CheQ receives Rs 35 crores
CheQ, a B2C credit management platform, has secured Rs 35 crore, from both new and existing investors in its extended seed round. The Bengaluru-based company received funds after an 18-month pause.
CheQ receives Rs 35 crores
According to CheQ’s regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board approved a special resolution to issue 12,952 Seed1 cumulative convertible preference shares at an issue price of Rs 26,989 apiece in order to raise Rs 35 crore.
CheQ receives Rs 35 crores
3one4 Capital gave Rs 12.49 crore while Venture Highway Fund and Multiply Ventures invested Rs 6.24 crore and Rs 2.08 crore, respectively. Individual investors including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepk Tuli have invested Rs 14.2 crore.
The corporation will spend these money, as determined by the board, for general corporate activities, marketing, growth, and expansion.
CheQ receives Rs 35 crores
With the new funding, 3one4 Capital now owns 10.95% of the business, while Multiply Ventures and Venture Highway hold 11.45% and 2.49% of the company, respectively. It is important to note that when we account for the ESOP pool component, these holdings do not include employee stock options or the firm’s cap table.
TheKredible, a startup data intelligence platform, reports that the company’s valuation in the latest fundraising round is around Rs 451 crore, or $55 million.
CheQ receives Rs 35 crores
Aditya Soni founded CheQ in 2022 to assist consumers in finding and managing all credit products more easily. It also enables you to pay your credit card bill and EMI on one platform.
Together with its $10 million seed round sponsored by Venture Highway and 3one4 Capital in June 2022, the startup has raised $15 million so far. With just Rs 2 crore in revenue for the fiscal year that concluded in March 2023, CheQ continued to be a pre-revenue stage company. But within the same time frame, the three-year-old company lost Rs 19.4 crore.
CheQ receives Rs 35 crores
CheQ faces competition from financial unicorn CRED, which has raised almost $1 billion in funding so far and was valued at $6.4 billion during its most recent fundraising. TheKredible, a startup data intelligence platform, reported sales of Rs 1,400 crore and a loss of Rs 1,347 crore for the fiscal year 23.
