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 the part of deal the first tranche of $4.5 million was secured by the firm  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 Rs 8.32 crore investment 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, expand its network, 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 easily manage all credit products while allowing them to pay credit card bills and have EMI  on the same platform. CheQ 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 its revenue to be 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. The firm has a valuation of $6.4 billion during its latest fundraising. 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 the part of deal the first tranche of $4.5 million was secured by the firm 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, and for the general corporate purpose of the company. After this extended seed  funding round the startup has a post-money valuation of 55.4 million USD.

This Bengaluru-based  startup aims to help its customers easily 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 participation from Sherpalo LLC, Llyod Dizon, and  Zenaida Dizon Balajadia. Angel investors including Amit Lakhotia invested Rs 25 while Hitesh Gupta participated with Rs 10 lakh.