Multiply Ventures, Marshot Ventures and Veda VC also participated in the funding round.
CheQ is backed by angel investors such as Naveen Kukreja, the chief executive of PaisaBazaar, and Shailaz Nag, the founder of Dotpe, among others.
The startup plans to utilise the funds to build its team, launch new products and invest in new technologies.
CheQ will launch its product over the next few months, the company said in a statement on Wednesday.
Founded in January by Aditya Soni, CheQ helps customers simplify the discovery and management of all credit products like cards, buy-now-pay-later (BNPL) and more.
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“We are developing a customer-first platform which focuses on improving the credit health of customers by making it easier for them to track, manage and make all their credit payments in one platform,” Soni said.
CheQ has a team of 30 people across functions and aims to be a 100-member organisation by the end of the year.
“With the rise of BNPL and credit penetration in India, end-users have limited awareness of the various financial products that they are signing up for,” said Nitya Agarwal, vice president at 3one4 Capital.
