CRED secures $140 million funding in its Series F round at a valuation of $6.4 bn
- ByStartupStory | June 11, 2022
CRED, a fintech unicorn, has raised $140 million (Rs 1,089 crore) in new capital (primary and secondary) from new and existing investors as part of its Series F funding round.
According to a regulatory filing with the Registrar of Companies (RoC), the digital payments platform has approved the issuance of 42,308 Series F Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 145,846.98 per share to raise $80 million.
Kunal Shah founded CRED in 2018 to provide rewards and benefits to premium credit card users for paying credit bills. Later, the company diversified into ecommerce payments and short-term loans via Buy Now Pay Later (BNPL) options. It also entered the peer-to-peer lending market last year.
GIC (via Lathe Investment) leads the round with Rs 467 crore, followed by Tiger Global, Sofina Ventures SA, Falcon Edge, and Dragoneer. This new round values the company at $6.4 billion, which is 60% higher than its previous valuation of $4.01 billion when it raised a $251 million Series E funding round from existing investors in October 2021.
In 2021, the startup raised capital in three rounds: $81 million in the Series C round, $215 million in the Series D round, and $251 million in the Series E round. By acquiring Happay, a company that provides all-in-one expense management software for businesses, the platform made its first foray into corporate finance management.
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