Bengaluru’s Fintech Startup CheQ Raises $2.2M in Extended Seed Round

By Sunil Sonkar
2 Min Read
Bengaluru's Fintech Startup CheQ Raises $2.2M in Extended Seed Round

Bengaluru’s fintech startup CheQ has made headlines second time by successfully securing again $2.2 million (Rs 18.5 crore) in an extended seed round. It raised $4.5 million a month earlier. The two investments within a short period highlights the continued interest of investors in the company and its vision.

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The new capital came after a resolution by passed by the company’s board to allot 6,855 Seed 1 CCPS at an issue price of Rs 26,988.91 each. The key investors included Lloyd Dizon and Zenaida Dizon Balajadia. Each contributed Rs 4.16 crore. Other notable investors were Sherpalo LLC, Hitesh Gupta and Amit Lakhotia. They invested Rs 8.32 crore, Rs 10 lakhs and Rs 25 lakhs respectively.

CheQ plans to use the funds in growth, expansion, marketing and general corporate purposes. It is now valued at approximately Rs 460 crore ($55.4 million).

CheQ was founded Aditya Soni in 2022 and it offers a platform to simplify the discovery and management of credit products. It allows users to pay credit card bills and EMIs in one place. It is currently in the pre-revenue stage and has managed in raising more than $17 million.

CheQ operates in a competitive market. It goes head-to-head with fintech giant CRED that is valued $6.4 billion.

However, the journey of CheQ reflects broader challenges and opportunities within the fintech sector. The impressive investments in seed funding indicates strong confidence among the investors in its potential to revolutionize credit card bill management and related services.

Apart from the successful funding, the path ahead is pregnant with challenges. It is to compete with well-established players like CRED. It need to come up with innovative strategies and robust execution.

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