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Cheq

Exclusive: Fintech startup CheQ closes new round at $6.7 Mn

Cheq

Credit card bill payment management platform CheQ has secured Rs 18.5 crore (around $2.2 million) additional proceeds in its extended seed round. This is the second tranche of the round for the Bengaluru-based company.

The new tranche came after a month of its $4.5 million extended series round. Entrackr was the first to report the development last month.

 

The board at CheQ has passed a resolution to allot 6,855 Seed 1 CCPS at an issue price of Rs 26,988.91 each to raise Rs 18.50 crore, its regulatory filings accessed from the RoC shows.

Lloyd Dizon and Zenaida Dizon Balajadia invested Rs 4.16 crore each while Sherpalo LLC (a venture by Ram Shriram), Hitesh Gupta, and Amit Lakhotia participated with Rs 8.32 crore, 10 lakhs, and 25 lakhs respectively.

As per filings, the company will use these funds for growth, expansion, marketing, and general corporate purposes as decided by the board.

According to startup data intelligence platform TheKredible, the company has been valued at around Rs 460 crore or $55.4 million (post-money) after the fresh tranche of the extended seed round.

Founded in 2022 by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform.

The startup has raised over $17 million to date including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. CheQ remained a pre-revenue stage firm with a revenue of only Rs 2 crore during the fiscal year ended March 2023. However, the losses for the three-year-old firm stood at Rs 19.4 crore in the same period.

CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the startup data intelligence platform TheKredible, it posted Rs 1,400 crore in revenue with a loss of Rs 1,347 crore during FY23.

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