CheQ is a fintech startup that offers a credit card bill management platform. The startup has successfully closed its new round with $6.7 million. The firm raised $2.2 million in its extended seed funding round. This round was part of the deal. The firm secured the first tranche of $4.5 million last month in the extended series round, and the second tranche was done today, closing the round.
The board members at CheQ approved a resolution to allot 6,855 seed 1 compulsory convertible preferred shares at an issue price of Rs 26,988.91 per share to raise Rs 18.50 crore. Sherpalo LLC led the round with an investment of Rs 8.32 crore, followed by Llyod Dizon and Zenaida Dizon Balajadia with Rs 4.16 crore each. Angel investors, including Amit Lakhotia, invested Rs 25, while Hitesh Gupta participated with Rs 10 lakh. The company plans to use these fresh proceeds for marketing, network expansion, and general corporate purposes.
The startup data intelligence platform, The Kredible, mentioned that after this extended seed funding round, the startup has a post-money valuation of 55.4 million USD. The company aims to help its customers efficiently manage all credit products while allowing them to pay credit card bills and have EMI on the same platform. The startup has secured more than $17 million in investment, including the $10 million raised during a seed funding round led by Venture Highway and 3one4 capital.
The startup reported revenue of around Rs 2 crore in FY23, with a loss of Rs 19.4 crore in the same duration. The firm competes with other fintech startups and unicorns, including CRED, which has secured 1 billion USD. During its latest fundraising, the firm was valued at $6.4 billion. The company had revenue of Rs 1,400 crore during FY23.
Conclusion
CheQ is a fintech startup that secured $2.2 million in its extended seed funding round for the second tranche. This round was part of the deal. The firm secured the first tranche of $4.5 million last month in the extended series round, and the second tranche was done today, closing the round at $6.7 million. The company plans to use these fresh proceeds to meet market demand, advertise, and enhance its platform, as well as for the general corporate purpose of the company. After this extended seed funding round, the startup has a post-money valuation of USD 55.4 million.
This Bengaluru-based startup aims to help its customers efficiently manage all credit products while allowing them to pay credit card bills and have EMI on the same platform. The board members at CheQ approved a resolution to allot 6,855 seed 1 compulsory convertible preferred shares at an issue price of Rs 26,988.91 per share to raise Rs 18.50 crore. The funding round saw Sherpalo LLC, Llyod Dizon, and Zenaida Dizon Balajadia participate. Angel investors, including Amit Lakhotia, invested Rs 25, while Hitesh Gupta contributed Rs 10 lakh.
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