$6.7 M funding closed by credit card bill payment management platform startup CheQ
In its extended seed round, credit card bill payment management platform CheQ has raised an additional Rs 18.5 crore, or roughly $2.2 million. For the company based in Bengaluru, this is the second tranche of the round.
Following a month-long $4.5 million extended series round, the new tranche was announced.
As per the regulatory filings accessed from the RoC, the board of CheQ has resolved to allocate 6,855 Seed 1 CCPS at an issue price of Rs 26,988.91 each, with the aim of raising Rs 18.50 crore.
While Hitesh Gupta, Amit Lakhotia, and Ram Shriram’s company Sherpalo LLC contributed Rs 8.32 crore, 10 lakhs, and 25 lakhs, respectively, to the venture, Lloyd Dizon and Zenaida Dizon Balajadia invested Rs 4.16 crore each.
According to documents, the company will use these funds for general corporate purposes, marketing, growth, and expansion at the board’s discretion.
After the latest tranche of the extended seed round, the company is reportedly valued at approximately Rs 460 crore, or $55.4 million (post-money).
Aditya Soni founded CheQ in 2022 to assist consumers in finding and managing all credit products more easily. It also enables you to pay your credit card bill and EMI on one platform.
With the addition of its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022, the startup has raised over $17 million to date. With just Rs 2 crore in revenue for the fiscal year that concluded in March 2023, CheQ continued to be a pre-revenue stage company. But during the same time frame, the three-year-old company lost Rs 19.4 crore.
CheQ’s rival is the fintech unicorn CRED, which has raised $6.4 billion in its most recent fundraising and has raised about $1 billion in total.
The media claims that during FY23, it reported revenue of Rs 1,400 crore and a loss of Rs 1,347 crore.
