CheQ, a Bengaluru-based fintech startup specializing in credit card bill payment management, has successfully raised an additional Rs 18.5 crore (approximately $2.2 million) in its extended seed funding round.
Founded in 2022 by Aditya Soni, CheQ offers a streamlined platform that simplifies credit product management for consumers, enabling them to conveniently handle credit card bills and EMIs within a unified interface. Since its inception, CheQ has raised over $17 million in funding, including a notable $10 million seed round led by Venture Highway and 3one4 Capital in June 2022.
Major investors included Lloyd Dizon and Zenaida Dizon Balajadia, each contributing Rs 4.16 crore, alongside Sherpalo LLC, the venture of Ram Shriram, with Rs 8.32 crore. Hitesh Gupta and Amit Lakhotia also participated with investments of Rs 10 lakhs and Rs 25 lakhs, respectively.
Post this funding round, CheQ’s valuation has been estimated at approximately Rs 460 crore or $55.4 million (post-money valuation), according to startup data intelligence platform TheKredible.
Despite operating in a pre-revenue phase, CheQ reported revenues of Rs 2 crore for the fiscal year ending March 2023, with corresponding losses amounting to Rs 19.4 crore during the same period.
CheQ faces competition from established fintech players like CRED, a unicorn that has secured approximately $1 billion in funding and was last valued at $6.4 billion. According to TheKredible, CRED posted revenues of Rs 1,400 crore with losses of Rs 1,347 crore in FY23, underscoring the competitive landscape in the credit management sector.
The recent funding injection is expected to bolster CheQ’s market position and enhance its capabilities in serving a growing base of consumers seeking efficient credit management solutions.