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CRED’s competitor CheQ secures $4.5 Mn

EntrackrEntrackr · 1y ago
CRED’s competitor CheQ secures $4.5 Mn
Medial

B2B credit management platform CheQ has raised Rs 35 crore or $4.2 million in its extended seed round from new and existing investors. The funding for the Bengaluru-based firm came after a gap of 18 months. The board at CheQ has passed a special resolution to issue 12,952 Seed1 cumulative convertible preference shares at an issue price of Rs 26,989 each to raise Rs 35 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. 3one4 Capital invested Rs 12.49 crore while Venture Highway Fund and Multiply Ventures pumped in 6.24 crore and 2.08 crore, respectively. Individual investors including Lloyd Dizon Balajadia, Madhav Prakash Sehth, Vishal Gupta, and Deepk Tuli have collectively put in Rs 14.2 crore. As per filings, the company will use these funds for growth, expansion, marketing, and general corporate purposes as decided by the board. In June 2022, CheQ raised $10 million in Seed funding led by Venture Highway and 3one4 Capital. Following the fresh proceeds, 3one4 Capital holds 10.95% of the company while Venture Highway and Multiply Ventures command 11.45% and 2.49% respectively. It’s worth noting that these holdings exclude employee stock options and the firm’s cap table when we factor in the ESOP pool component. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 451 crore or $55 million (post-money) in the new funding round. Founded in 2022 by Aditya Soni, CheQ helps customers simplify 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 has raised $15 million to date including its $10 million seed round led by Venture Highway and 3one4 Capital in June 2022. CheQ remained a pre-revenue stage firm with a revenue of only Rs 2 crore during the fiscal year ended March 2023. However, the losses for the three-year-old firm stood at Rs 19.4 crore in the same period. 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 startup data intelligence platform TheKredibe, it posted Rs 1,400 crore in revenue with a loss of Rs 1,347 crore during FY23.

Dodo Payments raises $1.1 Mn in pre-seed round

EntrackrEntrackr · 4m ago
Dodo Payments raises $1.1 Mn in pre-seed round
Medial

Dodo Payments raises $1.1 Mn in pre-seed round Fintech startup Dodo Payments has raised $1.1 million in its pre-seed round led by Antler, 9Unicorns, and Venture Catalysts. Nitin Gupta (Uni Cards and PayU), Maninder Gulati (former Oyo CSO/Lightspeed), Raymond Russell (former Chief of Staff at Boom Supersonic), Preethi Kasireddy (former Partner, a16z), and Nishant Verman (former Flipkart CorpDev head) have also participated. The proceeds will be used for several strategic initiatives, including enhancing the technological infrastructure by introducing modules for subscriptions, billing, fraud detection, and risk management. Additionally, Dodo Payments plans to establish local payment rails in over 30 countries, focusing on regions such as the European Union, United Kingdom, Southeast Asia, Middle East, Brazil, and Australia. Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments simplifies complexities, enabling merchants to easily accept payments from over 150 countries with success rates exceeding 90%. The platform supports over 25 local payment methods, including Apple Pay, Klarna, Affirm, Cash App, UPI, and all major card networks, and is available in 14 languages, covering 86% of the global population. In its initial phase, Dodo Payments claims to have onboarded over 1,000 merchants across 30 countries and aims to expand this to more than 10,000 merchants globally by the end of the year.

Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A

EntrackrEntrackr · 4m ago
Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A
Medial

Exclusive: Former KKR India CEO’s VC firm leads Windo’s Series A E-commerce enablement platform Windo is raising Rs 54.2 crore (approximately $6.45 million) in its Series A round. The board at Windo has passed a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs 1,10,124 each to raise Rs 54.26 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Sorin Investment Fund, an early-stage VC firm founded by former KKR India CEO Sanjay Nayar, led the round with an investment of Rs 27.56 crore. JAFCO Asia and Athera Ventures contributed Rs 12.53 crore and Rs 8.35 crore, respectively. The remaining amount will be invested by Unicorn Ventures and individual investors, including Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti. The company plans to utilize these funds for growth and expansion, according to filings. Entrackr estimates its post-allotment valuation to be approximately Rs 245 crore ($29 million). Founded by Rakesh Vaddadi and Silus Reddy, Windo enables solopreneurs, influencers, and small to midsize businesses to launch online stores within minutes. The platform is designed for ease of use and provides essential features such as marketing tools and mobile responsiveness through its app. Previously, Windo raised $2 million across Seed and pre-Series A funding rounds in June 2021 and July 2022, respectively. In the previous fiscal year (FY24), the company reported a revenue of Rs 20.4 lakh, while incurring a loss of Rs 2.8 crore. Prior to this, it was in the pre-revenue stage, according to its annual financial statements. The e-commerce enablement sector experienced intense competition during the 2020-21 period, with B Capital-backed Khatabook and OKCredit launching their own platforms. However, both companies abandoned their e-commerce ventures after a couple of years. Windo also competes with several others in the space, including Dukaan, Shopify, Dot, and Bikayi. Following a near shutdown, Bikayi pivoted to become Bik, shifting its focus to serving larger enterprises.

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