603-.79-1.672c-.26-.56-.194-.98.203-1.288a.7.7 0 0 1 .546-.132c.283.046.546.231.728.5l2.363 4.157c.976 1.624 1.141 4.237-1.324 6.702m-10.999-.438L3.37 14.328a.828.828 0 0 1 .585-1.408.83.83 0 0 1 .585.242l2.158 2.157a.365.365 0 0 0 .516-.516l-2.157-2.158-1.449-1.449a.826.826 0 0 1 1.167-1.17l3.438 3.44a.363.363 0 0 0 .516 0 .364.364 0 0 0 0-.516L5.293 9.513l-.97-.97a.826.826 0 0 1 0-1.166.84.84 0 0 1 1.167 0l.97.968 3.437 3.436a.36.36 0 0 0 .517 0 .366.366 0 0 0 0-.516L6.977 7.83a.82.82 0 0 1-.241-.584.82.82 0 0 1 .824-.826c.219 0 .43.087.584.242l5.787 5.787a.366.366 0 0 0 .587-.415l-1.117-2.363c-.26-.56-.194-.98.204-1.289a.7.7 0 0 1 .546-.132c.283.046.545.232.727.501l2.193 3.86c1.302 2.38.883 4.59-1.277 6.75-1.156 1.156-2.602 1.627-4.19 1.367-1.418-.236-2.866-1.033-4.079-2.246M10.75 5.971l2.12 2.12c-.41.502-.465 1.17-.128 1.89l.22.465-3.523-3.523a.8.8 0 0 1-.097-.368c0-.22.086-.428.241-.584a.847.847 0 0 1 1.167 0m7.355 1.705c-.31-.461-.746-.758-1.23-.837a1.44 1.44 0 0 0-1.11.275c-.312.24-.505.543-.59.881a1.74 1.74 0 0 0-.906-.465 1.47 1.47 0 0 0-.82.106l-2.182-2.182a1.56 1.56 0 0 0-2.2 0 1.54 1.54 0 0 0-.396.701 1.56 1.56 0 0 0-2.21-.01 1.55 1.55 0 0 0-.416.753c-.624-.624-1.649-.624-2.237-.037a1.557 1.557 0 0 0 0 2.2c-.239.1-.501.238-.715.453a1.56 1.56 0 0 0 0 2.2l.516.515a1.556 1.556 0 0 0-.753 2.615L7.01 19c1.32 1.319 2.909 2.189 4.475 2.449q.482.08.971.08c.85 0 1.653-.198 2.393-.579.231.033.46.054.686.054 1.266 0 2.457-.52 3.505-1.567 2.763-2.763 2.552-5.734 1.439-7.586z" clip-rule="evenodd"></path></svg></div></div></div></a></span></div><div class="pw-multi-vote-count l li lj lk ll lm ln lo"><p class="bf b dv z du"><span class="lp">--</span></p></div></div></div><div><div class="bm" aria-hidden="false"><button class="ao la lq lr ab q fk ls lt" aria-label="responses"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" class="lu"><path d="M18.006 16.803c1.533-1.456 2.234-3.325 2.234-5.321C20.24 7.357 16.709 4 12.191 4S4 7.357 4 11.482c0 4.126 3.674 7.482 8.191 7.482.817 0 1.622-.111 2.393-.327.231.2.48.391.744.559 1.06.693 2.203 1.044 3.399 1.044.224-.008.4-.112.486-.287a.49.49 0 0 0-.042-.518c-.495-.67-.845-1.364-1.04-2.057a4 4 0 0 1-.125-.598zm-3.122 1.055-.067-.223-.315.096a8 8 0 0 1-2.311.338c-4.023 0-7.292-2.955-7.292-6.587 0-3.633 3.269-6.588 7.292-6.588 4.014 0 7.112 2.958 7.112 6.593 0 1.794-.608 3.469-2.027 4.72l-.195.168v.255c0 .056 0 .151.016.295.025.231.081.478.154.733.154.558.398 1.117.722 1.659a5.3 5.3 0 0 1-2.165-.845c-.276-.176-.714-.383-.941-.59z"></path></svg></button></div></div></div><div class="ab q kf kg kh ki kj kk kl km kn ko kp kq kr ks kt"><div class="lv k j i d"></div><div class="h k"><div><div class="bm" aria-hidden="false"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="headerBookmarkButton" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F8d158303e8a1&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&source=---header_actions--8d158303e8a1---------------------bookmark_footer-----------"><svg xmlns="http://www.w3.org/2000/svg" width="25" height="25" fill="none" viewBox="0 0 25 25" class="du lw" aria-label="Add to list bookmark button"><path fill="currentColor" d="M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .805.396L12.5 17l5.695 4.396A.5.5 0 0 0 19 21v-8.5a.5.5 0 0 0-1 0v7.485l-5.195-4.012a.5.5 0 0 0-.61 0L7 19.985z"></path></svg></a></span></div></div></div><div class="fd lx cn"><div class="l ae"><div class="ab cb"><div class="ly lz ma mb mc md ci bh"><div class="ab"><div class="bm bh" aria-hidden="false"><div><div class="bm" aria-hidden="false"><button aria-label="Listen" data-testid="audioPlayButton" class="af fk ah ai aj ak al me an ao ap ex mf mg lt mh mi mj mk ml s mm mn mo mp mq mr ms u mt mu mv"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24"><path fill="currentColor" fill-rule="evenodd" d="M3 12a9 9 0 1 1 18 0 9 9 0 0 1-18 0m9-10C6.477 2 2 6.477 2 12s4.477 10 10 10 10-4.477 10-10S17.523 2 12 2m3.376 10.416-4.599 3.066a.5.5 0 0 1-.777-.416V8.934a.5.5 0 0 1 .777-.416l4.599 3.066a.5.5 0 0 1 0 .832" clip-rule="evenodd"></path></svg><div class="j i d"><p class="bf b bg z du">Listen</p></div></button></div></div></div></div></div></div></div></div><div class="bm" aria-hidden="false" aria-describedby="postFooterSocialMenu" aria-labelledby="postFooterSocialMenu"><div><div class="bm" aria-hidden="false"><button aria-controls="postFooterSocialMenu" aria-expanded="false" aria-label="Share Post" data-testid="headerSocialShareButton" class="af fk ah ai aj ak al me an ao ap ex mf mg lt mh mi mj mk ml s mm mn mo mp mq mr ms u mt mu mv"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24"><path fill="currentColor" fill-rule="evenodd" d="M15.218 4.931a.4.4 0 0 1-.118.132l.012.006a.45.45 0 0 1-.292.074.5.5 0 0 1-.3-.13l-2.02-2.02v7.07c0 .28-.23.5-.5.5s-.5-.22-.5-.5v-7.04l-2 2a.45.45 0 0 1-.57.04h-.02a.4.4 0 0 1-.16-.3.4.4 0 0 1 .1-.32l2.8-2.8a.5.5 0 0 1 .7 0l2.8 2.79a.42.42 0 0 1 .068.498m-.106.138.008.004v-.01zM16 7.063h1.5a2 2 0 0 1 2 2v10a2 2 0 0 1-2 2h-11c-1.1 0-2-.9-2-2v-10a2 2 0 0 1 2-2H8a.5.5 0 0 1 .35.15.5.5 0 0 1 .15.35.5.5 0 0 1-.15.35.5.5 0 0 1-.35.15H6.4c-.5 0-.9.4-.9.9v10.2a.9.9 0 0 0 .9.9h11.2c.5 0 .9-.4.9-.9v-10.2c0-.5-.4-.9-.9-.9H16a.5.5 0 0 1 0-1" clip-rule="evenodd"></path></svg><div class="j i d"><p class="bf b bg z du">Share</p></div></button></div></div></div></div></div></div></div></div></div><figure class="mz na nb nc nd ne mw mx paragraph-image"><div class="mw mx my"><picture><source srcSet="https://miro.medium.com/v2/resize:fit:640/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 1100w, https://miro.medium.com/v2/resize:fit:692/format:webp/1*RSugHv29rRYH6tmhdb8K8A.png 692w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 346px" type="image/webp"/><source data-testid="og" srcSet="https://miro.medium.com/v2/resize:fit:640/1*RSugHv29rRYH6tmhdb8K8A.png 640w, https://miro.medium.com/v2/resize:fit:720/1*RSugHv29rRYH6tmhdb8K8A.png 720w, https://miro.medium.com/v2/resize:fit:750/1*RSugHv29rRYH6tmhdb8K8A.png 750w, https://miro.medium.com/v2/resize:fit:786/1*RSugHv29rRYH6tmhdb8K8A.png 786w, https://miro.medium.com/v2/resize:fit:828/1*RSugHv29rRYH6tmhdb8K8A.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*RSugHv29rRYH6tmhdb8K8A.png 1100w, https://miro.medium.com/v2/resize:fit:692/1*RSugHv29rRYH6tmhdb8K8A.png 692w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 346px"/><img alt="" class="bh md nf c" width="346" height="146" loading="eager" role="presentation"/></picture></div></figure><p id="e750" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving/ investment scheme used by millions. Although they have been around for so long, Chit Funds still have a long way to go in terms of innovation and thus attracting the next generation of subscribers</p><p id="3465" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">The size of the organized chit fund industry is close to Rs 1,50,000 crore (AUM), with 30,000+ registered chit fund entities working in the country. However, the size of the untapped chit fund sector is more than 30 to 40 times of the regulated one.</p><figure class="of og oh oi oj ne mw mx paragraph-image"><div class="mw mx oe"><picture><source srcSet="https://miro.medium.com/v2/resize:fit:640/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 1100w, https://miro.medium.com/v2/resize:fit:664/format:webp/1*EXAZwD8ZyFIxInzGYARl0Q.png 664w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 332px" type="image/webp"/><source data-testid="og" srcSet="https://miro.medium.com/v2/resize:fit:640/1*EXAZwD8ZyFIxInzGYARl0Q.png 640w, https://miro.medium.com/v2/resize:fit:720/1*EXAZwD8ZyFIxInzGYARl0Q.png 720w, https://miro.medium.com/v2/resize:fit:750/1*EXAZwD8ZyFIxInzGYARl0Q.png 750w, https://miro.medium.com/v2/resize:fit:786/1*EXAZwD8ZyFIxInzGYARl0Q.png 786w, https://miro.medium.com/v2/resize:fit:828/1*EXAZwD8ZyFIxInzGYARl0Q.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*EXAZwD8ZyFIxInzGYARl0Q.png 1100w, https://miro.medium.com/v2/resize:fit:664/1*EXAZwD8ZyFIxInzGYARl0Q.png 664w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 332px"/><img alt="" class="bh md nf c" width="332" height="282" loading="lazy" role="presentation"/></picture></div><figcaption class="ok ff ol mw mx om on bf b bg z du">source: The Economic Times</figcaption></figure><p id="cb93" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk"><strong class="ni gv">In July 2020, we at Unicorn announced an investment in Chitmonks</strong>, a SaaS offering to chit funds to help them bring their whole process online. ChitMonks was started in 2016 and has grown to be an integral part of the industry in Telangana, working with both the state government and Chit funds alike.</p><p id="93b1" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">The current processes in the Chit Fund industry are still antiquated, slow and inefficient. The industry does not enjoy the benefits from an established ecosystem like players in Insurance, Banking and Regulators do. Currently users must meet, auction, and distribute money in person. Furthermore, due to the lack of transparency, one does not have to look far to find cases of misappropriation and service related inefficiencies. Taking a further look, illegal Ponzi schemes have come to dominate the market, along with the unregulated chit groups, estimated at $50 billion.</p><p id="a837" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">ChitMonks proposes a unique solution to the aforementioned problems the industry is currently riddled with. Their offerings help the regulated chit funds, who operate mostly offline, to bring their operations online and, in the process, reduces inefficiency. Consumers can now join, auction, and transfer money all online and on mobile in the comfort of their own home. Furthermore, the level of transparency between the chit fund operator and the customer increases, easing any worries of fraud.</p><p id="80cb" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">ChitMonks is also currently working directly with the Telangana government via its product T-chits. T-chits is a blockchain based system which helps the regulator keep track of all registered chit funds and greatly reduces the risk of Chit funds misappropriating consumers money.</p><p id="209e" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">The added benefit here is that as ChitMonks works directly with the state government, it gives them an unparalleled ability to make sure all their B2B clients are fully inline with regulation. In an industry where clear rules are yet to be established this is invaluable</p><p id="320c" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">Chit Funds though fall under the category of Miscellaneous Non-Banking Finance Companies thus administration and monitory activities have been given to the state governments instead of the RBI. Due to the complexities in administration, monitoring of Chit funds as an industry has always lacked prioritized support from the state governments. Hence there is a huge gap in terms of how chit funds can play a vital role in Financial Inclusion vs Just a mere Savings and Borrowings tool. A similar tool like P2P lending which is a subset of what Chit Funds have been doing for decades, has got due importance from the regulators (like RBI) who formulated an entire act to lubricate the industry. It is time for regulators to show this innovation in the Chit fund space as well. We believe Telangana is playing an important role by taking the first step in implementing T-Chits, a Blockchain driven Chit fund administration, designed and developed by ChitMonks. This could be a new beginning to redefine the trust and transparency in the Chit Fund space.</p><p id="9501" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">Furthermore, mistrust is rampant throughout the chit fund industry in its current form. Consumers do not trust chit fund companies which they have not heard of; chit fund companies do not trust consumers out of their subscriber circle. Hence many chit funds only grow organically. The underwriting process in the chit fund space has been the same for decades and the ticket sizes have grown and slowly many organized chit funds have moved away from the lower ticket sizes due to multiple reasons including both operational and income levels. Can technology come to rescue the chit funds to both increase their efficiency and grow at an accelerated pace? Again, ChitMonk’s approach in enabling the Chit fund companies is bringing a fresh new perspective in the B2B space.</p><p id="df28" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">Similar to regulatory agencies like State governments, many other ecosystem enablers such as Insurance companies or relevant regulators like IRDAs, Banking entities governed by RBI and NBFCs have been keeping Chit funds out of many services which could potentially cater to millions of subscribers who still connect to Chit Funds more (at least in terms of savings) than any other relevant financial instruments like FDs, RDs, Savings accounts etc. We believe it is again a derivative of the trust, due to the way Chit funds have operated previously and thus equates to very slow product innovation at all levels. ChitMonks approach in building a truly inclusive ecosystem working with the relevant stake holders at every level has placed them in a very unique position. By using their blockchain-based system, they want to create a new narrative when it comes to this financially inclusive asset class.</p><figure class="of og oh oi oj ne mw mx paragraph-image"><div role="button" tabindex="0" class="op oq fj or bh os"><div class="mw mx oo"><picture><source srcSet="https://miro.medium.com/v2/resize:fit:640/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 640w, https://miro.medium.com/v2/resize:fit:720/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 720w, https://miro.medium.com/v2/resize:fit:750/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 750w, https://miro.medium.com/v2/resize:fit:786/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 786w, https://miro.medium.com/v2/resize:fit:828/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/format:webp/1*QeIx-2Ooj5SSeY75ExzWhQ.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px" type="image/webp"/><source data-testid="og" srcSet="https://miro.medium.com/v2/resize:fit:640/1*QeIx-2Ooj5SSeY75ExzWhQ.png 640w, https://miro.medium.com/v2/resize:fit:720/1*QeIx-2Ooj5SSeY75ExzWhQ.png 720w, https://miro.medium.com/v2/resize:fit:750/1*QeIx-2Ooj5SSeY75ExzWhQ.png 750w, https://miro.medium.com/v2/resize:fit:786/1*QeIx-2Ooj5SSeY75ExzWhQ.png 786w, https://miro.medium.com/v2/resize:fit:828/1*QeIx-2Ooj5SSeY75ExzWhQ.png 828w, https://miro.medium.com/v2/resize:fit:1100/1*QeIx-2Ooj5SSeY75ExzWhQ.png 1100w, https://miro.medium.com/v2/resize:fit:1400/1*QeIx-2Ooj5SSeY75ExzWhQ.png 1400w" sizes="(min-resolution: 4dppx) and (max-width: 700px) 50vw, (-webkit-min-device-pixel-ratio: 4) and (max-width: 700px) 50vw, (min-resolution: 3dppx) and (max-width: 700px) 67vw, (-webkit-min-device-pixel-ratio: 3) and (max-width: 700px) 65vw, (min-resolution: 2.5dppx) and (max-width: 700px) 80vw, (-webkit-min-device-pixel-ratio: 2.5) and (max-width: 700px) 80vw, (min-resolution: 2dppx) and (max-width: 700px) 100vw, (-webkit-min-device-pixel-ratio: 2) and (max-width: 700px) 100vw, 700px"/><img alt="" class="bh md nf c" width="700" height="350" loading="lazy" role="presentation"/></picture></div></div></figure><p id="3bf3" class="pw-post-body-paragraph ng nh gu ni b nj nk nl nm nn no np nq nr ns nt nu nv nw nx ny nz oa ob oc od gn bk">We believe that ChitMonks will be the future of the industry. Their unique B2B/ B2G model will give them an edge on others who compete with them. The team is well versed in the chit fund industry and understand the complex regulations that are in place. Taking current conditions into account, bringing chit funds online in a transparent manner is of the upmost importance so they can continue to do business in a safe and more efficient way.</p></div></div></div></div></section></div></div></article></div><div class="ab cb"><div class="ci bh fz ga gb gc"><div class="ot ou ab ja"><div class="ov ab"><a class="ow ay am ao" rel="noopener follow" href="/tag/venture-capital?source=post_page-----8d158303e8a1--------------------------------"><div class="ox fj cx oy ge oz pa bf b bg z bk pb">Venture Capital</div></a></div><div class="ov ab"><a class="ow ay am ao" rel="noopener follow" href="/tag/startups?source=post_page-----8d158303e8a1--------------------------------"><div class="ox fj cx oy ge oz pa bf b bg z bk pb">Startups</div></a></div><div class="ov ab"><a class="ow ay am ao" rel="noopener follow" href="/tag/india?source=post_page-----8d158303e8a1--------------------------------"><div class="ox fj cx oy ge oz pa bf b bg z bk pb">India</div></a></div><div class="ov ab"><a class="ow ay am ao" rel="noopener follow" href="/tag/unicorn-india?source=post_page-----8d158303e8a1--------------------------------"><div class="ox fj cx oy ge oz pa bf b bg z bk pb">Unicorn India</div></a></div></div></div></div><div class="l"></div><footer class="pc pd pe pf pg ph pi pj pk ab q pl ik c"><div class="l ae"><div class="ab cb"><div class="ci bh fz ga gb gc"><div class="ab cp pm"><div class="ab q kv"><div class="pn l"><span class="l po pp pq e d"><div class="ab q kv kw"><div class="pw-multi-vote-icon fj je kx ky kz"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="footerClapButton" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fvote%2Funicornindia%2F8d158303e8a1&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&user=Varun+Bhatt&userId=261c06359ad3&source=---footer_actions--8d158303e8a1---------------------clap_footer-----------"><div><div class="bm" aria-hidden="false"><div class="la ao lb lc ld le am lf lg lh kz"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" aria-label="clap"><path fill-rule="evenodd" d="M11.37.828 12 3.282l.63-2.454zM13.916 3.953l1.523-2.112-1.184-.39zM8.589 1.84l1.522 2.112-.337-2.501zM18.523 18.92c-.86.86-1.75 1.246-2.62 1.33a6 6 0 0 0 .407-.372c2.388-2.389 2.86-4.951 1.399-7.623l-.912-1.603-.79-1.672c-.26-.56-.194-.98.203-1.288a.7.7 0 0 1 .546-.132c.283.046.546.231.728.5l2.363 4.157c.976 1.624 1.141 4.237-1.324 6.702m-10.999-.438L3.37 14.328a.828.828 0 0 1 .585-1.408.83.83 0 0 1 .585.242l2.158 2.157a.365.365 0 0 0 .516-.516l-2.157-2.158-1.449-1.449a.826.826 0 0 1 1.167-1.17l3.438 3.44a.363.363 0 0 0 .516 0 .364.364 0 0 0 0-.516L5.293 9.513l-.97-.97a.826.826 0 0 1 0-1.166.84.84 0 0 1 1.167 0l.97.968 3.437 3.436a.36.36 0 0 0 .517 0 .366.366 0 0 0 0-.516L6.977 7.83a.82.82 0 0 1-.241-.584.82.82 0 0 1 .824-.826c.219 0 .43.087.584.242l5.787 5.787a.366.366 0 0 0 .587-.415l-1.117-2.363c-.26-.56-.194-.98.204-1.289a.7.7 0 0 1 .546-.132c.283.046.545.232.727.501l2.193 3.86c1.302 2.38.883 4.59-1.277 6.75-1.156 1.156-2.602 1.627-4.19 1.367-1.418-.236-2.866-1.033-4.079-2.246M10.75 5.971l2.12 2.12c-.41.502-.465 1.17-.128 1.89l.22.465-3.523-3.523a.8.8 0 0 1-.097-.368c0-.22.086-.428.241-.584a.847.847 0 0 1 1.167 0m7.355 1.705c-.31-.461-.746-.758-1.23-.837a1.44 1.44 0 0 0-1.11.275c-.312.24-.505.543-.59.881a1.74 1.74 0 0 0-.906-.465 1.47 1.47 0 0 0-.82.106l-2.182-2.182a1.56 1.56 0 0 0-2.2 0 1.54 1.54 0 0 0-.396.701 1.56 1.56 0 0 0-2.21-.01 1.55 1.55 0 0 0-.416.753c-.624-.624-1.649-.624-2.237-.037a1.557 1.557 0 0 0 0 2.2c-.239.1-.501.238-.715.453a1.56 1.56 0 0 0 0 2.2l.516.515a1.556 1.556 0 0 0-.753 2.615L7.01 19c1.32 1.319 2.909 2.189 4.475 2.449q.482.08.971.08c.85 0 1.653-.198 2.393-.579.231.033.46.054.686.054 1.266 0 2.457-.52 3.505-1.567 2.763-2.763 2.552-5.734 1.439-7.586z" clip-rule="evenodd"></path></svg></div></div></div></a></span></div><div class="pw-multi-vote-count l li lj lk ll lm ln lo"><p class="bf b dv z du"><span class="lp">--</span></p></div></div></span><span class="l h g f pr ps"><div class="ab q kv kw"><div class="pw-multi-vote-icon fj je kx ky kz"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="footerClapButton" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fvote%2Funicornindia%2F8d158303e8a1&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&user=Varun+Bhatt&userId=261c06359ad3&source=---footer_actions--8d158303e8a1---------------------clap_footer-----------"><div><div class="bm" aria-hidden="false"><div class="la ao lb lc ld le am lf lg lh kz"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" aria-label="clap"><path fill-rule="evenodd" d="M11.37.828 12 3.282l.63-2.454zM13.916 3.953l1.523-2.112-1.184-.39zM8.589 1.84l1.522 2.112-.337-2.501zM18.523 18.92c-.86.86-1.75 1.246-2.62 1.33a6 6 0 0 0 .407-.372c2.388-2.389 2.86-4.951 1.399-7.623l-.912-1.603-.79-1.672c-.26-.56-.194-.98.203-1.288a.7.7 0 0 1 .546-.132c.283.046.546.231.728.5l2.363 4.157c.976 1.624 1.141 4.237-1.324 6.702m-10.999-.438L3.37 14.328a.828.828 0 0 1 .585-1.408.83.83 0 0 1 .585.242l2.158 2.157a.365.365 0 0 0 .516-.516l-2.157-2.158-1.449-1.449a.826.826 0 0 1 1.167-1.17l3.438 3.44a.363.363 0 0 0 .516 0 .364.364 0 0 0 0-.516L5.293 9.513l-.97-.97a.826.826 0 0 1 0-1.166.84.84 0 0 1 1.167 0l.97.968 3.437 3.436a.36.36 0 0 0 .517 0 .366.366 0 0 0 0-.516L6.977 7.83a.82.82 0 0 1-.241-.584.82.82 0 0 1 .824-.826c.219 0 .43.087.584.242l5.787 5.787a.366.366 0 0 0 .587-.415l-1.117-2.363c-.26-.56-.194-.98.204-1.289a.7.7 0 0 1 .546-.132c.283.046.545.232.727.501l2.193 3.86c1.302 2.38.883 4.59-1.277 6.75-1.156 1.156-2.602 1.627-4.19 1.367-1.418-.236-2.866-1.033-4.079-2.246M10.75 5.971l2.12 2.12c-.41.502-.465 1.17-.128 1.89l.22.465-3.523-3.523a.8.8 0 0 1-.097-.368c0-.22.086-.428.241-.584a.847.847 0 0 1 1.167 0m7.355 1.705c-.31-.461-.746-.758-1.23-.837a1.44 1.44 0 0 0-1.11.275c-.312.24-.505.543-.59.881a1.74 1.74 0 0 0-.906-.465 1.47 1.47 0 0 0-.82.106l-2.182-2.182a1.56 1.56 0 0 0-2.2 0 1.54 1.54 0 0 0-.396.701 1.56 1.56 0 0 0-2.21-.01 1.55 1.55 0 0 0-.416.753c-.624-.624-1.649-.624-2.237-.037a1.557 1.557 0 0 0 0 2.2c-.239.1-.501.238-.715.453a1.56 1.56 0 0 0 0 2.2l.516.515a1.556 1.556 0 0 0-.753 2.615L7.01 19c1.32 1.319 2.909 2.189 4.475 2.449q.482.08.971.08c.85 0 1.653-.198 2.393-.579.231.033.46.054.686.054 1.266 0 2.457-.52 3.505-1.567 2.763-2.763 2.552-5.734 1.439-7.586z" clip-rule="evenodd"></path></svg></div></div></div></a></span></div><div class="pw-multi-vote-count l li lj lk ll lm ln lo"><p class="bf b dv z du"><span class="lp">--</span></p></div></div></span></div><div class="bq ab"><div><div class="bm" aria-hidden="false"><button class="ao la lq lr ab q fk ls lt" aria-label="responses"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" class="lu"><path d="M18.006 16.803c1.533-1.456 2.234-3.325 2.234-5.321C20.24 7.357 16.709 4 12.191 4S4 7.357 4 11.482c0 4.126 3.674 7.482 8.191 7.482.817 0 1.622-.111 2.393-.327.231.2.48.391.744.559 1.06.693 2.203 1.044 3.399 1.044.224-.008.4-.112.486-.287a.49.49 0 0 0-.042-.518c-.495-.67-.845-1.364-1.04-2.057a4 4 0 0 1-.125-.598zm-3.122 1.055-.067-.223-.315.096a8 8 0 0 1-2.311.338c-4.023 0-7.292-2.955-7.292-6.587 0-3.633 3.269-6.588 7.292-6.588 4.014 0 7.112 2.958 7.112 6.593 0 1.794-.608 3.469-2.027 4.72l-.195.168v.255c0 .056 0 .151.016.295.025.231.081.478.154.733.154.558.398 1.117.722 1.659a5.3 5.3 0 0 1-2.165-.845c-.276-.176-.714-.383-.941-.59z"></path></svg></button></div></div></div></div><div class="ab q"><div class="pt l ix"><div><div class="bm" aria-hidden="false"><span><a class="af ag ah ai aj ak al am an ao ap aq ar as at" data-testid="footerBookmarkButton" rel="noopener follow" href="/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F8d158303e8a1&operation=register&redirect=https%3A%2F%2Fmedium.com%2Funicornindia%2Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1&source=---footer_actions--8d158303e8a1---------------------bookmark_footer-----------"><svg xmlns="http://www.w3.org/2000/svg" width="25" height="25" fill="none" viewBox="0 0 25 25" class="du lw" aria-label="Add to list bookmark button"><path fill="currentColor" d="M18 2.5a.5.5 0 0 1 1 0V5h2.5a.5.5 0 0 1 0 1H19v2.5a.5.5 0 1 1-1 0V6h-2.5a.5.5 0 0 1 0-1H18zM7 7a1 1 0 0 1 1-1h3.5a.5.5 0 0 0 0-1H8a2 2 0 0 0-2 2v14a.5.5 0 0 0 .805.396L12.5 17l5.695 4.396A.5.5 0 0 0 19 21v-8.5a.5.5 0 0 0-1 0v7.485l-5.195-4.012a.5.5 0 0 0-.61 0L7 19.985z"></path></svg></a></span></div></div></div><div class="pt l ix"><div class="bm" aria-hidden="false" aria-describedby="postFooterSocialMenu" aria-labelledby="postFooterSocialMenu"><div><div class="bm" aria-hidden="false"><button aria-controls="postFooterSocialMenu" aria-expanded="false" aria-label="Share Post" data-testid="footerSocialShareButton" class="af fk ah ai aj ak al me an ao ap ex mf mg lt mh"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" fill="none" viewBox="0 0 24 24"><path fill="currentColor" fill-rule="evenodd" d="M15.218 4.931a.4.4 0 0 1-.118.132l.012.006a.45.45 0 0 1-.292.074.5.5 0 0 1-.3-.13l-2.02-2.02v7.07c0 .28-.23.5-.5.5s-.5-.22-.5-.5v-7.04l-2 2a.45.45 0 0 1-.57.04h-.02a.4.4 0 0 1-.16-.3.4.4 0 0 1 .1-.32l2.8-2.8a.5.5 0 0 1 .7 0l2.8 2.79a.42.42 0 0 1 .068.498m-.106.138.008.004v-.01zM16 7.063h1.5a2 2 0 0 1 2 2v10a2 2 0 0 1-2 2h-11c-1.1 0-2-.9-2-2v-10a2 2 0 0 1 2-2H8a.5.5 0 0 1 .35.15.5.5 0 0 1 .15.35.5.5 0 0 1-.15.35.5.5 0 0 1-.35.15H6.4c-.5 0-.9.4-.9.9v10.2a.9.9 0 0 0 .9.9h11.2c.5 0 .9-.4.9-.9v-10.2c0-.5-.4-.9-.9-.9H16a.5.5 0 0 1 0-1" clip-rule="evenodd"></path></svg></button></div></div></div></div></div></div></div></div></div></footer><div class="pu pv pw px py l bx"><div class="ab cb"><div class="ci bh fz ga gb gc"><div class="pz l"><div class="ab qa qb qc iz iy"><div class="qd qe qf qg qh qi qj qk ql qm ab cp"><div class="h k"><a href="https://medium.com/unicornindia?source=post_page---post_publication_info--8d158303e8a1--------------------------------" rel="noopener follow"><div class="fj ab"><img alt="Unicornindia" class="qn ib ic cx" src="https://miro.medium.com/v2/resize:fill:96:96/1*LbMg_7-_2H_PW_VFdwsWLg.jpeg" width="48" height="48" loading="lazy"/><div class="qn l ic ib fs n fr qo"></div></div></a></div><div class="j i d"><a href="https://medium.com/unicornindia?source=post_page---post_publication_info--8d158303e8a1--------------------------------" rel="noopener follow"><div class="fj ab"><img alt="Unicornindia" class="qn qq qp cx" src="https://miro.medium.com/v2/resize:fill:128:128/1*LbMg_7-_2H_PW_VFdwsWLg.jpeg" width="64" height="64" loading="lazy"/><div class="qn l qp qq fs n fr qo"></div></div></a></div><div class="j i d qr ix"><div class="ab"></div></div></div><div class="ab co qs"><div class="qt qu qv qw qx l"><a class="af ag ah aj ak al am an ao ap aq ar as at ab q" href="https://medium.com/unicornindia?source=post_page---post_publication_info--8d158303e8a1--------------------------------" rel="noopener follow"><h2 class="pw-author-name bf qz ra rb rc rd re rf nr rg rh nv ri rj nz rk rl bk"><span class="gn qy">Published in Unicornindia</span></h2></a><div class="ov ab ia"><div class="l ix"><span class="pw-follower-count bf b bg z du"><a class="af ag ah ai aj ak al am an ao ap aq ar iq" rel="noopener follow" href="/unicornindia/followers?source=post_page---post_publication_info--8d158303e8a1--------------------------------">25 Followers</a></span></div><div class="bf b bg z du ab jd"><span class="ir l" aria-hidden="true"><span class="bf b bg z du">·</span></span><a class="af ag ah ai aj ak al am an ao ap aq ar iq" rel="noopener follow" href="/unicornindia/insurtech-industry-opportunities-challenges-and-growth-drivers-6b97a70a07a8?source=post_page---post_publication_info--8d158303e8a1--------------------------------">Last published <span>Feb 23, 2021</span></a></div></div><div class="rm l"><p class="bf b bg z bk"><span class="gn">Unicorn India Venture is an Indian venture capital firm offering Venture Equity funding to technology businesses across geographies. It also has a UK-India cross-border fund in partnership with Ascension Venture</span></p></div></div></div><div class="h k"><div class="ab"></div></div></div></div><div class="ab qa qb qc iz iy"><div class="qd qe qf qg qh qi qj qk ql qm ab cp"><div class="h k"><a tabindex="0" rel="noopener follow" href="/@varun_56338?source=post_page---post_author_info--8d158303e8a1--------------------------------"><div class="l fj"><img alt="Varun Bhatt" class="l fd by ic ib cx" src="https://miro.medium.com/v2/resize:fill:96:96/0*RZVz3fjJTYk25Bjv.jpg" width="48" height="48" loading="lazy"/><div class="fr by l ic ib fs n ay qo"></div></div></a></div><div class="j i d"><a tabindex="0" rel="noopener follow" href="/@varun_56338?source=post_page---post_author_info--8d158303e8a1--------------------------------"><div class="l fj"><img alt="Varun Bhatt" class="l fd by qp qq cx" src="https://miro.medium.com/v2/resize:fill:128:128/0*RZVz3fjJTYk25Bjv.jpg" width="64" height="64" loading="lazy"/><div class="fr by l qp qq fs n ay qo"></div></div></a></div><div class="j i d qr ix"><div class="ab"><span><button class="bf b bg z rn ox ro rp rq rr rs ev ew rt ru rv fa fb fc fd bm fe ff">Follow</button></span></div></div></div><div class="ab co qs"><div class="qt qu qv qw qx l"><a class="af ag ah aj ak al am an ao ap aq ar as at ab q" rel="noopener follow" href="/@varun_56338?source=post_page---post_author_info--8d158303e8a1--------------------------------"><h2 class="pw-author-name bf qz ra rb rc rd re rf nr rg rh nv ri rj nz rk rl bk"><span class="gn qy">Written by Varun Bhatt</span></h2></a><div class="ov ab ia"><div class="l ix"><span class="pw-follower-count bf b bg z du"><a class="af ag ah ai aj ak al am an ao ap aq ar iq" rel="noopener follow" href="/@varun_56338/followers?source=post_page---post_author_info--8d158303e8a1--------------------------------">4 Followers</a></span></div><div class="bf b bg z du ab jd"><span class="ir l" aria-hidden="true"><span class="bf b bg z du">·</span></span><a class="af ag ah ai aj ak al am an ao ap aq ar iq" rel="noopener follow" href="/@varun_56338/following?source=post_page---post_author_info--8d158303e8a1--------------------------------">8 Following</a></div></div><div class="rm l"></div></div></div><div class="h k"><div class="ab"><span><button class="bf b bg z rn ox ro rp rq rr rs ev ew rt ru rv fa fb fc fd bm fe ff">Follow</button></span></div></div></div><div class="rw bh rx ry"></div></div></div><div class="h k j"><div class="rw bh rx rz"></div><div class="ab cb"><div class="ci bh fz ga gb gc"><div class="sa ab kv ja"><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://help.medium.com/hc/en-us?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Help</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://medium.statuspage.io/?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Status</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" rel="noopener follow" href="/about?autoplay=1&source=post_page-----8d158303e8a1--------------------------------"><p class="bf b dv z du">About</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" rel="noopener follow" href="/jobs-at-medium/work-at-medium-959d1a85284e?source=post_page-----8d158303e8a1--------------------------------"><p class="bf b dv z du">Careers</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="pressinquiries@medium.com?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Press</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://blog.medium.com/?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Blog</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Privacy</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Terms</p></a></div><div class="sb sc l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" href="https://speechify.com/medium?source=post_page-----8d158303e8a1--------------------------------" rel="noopener follow"><p class="bf b dv z du">Text to speech</p></a></div><div class="sb l"><a class="af ag ah ai aj ak al am an ao ap aq ar as at" rel="noopener follow" href="/business?source=post_page-----8d158303e8a1--------------------------------"><p class="bf b dv z du">Teams</p></a></div></div></div></div></div></div></div></div></div></div><script>window.__BUILD_ID__="main-20241122-185319-7bcdc08639"</script><script>window.__GRAPHQL_URI__ = "https://medium.com/_/graphql"</script><script>window.__PRELOADED_STATE__ = {"algolia":{"queries":{}},"cache":{"experimentGroupSet":true,"reason":"","group":"enabled","tags":["group-edgeCachePosts","post-8d158303e8a1","user-261c06359ad3","collection-cdec064255a0"],"serverVariantState":"44136fa355b3678a1146ad16f7e8649e94fb4fc21fe77e8310c060f61caaff8a","middlewareEnabled":true,"cacheStatus":"DYNAMIC","shouldUseCache":true,"vary":[],"lohpSummerUpsellEnabled":false,"publicationHierarchyEnabledWeb":false,"postBottomResponsesEnabled":false},"client":{"hydrated":false,"isUs":false,"isNativeMedium":false,"isSafariMobile":false,"isSafari":false,"isFirefox":false,"routingEntity":{"type":"DEFAULT","explicit":false},"viewerIsBot":false},"debug":{"requestId":"9333a3c1-a90b-494f-8bb9-128008f4511d","hybridDevServices":[],"originalSpanCarrier":{"traceparent":"00-d2a099f24f78b57e44e46fed558e7b2d-2fa81321400737d2-01"}},"multiVote":{"clapsPerPost":{}},"navigation":{"branch":{"show":null,"hasRendered":null,"blockedByCTA":false},"hideGoogleOneTap":false,"hasRenderedAlternateUserBanner":null,"currentLocation":"https:\u002F\u002Fmedium.com\u002Funicornindia\u002Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1","host":"medium.com","hostname":"medium.com","referrer":"","hasSetReferrer":false,"susiModal":{"step":null,"operation":"register"},"postRead":false,"partnerProgram":{"selectedCountryCode":null},"queryString":"","currentHash":""},"config":{"nodeEnv":"production","version":"main-20241122-185319-7bcdc08639","target":"production","productName":"Medium","publicUrl":"https:\u002F\u002Fcdn-client.medium.com\u002Flite","authDomain":"medium.com","authGoogleClientId":"216296035834-k1k6qe060s2tp2a2jam4ljdcms00sttg.apps.googleusercontent.com","favicon":"production","glyphUrl":"https:\u002F\u002Fglyph.medium.com","branchKey":"key_live_ofxXr2qTrrU9NqURK8ZwEhknBxiI6KBm","algolia":{"appId":"MQ57UUUQZ2","apiKeySearch":"394474ced050e3911ae2249ecc774921","indexPrefix":"medium_","host":"-dsn.algolia.net"},"recaptchaKey":"6Lfc37IUAAAAAKGGtC6rLS13R1Hrw_BqADfS1LRk","recaptcha3Key":"6Lf8R9wUAAAAABMI_85Wb8melS7Zj6ziuf99Yot5","recaptchaEnterpriseKeyId":"6Le-uGgpAAAAAPprRaokM8AKthQ9KNGdoxaGUvVp","datadog":{"applicationId":"6702d87d-a7e0-42fe-bbcb-95b469547ea0","clientToken":"pub853ea8d17ad6821d9f8f11861d23dfed","rumToken":"pubf9cc52896502b9413b68ba36fc0c7162","context":{"deployment":{"target":"production","tag":"main-20241122-185319-7bcdc08639","commit":"7bcdc08639c179dc5172558201a3fd3abc1b5db6"}},"datacenter":"us"},"googleAnalyticsCode":"G-7JY7T788PK","googlePay":{"apiVersion":"2","apiVersionMinor":"0","merchantId":"BCR2DN6TV7EMTGBM","merchantName":"Medium","instanceMerchantId":"13685562959212738550"},"applePay":{"version":3},"signInWallCustomDomainCollectionIds":["3a8144eabfe3","336d898217ee","61061eb0c96b","138adf9c44c","819cc2aaeee0"],"mediumMastodonDomainName":"me.dm","mediumOwnedAndOperatedCollectionIds":["8a9336e5bb4","b7e45b22fec3","193b68bd4fba","8d6b8a439e32","54c98c43354d","3f6ecf56618","d944778ce714","92d2092dc598","ae2a65f35510","1285ba81cada","544c7006046e","fc8964313712","40187e704f1c","88d9857e584e","7b6769f2748b","bcc38c8f6edf","cef6983b292","cb8577c9149e","444d13b52878","713d7dbc99b0","ef8e90590e66","191186aaafa0","55760f21cdc5","9dc80918cc93","bdc4052bbdba","8ccfed20cbb2"],"tierOneDomains":["medium.com","thebolditalic.com","arcdigital.media","towardsdatascience.com","uxdesign.cc","codeburst.io","psiloveyou.xyz","writingcooperative.com","entrepreneurshandbook.co","prototypr.io","betterhumans.coach.me","theascent.pub"],"topicsToFollow":["d61cf867d93f","8a146bc21b28","1eca0103fff3","4d562ee63426","aef1078a3ef5","e15e46793f8d","6158eb913466","55f1c20aba7a","3d18b94f6858","4861fee224fd","63c6f1f93ee","1d98b3a9a871","decb52b64abf","ae5d4995e225","830cded25262"],"topicToTagMappings":{"accessibility":"accessibility","addiction":"addiction","android-development":"android-development","art":"art","artificial-intelligence":"artificial-intelligence","astrology":"astrology","basic-income":"basic-income","beauty":"beauty","biotech":"biotech","blockchain":"blockchain","books":"books","business":"business","cannabis":"cannabis","cities":"cities","climate-change":"climate-change","comics":"comics","coronavirus":"coronavirus","creativity":"creativity","cryptocurrency":"cryptocurrency","culture":"culture","cybersecurity":"cybersecurity","data-science":"data-science","design":"design","digital-life":"digital-life","disability":"disability","economy":"economy","education":"education","equality":"equality","family":"family","feminism":"feminism","fiction":"fiction","film":"film","fitness":"fitness","food":"food","freelancing":"freelancing","future":"future","gadgets":"gadgets","gaming":"gaming","gun-control":"gun-control","health":"health","history":"history","humor":"humor","immigration":"immigration","ios-development":"ios-development","javascript":"javascript","justice":"justice","language":"language","leadership":"leadership","lgbtqia":"lgbtqia","lifestyle":"lifestyle","machine-learning":"machine-learning","makers":"makers","marketing":"marketing","math":"math","media":"media","mental-health":"mental-health","mindfulness":"mindfulness","money":"money","music":"music","neuroscience":"neuroscience","nonfiction":"nonfiction","outdoors":"outdoors","parenting":"parenting","pets":"pets","philosophy":"philosophy","photography":"photography","podcasts":"podcast","poetry":"poetry","politics":"politics","privacy":"privacy","product-management":"product-management","productivity":"productivity","programming":"programming","psychedelics":"psychedelics","psychology":"psychology","race":"race","relationships":"relationships","religion":"religion","remote-work":"remote-work","san-francisco":"san-francisco","science":"science","self":"self","self-driving-cars":"self-driving-cars","sexuality":"sexuality","social-media":"social-media","society":"society","software-engineering":"software-engineering","space":"space","spirituality":"spirituality","sports":"sports","startups":"startup","style":"style","technology":"technology","transportation":"transportation","travel":"travel","true-crime":"true-crime","tv":"tv","ux":"ux","venture-capital":"venture-capital","visual-design":"visual-design","work":"work","world":"world","writing":"writing"},"defaultImages":{"avatar":{"imageId":"1*dmbNkD5D-u45r44go_cf0g.png","height":150,"width":150},"orgLogo":{"imageId":"7*V1_7XP4snlmqrc_0Njontw.png","height":110,"width":500},"postLogo":{"imageId":"bd978bb536350a710e8efb012513429cabdc4c28700604261aeda246d0f980b7","height":810,"width":1440},"postPreviewImage":{"imageId":"1*hn4v1tCaJy7cWMyb0bpNpQ.png","height":386,"width":579}},"collectionStructuredData":{"8d6b8a439e32":{"name":"Elemental","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fcdn-images-1.medium.com\u002Fmax\u002F980\u002F1*9ygdqoKprhwuTVKUM0DLPA@2x.png","width":980,"height":159}}},"3f6ecf56618":{"name":"Forge","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fcdn-images-1.medium.com\u002Fmax\u002F596\u002F1*uULpIlImcO5TDuBZ6lm7Lg@2x.png","width":596,"height":183}}},"ae2a65f35510":{"name":"GEN","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fmiro.medium.com\u002Fmax\u002F264\u002F1*RdVZMdvfV3YiZTw6mX7yWA.png","width":264,"height":140}}},"88d9857e584e":{"name":"LEVEL","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fmiro.medium.com\u002Fmax\u002F540\u002F1*JqYMhNX6KNNb2UlqGqO2WQ.png","width":540,"height":108}}},"7b6769f2748b":{"name":"Marker","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fcdn-images-1.medium.com\u002Fmax\u002F383\u002F1*haCUs0wF6TgOOvfoY-jEoQ@2x.png","width":383,"height":92}}},"444d13b52878":{"name":"OneZero","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fmiro.medium.com\u002Fmax\u002F540\u002F1*cw32fIqCbRWzwJaoQw6BUg.png","width":540,"height":123}}},"8ccfed20cbb2":{"name":"Zora","data":{"@type":"NewsMediaOrganization","ethicsPolicy":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Farticles\u002F360043290473","logo":{"@type":"ImageObject","url":"https:\u002F\u002Fmiro.medium.com\u002Fmax\u002F540\u002F1*tZUQqRcCCZDXjjiZ4bDvgQ.png","width":540,"height":106}}}},"embeddedPostIds":{"coronavirus":"cd3010f9d81f"},"sharedCdcMessaging":{"COVID_APPLICABLE_TAG_SLUGS":[],"COVID_APPLICABLE_TOPIC_NAMES":[],"COVID_APPLICABLE_TOPIC_NAMES_FOR_TOPIC_PAGE":[],"COVID_MESSAGES":{"tierA":{"text":"For more information on the novel coronavirus and Covid-19, visit cdc.gov.","markups":[{"start":66,"end":73,"href":"https:\u002F\u002Fwww.cdc.gov\u002Fcoronavirus\u002F2019-nCoV"}]},"tierB":{"text":"Anyone can publish on Medium per our Policies, but we don’t fact-check every story. For more info about the coronavirus, see cdc.gov.","markups":[{"start":37,"end":45,"href":"https:\u002F\u002Fhelp.medium.com\u002Fhc\u002Fen-us\u002Fcategories\u002F201931128-Policies-Safety"},{"start":125,"end":132,"href":"https:\u002F\u002Fwww.cdc.gov\u002Fcoronavirus\u002F2019-nCoV"}]},"paywall":{"text":"This article has been made free for everyone, thanks to Medium Members. For more information on the novel coronavirus and Covid-19, visit cdc.gov.","markups":[{"start":56,"end":70,"href":"https:\u002F\u002Fmedium.com\u002Fmembership"},{"start":138,"end":145,"href":"https:\u002F\u002Fwww.cdc.gov\u002Fcoronavirus\u002F2019-nCoV"}]},"unbound":{"text":"This article is free for everyone, thanks to Medium Members. For more information on the novel coronavirus and Covid-19, visit cdc.gov.","markups":[{"start":45,"end":59,"href":"https:\u002F\u002Fmedium.com\u002Fmembership"},{"start":127,"end":134,"href":"https:\u002F\u002Fwww.cdc.gov\u002Fcoronavirus\u002F2019-nCoV"}]}},"COVID_BANNER_POST_ID_OVERRIDE_WHITELIST":["3b31a67bff4a"]},"sharedVoteMessaging":{"TAGS":["politics","election-2020","government","us-politics","election","2020-presidential-race","trump","donald-trump","democrats","republicans","congress","republican-party","democratic-party","biden","joe-biden","maga"],"TOPICS":["politics","election"],"MESSAGE":{"text":"Find out more about the U.S. election results here.","markups":[{"start":46,"end":50,"href":"https:\u002F\u002Fcookpolitical.com\u002F2020-national-popular-vote-tracker"}]},"EXCLUDE_POSTS":["397ef29e3ca5"]},"embedPostRules":[],"recircOptions":{"v1":{"limit":3},"v2":{"limit":8}},"braintreeClientKey":"production_zjkj96jm_m56f8fqpf7ngnrd4","braintree":{"enabled":true,"merchantId":"m56f8fqpf7ngnrd4","merchantAccountId":{"usd":"AMediumCorporation_instant","eur":"amediumcorporation_EUR","cad":"amediumcorporation_CAD"},"publicKey":"ds2nn34bg2z7j5gd","braintreeEnvironment":"production","dashboardUrl":"https:\u002F\u002Fwww.braintreegateway.com\u002Fmerchants","gracePeriodDurationInDays":14,"mediumMembershipPlanId":{"monthly":"ce105f8c57a3","monthlyV2":"e8a5e126-792b-4ee6-8fba-d574c1b02fc5","monthlyWithTrial":"d5ee3dbe3db8","monthlyPremium":"fa741a9b47a2","yearly":"a40ad4a43185","yearlyV2":"3815d7d6-b8ca-4224-9b8c-182f9047866e","yearlyStaff":"d74fb811198a","yearlyWithTrial":"b3bc7350e5c7","yearlyPremium":"e21bd2c12166","monthlyOneYearFree":"e6c0637a-2bad-4171-ab4f-3c268633d83c","monthly25PercentOffFirstYear":"235ecc62-0cdb-49ae-9378-726cd21c504b","monthly20PercentOffFirstYear":"ba518864-9c13-4a99-91ca-411bf0cac756","monthly15PercentOffFirstYear":"594c029b-9f89-43d5-88f8-8173af4e070e","monthly10PercentOffFirstYear":"c6c7bc9a-40f2-4b51-8126-e28511d5bdb0","monthlyForStudents":"629ebe51-da7d-41fd-8293-34cd2f2030a8","yearlyOneYearFree":"78ba7be9-0d9f-4ece-aa3e-b54b826f2bf1","yearly25PercentOffFirstYear":"2dbb010d-bb8f-4eeb-ad5c-a08509f42d34","yearly20PercentOffFirstYear":"47565488-435b-47f8-bf93-40d5fbe0ebc8","yearly15PercentOffFirstYear":"8259809b-0881-47d9-acf7-6c001c7f720f","yearly10PercentOffFirstYear":"9dd694fb-96e1-472c-8d9e-3c868d5c1506","yearlyForStudents":"e29345ef-ab1c-4234-95c5-70e50fe6bc23","monthlyCad":"p52orjkaceei","yearlyCad":"h4q9g2up9ktt"},"braintreeDiscountId":{"oneMonthFree":"MONTHS_FREE_01","threeMonthsFree":"MONTHS_FREE_03","sixMonthsFree":"MONTHS_FREE_06","fiftyPercentOffOneYear":"FIFTY_PERCENT_OFF_ONE_YEAR"},"3DSecureVersion":"2","defaultCurrency":"usd","providerPlanIdCurrency":{"4ycw":"usd","rz3b":"usd","3kqm":"usd","jzw6":"usd","c2q2":"usd","nnsw":"usd","q8qw":"usd","d9y6":"usd","fx7w":"cad","nwf2":"cad"}},"paypalClientId":"AXj1G4fotC2GE8KzWX9mSxCH1wmPE3nJglf4Z2ig_amnhvlMVX87otaq58niAg9iuLktVNF_1WCMnN7v","paypal":{"host":"https:\u002F\u002Fapi.paypal.com:443","clientMode":"production","serverMode":"live","webhookId":"4G466076A0294510S","monthlyPlan":{"planId":"P-9WR0658853113943TMU5FDQA","name":"Medium Membership (Monthly) with setup fee","description":"Unlimited access to the best and brightest stories on Medium. Membership billed monthly."},"yearlyPlan":{"planId":"P-7N8963881P8875835MU5JOPQ","name":"Medium Membership (Annual) with setup fee","description":"Unlimited access to the best and brightest stories on Medium. Membership billed annually."},"oneYearGift":{"name":"Medium Membership (1 Year, Digital Gift Code)","description":"Unlimited access to the best and brightest stories on Medium. Gift codes can be redeemed at medium.com\u002Fredeem.","price":"50.00","currency":"USD","sku":"membership-gift-1-yr"},"oldMonthlyPlan":{"planId":"P-96U02458LM656772MJZUVH2Y","name":"Medium Membership (Monthly)","description":"Unlimited access to the best and brightest stories on Medium. Membership billed monthly."},"oldYearlyPlan":{"planId":"P-59P80963JF186412JJZU3SMI","name":"Medium Membership (Annual)","description":"Unlimited access to the best and brightest stories on Medium. Membership billed annually."},"monthlyPlanWithTrial":{"planId":"P-66C21969LR178604GJPVKUKY","name":"Medium Membership (Monthly) with setup fee","description":"Unlimited access to the best and brightest stories on Medium. Membership billed monthly."},"yearlyPlanWithTrial":{"planId":"P-6XW32684EX226940VKCT2MFA","name":"Medium Membership (Annual) with setup fee","description":"Unlimited access to the best and brightest stories on Medium. Membership billed annually."},"oldMonthlyPlanNoSetupFee":{"planId":"P-4N046520HR188054PCJC7LJI","name":"Medium Membership (Monthly)","description":"Unlimited access to the best and brightest stories on Medium. Membership billed monthly."},"oldYearlyPlanNoSetupFee":{"planId":"P-7A4913502Y5181304CJEJMXQ","name":"Medium Membership (Annual)","description":"Unlimited access to the best and brightest stories on Medium. Membership billed annually."},"sdkUrl":"https:\u002F\u002Fwww.paypal.com\u002Fsdk\u002Fjs"},"stripePublishableKey":"pk_live_7FReX44VnNIInZwrIIx6ghjl","log":{"json":true,"level":"info"},"imageUploadMaxSizeMb":25,"staffPicks":{"title":"Staff Picks","catalogId":"c7bc6e1ee00f"}},"session":{"xsrf":""}}</script><script>window.__APOLLO_STATE__ = {"ROOT_QUERY":{"__typename":"Query","viewer":null,"collectionByDomainOrSlug({\"domainOrSlug\":\"unicornindia\"})":{"__ref":"Collection:cdec064255a0"},"postResult({\"id\":\"8d158303e8a1\"})":{"__ref":"Post:8d158303e8a1"}},"ImageMetadata:":{"__typename":"ImageMetadata","id":""},"Collection:cdec064255a0":{"__typename":"Collection","id":"cdec064255a0","favicon":{"__ref":"ImageMetadata:"},"customStyleSheet":null,"colorPalette":{"__typename":"ColorPalette","highlightSpectrum":{"__typename":"ColorSpectrum","backgroundColor":"#FFFFFFFF","colorPoints":[{"__typename":"ColorPoint","color":"#FFFFFFFF","point":0},{"__typename":"ColorPoint","color":"#FFE8F3E8","point":0.1},{"__typename":"ColorPoint","color":"#FFE8F3E8","point":0.2},{"__typename":"ColorPoint","color":"#FFD1E7D1","point":0.6},{"__typename":"ColorPoint","color":"#FFA3D0A2","point":1}]},"defaultBackgroundSpectrum":{"__typename":"ColorSpectrum","backgroundColor":"#FFFFFFFF","colorPoints":[{"__typename":"ColorPoint","color":"#FF1A8917","point":0},{"__typename":"ColorPoint","color":"#FF11800E","point":0.1},{"__typename":"ColorPoint","color":"#FF0F730C","point":0.2},{"__typename":"ColorPoint","color":"#FF095407","point":1}]},"tintBackgroundSpectrum":null},"domain":null,"slug":"unicornindia","googleAnalyticsId":null,"editors":[{"__typename":"CollectionMastheadUserItem","user":{"__ref":"User:d0631c5e77f4"}},{"__typename":"CollectionMastheadUserItem","user":{"__ref":"User:12f731ab44ed"}}],"name":"Unicornindia","avatar":{"__ref":"ImageMetadata:1*LbMg_7-_2H_PW_VFdwsWLg.jpeg"},"description":"Unicorn India Venture is an Indian venture capital firm offering Venture Equity funding to technology businesses across geographies. It also has a UK-India cross-border fund in partnership with Ascension Venture","subscriberCount":25,"latestPostsConnection({\"paging\":{\"limit\":1}})":{"__typename":"PostConnection","posts":[{"__ref":"Post:6b97a70a07a8"}]},"viewerEdge":{"__ref":"CollectionViewerEdge:collectionId:cdec064255a0-viewerId:lo_5496036789a3"},"twitterUsername":"unicornindia","facebookPageId":null,"logo":{"__ref":"ImageMetadata:1*IiqR9KiDGIP7e9DTgy7hFA.jpeg"}},"User:d0631c5e77f4":{"__typename":"User","id":"d0631c5e77f4"},"User:12f731ab44ed":{"__typename":"User","id":"12f731ab44ed"},"ImageMetadata:1*LbMg_7-_2H_PW_VFdwsWLg.jpeg":{"__typename":"ImageMetadata","id":"1*LbMg_7-_2H_PW_VFdwsWLg.jpeg"},"User:68df457c22f":{"__typename":"User","id":"68df457c22f","customDomainState":{"__typename":"CustomDomainState","live":{"__typename":"CustomDomain","domain":"jayeshsinghania.medium.com"}},"hasSubdomain":true,"username":"jayeshsinghania"},"Post:6b97a70a07a8":{"__typename":"Post","id":"6b97a70a07a8","firstPublishedAt":1614086123815,"creator":{"__ref":"User:68df457c22f"},"collection":{"__ref":"Collection:cdec064255a0"},"isSeries":false,"mediumUrl":"https:\u002F\u002Fmedium.com\u002Funicornindia\u002Finsurtech-industry-opportunities-challenges-and-growth-drivers-6b97a70a07a8","sequence":null,"uniqueSlug":"insurtech-industry-opportunities-challenges-and-growth-drivers-6b97a70a07a8"},"LinkedAccounts:261c06359ad3":{"__typename":"LinkedAccounts","mastodon":null,"id":"261c06359ad3"},"UserViewerEdge:userId:261c06359ad3-viewerId:lo_5496036789a3":{"__typename":"UserViewerEdge","id":"userId:261c06359ad3-viewerId:lo_5496036789a3","isFollowing":false,"isUser":false,"isMuting":false},"User:261c06359ad3":{"__typename":"User","id":"261c06359ad3","linkedAccounts":{"__ref":"LinkedAccounts:261c06359ad3"},"isSuspended":false,"imageId":"0*RZVz3fjJTYk25Bjv.jpg","mediumMemberAt":0,"verifications":{"__typename":"VerifiedInfo","isBookAuthor":false},"name":"Varun Bhatt","socialStats":{"__typename":"SocialStats","followerCount":4,"followingCount":4,"collectionFollowingCount":4},"username":"varun_56338","customDomainState":null,"hasSubdomain":false,"bio":"","isPartnerProgramEnrolled":false,"viewerEdge":{"__ref":"UserViewerEdge:userId:261c06359ad3-viewerId:lo_5496036789a3"},"viewerIsUser":false,"newsletterV3":null,"postSubscribeMembershipUpsellShownAt":0,"membership":null,"allowNotes":true,"twitterScreenName":""},"Paragraph:17a58c2d814a_0":{"__typename":"Paragraph","id":"17a58c2d814a_0","name":"c9aa","type":"H3","href":null,"layout":null,"metadata":null,"text":"Problems faced by the Chitfund industry and how Chitmonks is solving it","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"ImageMetadata:1*RSugHv29rRYH6tmhdb8K8A.png":{"__typename":"ImageMetadata","id":"1*RSugHv29rRYH6tmhdb8K8A.png","originalHeight":146,"originalWidth":346,"focusPercentX":null,"focusPercentY":null,"alt":null},"Paragraph:17a58c2d814a_1":{"__typename":"Paragraph","id":"17a58c2d814a_1","name":"b7d7","type":"IMG","href":null,"layout":"INSET_CENTER","metadata":{"__ref":"ImageMetadata:1*RSugHv29rRYH6tmhdb8K8A.png"},"text":"","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_2":{"__typename":"Paragraph","id":"17a58c2d814a_2","name":"e750","type":"P","href":null,"layout":null,"metadata":null,"text":"Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving\u002F investment scheme used by millions. Although they have been around for so long, Chit Funds still have a long way to go in terms of innovation and thus attracting the next generation of subscribers","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_3":{"__typename":"Paragraph","id":"17a58c2d814a_3","name":"3465","type":"P","href":null,"layout":null,"metadata":null,"text":"The size of the organized chit fund industry is close to Rs 1,50,000 crore (AUM), with 30,000+ registered chit fund entities working in the country. However, the size of the untapped chit fund sector is more than 30 to 40 times of the regulated one.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"ImageMetadata:1*EXAZwD8ZyFIxInzGYARl0Q.png":{"__typename":"ImageMetadata","id":"1*EXAZwD8ZyFIxInzGYARl0Q.png","originalHeight":282,"originalWidth":332,"focusPercentX":null,"focusPercentY":null,"alt":null},"Paragraph:17a58c2d814a_4":{"__typename":"Paragraph","id":"17a58c2d814a_4","name":"a3d0","type":"IMG","href":null,"layout":"INSET_CENTER","metadata":{"__ref":"ImageMetadata:1*EXAZwD8ZyFIxInzGYARl0Q.png"},"text":"source: The Economic Times","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_5":{"__typename":"Paragraph","id":"17a58c2d814a_5","name":"cb93","type":"P","href":null,"layout":null,"metadata":null,"text":"In July 2020, we at Unicorn announced an investment in Chitmonks, a SaaS offering to chit funds to help them bring their whole process online. ChitMonks was started in 2016 and has grown to be an integral part of the industry in Telangana, working with both the state government and Chit funds alike.","hasDropCap":null,"dropCapImage":null,"markups":[{"__typename":"Markup","type":"STRONG","start":0,"end":64,"href":null,"anchorType":null,"userId":null,"linkMetadata":null}],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_6":{"__typename":"Paragraph","id":"17a58c2d814a_6","name":"93b1","type":"P","href":null,"layout":null,"metadata":null,"text":"The current processes in the Chit Fund industry are still antiquated, slow and inefficient. The industry does not enjoy the benefits from an established ecosystem like players in Insurance, Banking and Regulators do. Currently users must meet, auction, and distribute money in person. Furthermore, due to the lack of transparency, one does not have to look far to find cases of misappropriation and service related inefficiencies. Taking a further look, illegal Ponzi schemes have come to dominate the market, along with the unregulated chit groups, estimated at $50 billion.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_7":{"__typename":"Paragraph","id":"17a58c2d814a_7","name":"a837","type":"P","href":null,"layout":null,"metadata":null,"text":"ChitMonks proposes a unique solution to the aforementioned problems the industry is currently riddled with. Their offerings help the regulated chit funds, who operate mostly offline, to bring their operations online and, in the process, reduces inefficiency. Consumers can now join, auction, and transfer money all online and on mobile in the comfort of their own home. Furthermore, the level of transparency between the chit fund operator and the customer increases, easing any worries of fraud.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_8":{"__typename":"Paragraph","id":"17a58c2d814a_8","name":"80cb","type":"P","href":null,"layout":null,"metadata":null,"text":"ChitMonks is also currently working directly with the Telangana government via its product T-chits. T-chits is a blockchain based system which helps the regulator keep track of all registered chit funds and greatly reduces the risk of Chit funds misappropriating consumers money.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_9":{"__typename":"Paragraph","id":"17a58c2d814a_9","name":"209e","type":"P","href":null,"layout":null,"metadata":null,"text":"The added benefit here is that as ChitMonks works directly with the state government, it gives them an unparalleled ability to make sure all their B2B clients are fully inline with regulation. In an industry where clear rules are yet to be established this is invaluable","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_10":{"__typename":"Paragraph","id":"17a58c2d814a_10","name":"320c","type":"P","href":null,"layout":null,"metadata":null,"text":"Chit Funds though fall under the category of Miscellaneous Non-Banking Finance Companies thus administration and monitory activities have been given to the state governments instead of the RBI. Due to the complexities in administration, monitoring of Chit funds as an industry has always lacked prioritized support from the state governments. Hence there is a huge gap in terms of how chit funds can play a vital role in Financial Inclusion vs Just a mere Savings and Borrowings tool. A similar tool like P2P lending which is a subset of what Chit Funds have been doing for decades, has got due importance from the regulators (like RBI) who formulated an entire act to lubricate the industry. It is time for regulators to show this innovation in the Chit fund space as well. We believe Telangana is playing an important role by taking the first step in implementing T-Chits, a Blockchain driven Chit fund administration, designed and developed by ChitMonks. This could be a new beginning to redefine the trust and transparency in the Chit Fund space.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_11":{"__typename":"Paragraph","id":"17a58c2d814a_11","name":"9501","type":"P","href":null,"layout":null,"metadata":null,"text":"Furthermore, mistrust is rampant throughout the chit fund industry in its current form. Consumers do not trust chit fund companies which they have not heard of; chit fund companies do not trust consumers out of their subscriber circle. Hence many chit funds only grow organically. The underwriting process in the chit fund space has been the same for decades and the ticket sizes have grown and slowly many organized chit funds have moved away from the lower ticket sizes due to multiple reasons including both operational and income levels. Can technology come to rescue the chit funds to both increase their efficiency and grow at an accelerated pace? Again, ChitMonk’s approach in enabling the Chit fund companies is bringing a fresh new perspective in the B2B space.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_12":{"__typename":"Paragraph","id":"17a58c2d814a_12","name":"df28","type":"P","href":null,"layout":null,"metadata":null,"text":"Similar to regulatory agencies like State governments, many other ecosystem enablers such as Insurance companies or relevant regulators like IRDAs, Banking entities governed by RBI and NBFCs have been keeping Chit funds out of many services which could potentially cater to millions of subscribers who still connect to Chit Funds more (at least in terms of savings) than any other relevant financial instruments like FDs, RDs, Savings accounts etc. We believe it is again a derivative of the trust, due to the way Chit funds have operated previously and thus equates to very slow product innovation at all levels. ChitMonks approach in building a truly inclusive ecosystem working with the relevant stake holders at every level has placed them in a very unique position. By using their blockchain-based system, they want to create a new narrative when it comes to this financially inclusive asset class.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"ImageMetadata:1*QeIx-2Ooj5SSeY75ExzWhQ.png":{"__typename":"ImageMetadata","id":"1*QeIx-2Ooj5SSeY75ExzWhQ.png","originalHeight":400,"originalWidth":800,"focusPercentX":null,"focusPercentY":null,"alt":null},"Paragraph:17a58c2d814a_13":{"__typename":"Paragraph","id":"17a58c2d814a_13","name":"6394","type":"IMG","href":null,"layout":"INSET_CENTER","metadata":{"__ref":"ImageMetadata:1*QeIx-2Ooj5SSeY75ExzWhQ.png"},"text":"","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"Paragraph:17a58c2d814a_14":{"__typename":"Paragraph","id":"17a58c2d814a_14","name":"3bf3","type":"P","href":null,"layout":null,"metadata":null,"text":"We believe that ChitMonks will be the future of the industry. Their unique B2B\u002F B2G model will give them an edge on others who compete with them. The team is well versed in the chit fund industry and understand the complex regulations that are in place. Taking current conditions into account, bringing chit funds online in a transparent manner is of the upmost importance so they can continue to do business in a safe and more efficient way.","hasDropCap":null,"dropCapImage":null,"markups":[],"codeBlockMetadata":null,"iframe":null,"mixtapeMetadata":null},"CollectionViewerEdge:collectionId:cdec064255a0-viewerId:lo_5496036789a3":{"__typename":"CollectionViewerEdge","id":"collectionId:cdec064255a0-viewerId:lo_5496036789a3","isEditor":false,"isMuting":false},"ImageMetadata:1*IiqR9KiDGIP7e9DTgy7hFA.jpeg":{"__typename":"ImageMetadata","id":"1*IiqR9KiDGIP7e9DTgy7hFA.jpeg","originalWidth":2997,"originalHeight":1238},"PostViewerEdge:postId:8d158303e8a1-viewerId:lo_5496036789a3":{"__typename":"PostViewerEdge","shouldIndexPostForExternalSearch":true,"id":"postId:8d158303e8a1-viewerId:lo_5496036789a3"},"Tag:venture-capital":{"__typename":"Tag","id":"venture-capital","displayTitle":"Venture Capital","normalizedTagSlug":"venture-capital"},"Tag:startups":{"__typename":"Tag","id":"startups","displayTitle":"Startups","normalizedTagSlug":"startup"},"Tag:india":{"__typename":"Tag","id":"india","displayTitle":"India","normalizedTagSlug":"india"},"Tag:unicorn-india":{"__typename":"Tag","id":"unicorn-india","displayTitle":"Unicorn India","normalizedTagSlug":"india-unicorns"},"Post:8d158303e8a1":{"__typename":"Post","id":"8d158303e8a1","collection":{"__ref":"Collection:cdec064255a0"},"content({\"postMeteringOptions\":{}})":{"__typename":"PostContent","isLockedPreviewOnly":false,"bodyModel":{"__typename":"RichText","sections":[{"__typename":"Section","name":"1155","startIndex":0,"textLayout":null,"imageLayout":null,"backgroundImage":null,"videoLayout":null,"backgroundVideo":null}],"paragraphs":[{"__ref":"Paragraph:17a58c2d814a_0"},{"__ref":"Paragraph:17a58c2d814a_1"},{"__ref":"Paragraph:17a58c2d814a_2"},{"__ref":"Paragraph:17a58c2d814a_3"},{"__ref":"Paragraph:17a58c2d814a_4"},{"__ref":"Paragraph:17a58c2d814a_5"},{"__ref":"Paragraph:17a58c2d814a_6"},{"__ref":"Paragraph:17a58c2d814a_7"},{"__ref":"Paragraph:17a58c2d814a_8"},{"__ref":"Paragraph:17a58c2d814a_9"},{"__ref":"Paragraph:17a58c2d814a_10"},{"__ref":"Paragraph:17a58c2d814a_11"},{"__ref":"Paragraph:17a58c2d814a_12"},{"__ref":"Paragraph:17a58c2d814a_13"},{"__ref":"Paragraph:17a58c2d814a_14"}]},"validatedShareKey":"","shareKeyCreator":null},"creator":{"__ref":"User:261c06359ad3"},"inResponseToEntityType":null,"isLocked":false,"isMarkedPaywallOnly":false,"lockedSource":"LOCKED_POST_SOURCE_NONE","mediumUrl":"https:\u002F\u002Fmedium.com\u002Funicornindia\u002Fproblems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1","primaryTopic":null,"topics":[{"__typename":"Topic","slug":"cryptocurrency"},{"__typename":"Topic","slug":"blockchain"}],"isPublished":true,"latestPublishedVersion":"17a58c2d814a","visibility":"PUBLIC","postResponses":{"__typename":"PostResponses","count":0},"clapCount":3,"allowResponses":true,"isLimitedState":false,"title":"Problems faced in the Chitfund Industry and how Chitmonks will solve it","isSeries":false,"sequence":null,"uniqueSlug":"problems-faced-in-the-chitfund-industry-and-how-chitmonks-will-solve-it-8d158303e8a1","socialTitle":"","socialDek":"","canonicalUrl":"","metaDescription":"","latestPublishedAt":1594616592922,"readingTime":4.131132075471698,"previewContent":{"__typename":"PreviewContent","subtitle":"Around the world, people have been pooling money for over 7 centuries. In India, the Chit Fund is an established rotary saving\u002F investment…"},"previewImage":{"__ref":"ImageMetadata:1*EXAZwD8ZyFIxInzGYARl0Q.png"},"isShortform":false,"seoTitle":"","firstPublishedAt":1594616592922,"updatedAt":1639547483437,"shortformType":"SHORTFORM_TYPE_LINK","seoDescription":"","viewerEdge":{"__ref":"PostViewerEdge:postId:8d158303e8a1-viewerId:lo_5496036789a3"},"isSuspended":false,"license":"ALL_RIGHTS_RESERVED","tags":[{"__ref":"Tag:venture-capital"},{"__ref":"Tag:startups"},{"__ref":"Tag:india"},{"__ref":"Tag:unicorn-india"}],"isNewsletter":false,"statusForCollection":"APPROVED","pendingCollection":null,"detectedLanguage":"en","wordCount":949,"layerCake":0,"responsesLocked":false}}</script><script>window.__MIDDLEWARE_STATE__={"session":{"xsrf":""},"cache":{"cacheStatus":"MISS"}}</script><script src="https://cdn-client.medium.com/lite/static/js/manifest.b2314f6d.js"></script><script src="https://cdn-client.medium.com/lite/static/js/9865.1496d74a.js"></script><script src="https://cdn-client.medium.com/lite/static/js/main.24534aeb.js"></script><script src="https://cdn-client.medium.com/lite/static/js/instrumentation.d9108df7.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/reporting.ff22a7a5.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/9120.5df29668.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/5049.d1ead72d.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/4810.6318add7.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/6618.db187378.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/2707.b0942613.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/9977.5b3eb23a.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/8599.1ab63137.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/5250.9f9e01d2.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/6349.b071a958.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/2648.26563adf.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/8393.826a25fb.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/7079.67349d50.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/3735.afb7e926.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/5642.a2d9f6a1.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/6546.cd03f950.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/6834.08de95de.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/7346.72622eb9.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/2420.2a5e2d95.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/839.ca7937c2.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/7975.d195c6f1.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/2106.21ff89d3.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/7394.3d049572.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/2961.00a48598.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/8204.c4082863.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/4391.59acaed3.chunk.js"></script> <script src="https://cdn-client.medium.com/lite/static/js/PostPage.MainContent.c8a11795.chunk.js"></script><script>window.main();</script><script>(function(){function c(){var b=a.contentDocument||a.contentWindow.document;if(b){var d=b.createElement('script');d.innerHTML="window.__CF$cv$params={r:'8e724f972f16a042',t:'MTczMjM3Njk4NS4wMDAwMDA='};var a=document.createElement('script');a.nonce='';a.src='/cdn-cgi/challenge-platform/scripts/jsd/main.js';document.getElementsByTagName('head')[0].appendChild(a);";b.getElementsByTagName('head')[0].appendChild(d)}}if(document.body){var a=document.createElement('iframe');a.height=1;a.width=1;a.style.position='absolute';a.style.top=0;a.style.left=0;a.style.border='none';a.style.visibility='hidden';document.body.appendChild(a);if('loading'!==document.readyState)c();else if(window.addEventListener)document.addEventListener('DOMContentLoaded',c);else{var e=document.onreadystatechange||function(){};document.onreadystatechange=function(b){e(b);'loading'!==document.readyState&&(document.onreadystatechange=e,c())}}}})();</script></body></html>