CheqUPI Raises $500,000 in Pre-Seed Funding, Joins Y Combinator Accelerator Program for FY24
- ByStartupStory | August 24, 2023
CheqUPI, a pioneering unified payments interface (UPI) wallet tailored for foreign nationals, has successfully secured $500,000 in a pre-seed funding round. The investment was led by the esteemed Y Combinator Accelerator Program, which has also welcomed CheqUPI to its prestigious summer 2023 batch.
Launched in 2021 by Manish Kumar Shukl,a and Sudhanshu Shekhar, CheqUPI introduces an innovative UPI wallet designed exclusively for foreign nationals. The platform has gained significant traction among tourists, offering a seamless solution for managing financial transactions during their trips.
One of CheqUPI’s standout features is its ability to enable users to add funds through any debit or credit card, streamlining the travel experience by minimizing the need for cash transactions and reducing the inconvenience of ATM visits and foreign exchange expenses. The startup’s partnership with Transcorp International Limited has facilitated the creation of this secure and efficient platform.
CheqUPI’s popularity extends across 24 different nationalities, predominantly encompassing visitors from the USA, Britain, and Germany. In its ongoing fiscal year (FY24), the startup aims to serve over 50,000 travelers, reflecting its mission to cater to a diverse global audience seeking simplified digital payment experiences in India.
Prior to this funding round, the sole investor in CheqUPI was Angellist, holding a 3.86% stake in the company.
In a recent statement, Manish Shukla underscored the significance of CheqUPI in bridging the gap between UPI’s transformative potential and the exclusion of foreign nationals and NRIs from this ecosystem due to various constraints. Shukla emphasized that CheqUPI is dedicated to empowering this underserved demographic and facilitating uncomplicated digital payments for those visiting India.
As India’s payment landscape evolves with approximately 55 million merchants embracing UPI and almost a billion transactions per month, CheqUPI emerges as a pioneering solution that extends the benefits of this transformative technology to a global audience. The startup’s participation in the Y Combinator Accelerator Program further underscores its potential to reshape the digital payment landscape for international travelers and contribute to India’s digital transformation journey.
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