Bengaluru-based fintech startup CheQ has successfully raised Rs 18.5 crore (approximately $2.2 million) in an extended seed round. This marks the second tranche of funding for the company, coming just a month after its $4.5 million extended series round.
The Details
The CheQ board passed a resolution to allot 6,855 Seed 1 CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 26,988.91 each, resulting in the additional proceeds. Notable investors include:
- Lloyd Dizon and Zenaida Dizon Balajadia, who invested Rs 4.16 crore each.
- Sherpalo LLC, a venture by Ram Shriram, contributed Rs 8.32 crore.
- Hitesh Gupta participated with Rs 10 lakhs.
- Amit Lakhotia joined in with Rs 25 lakhs.
CheQ’s Mission
Founded in 2022 by Aditya Soni, CheQ simplifies credit product discovery and management. It provides a unified platform for paying credit card bills and EMIs. Despite being a pre-revenue stage firm, CheQ has raised over $17 million to date, including its initial $10 million seed round led by Venture Highway and 3one4 Capital in June 2022.
Valuation and Competition
The startup’s valuation now stands at approximately Rs 460 crore or $55.4 million (post-money) after this fresh funding. However, CheQ faces stiff competition from fintech unicorn CRED, which has secured nearly $1 billion in funding and was valued at $6.4 billion in its last fundraise. CRED reported revenue of Rs 1,400 crore with a loss of Rs 1,347 crore during FY23.
Comments