CheQ, a fintech startup specializing in credit card bill payment management, has closed an additional round of funding amounting to Rs 18.5 crore (approximately $2.2 million). This marks the second tranche of its extended seed round for the Bengaluru-based company.
The board of CheQ approved the issuance of 6,855 Seed 1 CCPS at an issue price of Rs 26,988.91 each, according to regulatory filings accessed from the RoC. Investors in this round include Lloyd Dizon, Zenaida Dizon Balajadia, Sherpalo LLC (founded by Ram Shriram), Hitesh Gupta, and Amit Lakhotia, contributing Rs 4.16 crore each, Rs 8.32 crore, Rs 10 lakhs, and Rs 25 lakhs respectively.
Proceeds from this funding will be allocated towards growth, expansion, marketing, and general corporate purposes, as outlined by the company.
Following this tranche, CheQ has been valued at approximately Rs 460 crore or $55.4 million (post-money) according to TheKredible, a startup data intelligence platform. Founded in 2022 by Aditya Soni, CheQ simplifies credit product discovery and management, offering a platform for credit card bill and EMI payments.
To date, CheQ has raised over $17 million, including a $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. Despite being at a pre-revenue stage, the startup reported revenue of Rs 2 crore for the fiscal year ending March 2023, with losses amounting to Rs 19.4 crore during the same period.
CheQ faces competition from fintech unicorn CRED, which has raised approximately $1 billion and was last valued at $6.4 billion. According to TheKredible, CRED generated Rs 1,400 crore in revenue during FY23, with losses totaling Rs 1,347 crore.
Source: Entrackr
