Renowned fintech platform CheQ, which is popularly known as the platform for credit card bill payment management has successfully secured an amount of $2.2 million which is approximately Rs. 18.5 crore in its extended seed round. This was the second tranche of this round.

In the previous tranche the startup has lifted an amount of $4.5 million in extended series round, and this new fundingwas bestowed on them after one month of the previous fund.

According to the regulatory filing of the company, the managerial board of CheQ has passed a resolution to allot 6,855 Seed 1 CCPS at an issue price of Rs.26,988.91 each to raise Rs. 18.50 crore.

Lloyd Dizon and Zenaida Dizon Balajadia invested Rs. 4.16 crore each and on the other hand, Hitesh Gupta, and Amit Lakhotia participated with respectively Rs. 8.32 crore, 10 lakhs, and 25 lakhs respectively.

As per the company filing, they will utilize this for growth, expansion, marketing, and general corporate purposes as decided by the board.

According to the data analysis by startup data intelligence platform TheKredible, the company has been valued at around Rs. 460 crore or $55.4 million after receiving the fresh tranche of the extended seed round.

The company CheQ, was founded in 2022, by Aditya Soni, which aids in simplifying the discovery and management of all credit products and allows you to pay your credit card bill, and EMI on a single platform.

The startup claims that, till date they have raised over $17 million including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. The firm was in pre revenue stage with collecting a revenue of only Rs. 2 crore during the fiscal year ended March 2023.Though, the losses of the firm stood at Rs. 19.4 crore in the same period.

The startup CheQ competes with fintech unicorn CRED which has secured around $1 billion to date and was valued at $6.4 billion in its last fundraise. According to the data, the company has posted Rs.1,400 crore in revenue with a loss of Rs. 1,347 crore during FY23.