CheQ raises $10mn in seed Led by Venture Highway & 3one4 Capital
CheQ Digital Pvt Ltd (www.cheq.one), a pre-product Fintech firm founded by Aditya Soni, has raised $10mn in a seed round led by marquee investors. The round was led by Venture Highway and 3one4 Capital. Multiply Ventures, Marshot Ventures and Veda VC also participated in this round.
It is building India’s first credit
management platform with the aim of simplifying the discovery and management of
Credit products.
CheQ is also backed by other marquee
investors like Naveen Kukreja (CEO - PaisaBazar), Shailaz Nag (Founder &
CEO - Dotpe) among other angel investors.
“Indian Credit
ecosystem has seen massive growth and adoption from customers over the last few
years, led by the tailwinds of Buy Now Pay Later, the proliferation of new-age
Card products & 0% EMI products. However, today customer awareness around
the number of credit products associated with them (knowingly or unknowingly)
or management of all such credit products is limited & scattered. Customers
are forced to go through different repayment experiences on different platforms
with highly varying schedules of charges and penalties. We are developing a
customer first platform which focuses on improving the credit health of
customers by making it easier for customers to track, manage & and pay all
their credit payments in one platform”, said,
Aditya Soni, Founder & CEO, CheQ.
“The fundraising is a
massive vote of trust from the investors and further validates our hypothesis
that we are behind a large problem statement which must be solved”, added Aditya.
CheQ aims to simplify the discovery and
management of all credit products for customers and give them a 360-degree
view, thus encouraging them to exhibit prudent behavior and make sound
decisions on their credit products.
Priya Mohan, Partner at
Venture Highway said, “Minutes into
our conversation with Aditya, I was checking my Credit Score details only to
see a 2k loan amount, the origin of which I had no clue. A single source of
truth for all our credit, what it means for us as customers and the most
intuitive way to manage repayments at one go is a problem waiting to be solved!
CheQ as a concept and the founding team, we believe, is the best to do so”.
Further, Nitya Agarwal, Vice President
at 3one4 Capital said, “CheQ is reimagining financial discipline for the
masses by solving for end-to-end credit management. With the rise of BNPL and
credit penetration in India, the end-users have limited awareness of the
various financial products that they are signing up for. We're excited to work
with CheQ as they build a robust unified repayment platform to empower users to
manage their credit in a more rewarding and disciplined manner."
Bhushan Patil, Founder
& Investor at Multiply Ventures said, "Credit, Multiple Consumer Payouts, invisible Losses or
Interest Burdens, Transparency & Visibility of personal finances are far
from solved today. Cheq's plan and the vision around this gap fits very well
with Multiply Venture's consumer fintech thesis too, so we are happy to partner
with Aditya & all the Cheq team working together."
The fund raised will be primarily used for
building the team and launching the product along with investing in
technologies that will continue to be CheQ’s core differentiator. CheQ will
launch the product in the market over the next few months.
About CheQ
CheQ was founded in January 2022 by Aditya Soni in Bangalore. The company is
building India’s first credit management platform with the aim of simplifying
the discovery and management of Credit products. CheQ prides itself on its core
values and focuses strongly on building a team whose members will have
complementary strengths, and together will steer the organization using these
shared values as their moral and operational compasses.
The founding members span across different
industries like FinTech, Payments, IT consulting, e-commerce to retail and
there is a concentrated focus on creating a right mix of experienced leaders
and young talent. Within the span of 6 months, CheQ has a strong team of 30
people across different functions and aims to be a 100-member organization by
the end of the year.
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