Uma Chit Fund
Private sale ends in:


Press Release

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Chit Funds is a Non-Banking Financial Institution originated in India which comes under the RBI Act 1934. These companies are governed by the Chit Fund Act 1982. “Chit” as characterized by the act, implies an exchange by the method of which a foreman goes into a concurrence with various subscribers that all of them will buy in a specific amount of cash in periodical portions over some period of time i.e.

Chit funds are a traditional means of savings and borrowing in which members or subscribers agree to contribute a fixed amount of money for a fixed duration of time. The total amount collected (by foreman) is then auctioned and given out as prize money to the member or subscriber in need. So, this allows the members to save a part of their earnings for the times when needed.


Private sale bonuses up to 30%

Only 50,00,000 UCF will be issued during private sale stage


30% until 5,00,000 UCF are sold out (CLOSED)

1 ETH = 1500 UCF


25% until next 50,00,000 UCF are sold (CLOSED)

1 ETH = 1200 UCF


15% until next 15,00,000 UCF are sold (ACTIVE)

1 ETH = 1000 UCF

30% until 5,00,000 UCF are sold (CLOSED)

100 USDT = 1300 UCF

25% until 10,00,000 UCF are sold (CLOSED)

100 USDT = 1250 UCF

15% until next 35,00,000 UCF are sold (ACTIVE)

100 USDT = 1150 UCF

Statistics and future of Chit Funds

A study conducted by Institute of Financial Management and Research under the direction of Dr.Mudit Kapoor, Indian School of Business, Hyderabad and Dr.Antoinette Schoar, MIT. Sloan School of Management, USA recommends that Chit Funds are innovative access to back for low-income families.

The estimated size of the Chit Fund industry is INR 35,000 crore (nearly 5 billion dollars) and is growing. The overall ranking of the preferred mode of savings according to the study:

The perfect blending of Uma Chit Fund with Blockchain Technology

The thing that makes Uma Chit Funds stand out from the other chit fund projects in the market is the fact that the platform is backed by the highly trending blockchain technology along with enabled smart contracts. By engaging our platform with blockchain technology, we would be able to serve the chit holders with unmatched transparency, scalability and some additional member benefits (which will be made available at the maturity of every successful chit term period). Smart contracts are lines of code that are stored on a blockchain and automatically execute when predetermined terms and conditions are met.

The benefits of smart contracts are most apparent in business collaborations, in which they are typically used to enforce some type of agreement so that all participants can be certain of the outcome without an intermediary’s involvement. So, this will ensure full transparency and assure the users/members that our end of the deal will be met without an intermediary’s involvement. All the records and history will be digitally stored and linked together on the distributed ledger (blockchain). Each record is also encrypted to provide an extra layer of security. Blockchain is said to be “immutable” because the records cannot be changed and transparent because all participants to a trade have access to the same version of the truth.

Therefore, Uma Chit funds will make it possible for you to save and borrow funds easily without having to look at the financial documentation. Also, we look forward to providing various other opportunities which will make it convenient and beneficial for our users/members to pay the weekly/monthly/yearly EMI’s with our utility token (UCF) which will indeed help increase the demand and use cases for our coin on the platform.

Customer satisfaction

We strive to provide the most advanced user interface to the users of our chit groups. Each user would have a real time update regarding their chit purchase, upcoming or pending EMI’s, actual benefits in the form of dividends (excluding the foreman charges), borrower’s limit for each month, etc. We will try to keep our participants/chit holders as close as possible by keeping complete transparency and attending personally to any chit holder having problem/issue with the platform.

A survey form will be sent to each chit holders on their dashboard after the end of every successful chit round to get genuine reviews about the chit schemes, platform and if any updates are needed. This will enable us to meet the demands of the chit holders by implying necessary changes onto the platform for ease of access and convenience.

Regulation of Chit funds

Union of India has Act 40 of 1982, an establishment by the Central Government, which is controlled by the particular State Government with the assistance of State Rules. The State can likewise look for exhortation and help from Reserve Bank of India on strategy matters.

There is an office of “Registrar of Chit Funds” in each State that screens activity of the chit organization minutely including the base capital prerequisite before the initiation of business, acknowledgement of security rising to the chit sum for the sake of Registrar before the beginning of every chit, limitation on the total volume of turnover corresponding to the net possessed assets, limitation in the usage and appointment of the subscribers’ assets in the possession of the chit advertiser, and so on.

About UCF

Uma Chit Fund token (UCF) is an ERC20 compliant token issued on the Ethereum
platform. It is a utility token on the Uma Chit Fund platform.

Token details:
Total amount: 1,000,000,000
Private sale soft cap: $50,000
Private sale hard cap: $5,00,000
Public sale soft cap: $1,00,000
Public sale hard cap: $10,00,000
Token price: $0.1



  • 2019

    Concept formation

  • 2019

    Whitepaper creation started

  • Q3 2020

    Website launched

  • 2021

    Whitepaper V1.0 release

  • Q4 2021

    Commencement of Private sale round

  • Q1 2022

    MVP release and Marketing campaign starts

  • Q2 2022

    Commencement of Public sale round

  • Q4 2022

    Final product release

Umachit Fund Team

Let us introduce you to the team that will make it all happen.

Rohan Kotkar

Founder & CEO | Trader | Blockchain consultant

Ronak Surana

COO | Content Manager

Frequently asked questions

Chit funds are a traditional means of rotating saving & borrowings which has been a part of India’s financial system for more than a century now.

For borrowing, the interest rates would vary in between 5% to 12% per annum

For lending, the interest rates would vary in between 10% to 17% per annum

The users participating in active Chit rounds would be called as Chit holders.

Users can select a specific chit group displayed on the platform. There would be various options in terms of chit value, term length, chit holders, etc.

Chit round would consist of every such details.

Normally, chit organisations have a basic foreman charges starting from 5% which may even exceed upto 10%.

At UmaChitFund, we try to minimize the foreman charges to give maximum benefits to the chit holders.
Being backed by blockchain technology, we would be able to cut down the functioning cost of the platform and other unnecessary commodities which would allow us to bring down the foreman charges between 2% to 4%

There are a lot of benefits which makes chit funds stand out of the queue from other financial sources.

Few of them are: Minimum interest rate on borrowing, Maximum interest rates on lendings, Zero documentation borrowing, etc

To be the lender, user needs to join a chit group and continue paying the partly EMI’s without collecting the pot value. You could have various benefits excluding the dividends if you collect the pot value at the last of the chit round.

To borrow loan, user needs to join a chit round and request to receive the pot value at the start of the chit round. The user needs to pay EMI’s for the rest of the chit duration.

Both lenders & borrowers would receive the dividends each round maximizing their benefits.

UCF would be offering a completely digital onboarding process. UCF strives to provide the most advanced UI to the users.

Digitalization in chit industry will decrease the acquisition and onboarding costs and will enable the companies to do business more transparently.

Emerging chit funds with the cutting edge tech- Blockchain would allow us to bring 100% transparency and solve the ongoing issues in the chit industry.

Small businesses can apply for commercial chit rounds where they could benefit their business by borrowing loan from the chit round at minimum interest rate and maximum duration so that they could maximize their house profits.

Yes, UCF is a utility token which would be used as an internal financial tool over the platform.
UCF would be used to join & pay EMI’s for various chit rounds.
UCF would be the only valid collateral onto the platform for borrowing loan.
UCF would also be used to create your individual chit group where you could be the captain.

Get in touch with us

Whether you have a question on one of our services or want to get involved with our mission, we are ready to help.

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