Fintech and ecommerce platform CRED has lastly closed its Series D funding spherical after elevating $215 million for a post-money valuation of $2.2 billion.
This spherical noticed participation from traders like Falcon Edge Capital and Coatue together with different current and new traders.
After this funding, CRED turns into the sixth unicorn which is valued at over a billion {dollars} in India after Digit Insurance, Innovaccer, Infra.Market, Five Star Business Finance and Meesho.
In a press be aware, CRED founder and CEO Kunal Shah shared, “I’m very happy to share that three months after our Series C, continued interest from leading institutional investors has resulted in us closing a Series D. Falcon Edge Capital (new investor) and Coatue Management LLP (existing investor) will lead this round, while Insight Partners (new investor) joins our cap table. Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina are also investing in this round. With this, we have raised $215 million, at a post-money valuation of $2.2 billion.”
In the final three months, CRED’s valuation has doubled because it was valued at $800 million in January this 12 months.
“We’ve grown quickly over the previous 2.5 years, with 35 % of premium bank card holders and processing 22 % of all bank card funds in India on a month-to-month foundation. As the bank card class continues to develop quickly in India, our alternative is to think about new use-cases, empower Cred members to make use of credit score responsibly and reward them for good monetary behaviour,” Shah informed staff.
Launched in 2018, CRED prioritises credit-card reimbursement after which rewards customers who pay their payments, which can be utilized for gives and reductions on varied merchandise. Currently, it has practically 6 million customers.
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