B2C credit management platform CheQ raises $4.5M in an extended seed round: Report

CheQ, a Bengaluru-based B2C credit management platform, has raised Rs 35 crore or approximately $4.5 million in an extended seed funding round, according to an Entrackr report.

The recent financial infusion comes after a significant 18-month period without funding. Founded in 2022 by Aditya Soni, CheQ offers a unified platform where customers can manage various credit products, pay credit card bills, and handle EMIs all in one place.

Who are the investors?

The round was led by 3one4 Capital, Venture Highway Fund, and Multiply Ventures, which invested Rs 12.49 crore, Rs 6.24 crore, and Rs 2.08 crore, respectively. 

Additionally, individual investors, including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepak Tuli, collectively invested Rs 14.2 crore.

What is the purpose of fundraising?

The funds raised will be allocated towards growth, expansion, marketing, and general corporate purposes as outlined by the company’s board, the report said,

CheQ’s financial performance 

Despite being in the pre-revenue stage with a modest revenue of Rs 2 crore for the fiscal year ended March 2023, CheQ has accumulated significant losses amounting to Rs 19.4 crore.

Nonetheless, its strategic positioning against fintech unicorn CRED—which has raised about $1 billion and was valued at $6.4 billion in its last funding round—highlights CheQ’s potential in the competitive landscape.