Indian fintech unicorn CRED has raised ₹617 crore (approximately $72 million) in a Series G funding round, marking a significant 45% drop in valuation from its 2022 peak. The company is now valued at $3.5 billion, down from $6.4 billion.
According to filings with the Registrar of Companies (RoC), the round was led by GIC, Singapore’s sovereign wealth fund, which invested ₹354.4 crore through its Lathe Investment arm. Other key participants in the round include RTP Capital (₹74.9 crore), Sofina (₹25.9 crore), and QED Innovation Labs (₹162.1 crore)—the latter being controlled by CRED’s founder and CEO, Kunal Shah.
This funding round comes amid earlier reports that CRED was in talks with multiple investors, including Peak XV Partners, Tiger Global, and Ribbit Capital, to raise up to $200 million at a $4 billion post-money valuation. While the final raise is lower than expected, it signals sustained investor interest despite market corrections.
Strong Financial Performance Amidst Valuation Cut
Despite the down round, CRED reported robust financial performance for FY24, with revenue growing 66% YoY to ₹2,473 crore, and a reduction in operational losses to ₹609 crore, down from ₹1,024 crore in the previous year.
The fintech giant, initially known for its credit-card bill payments platform, has diversified its offerings to include unsecured personal loans, secured lending products, and a vehicle insurance management platform under CRED Garage, which now covers over 11 million vehicles. The company has helped lending partners build a loan book of ₹15,000 crore to date.
CRED’s latest raise follows its 2022 round, also led by GIC, which brought in $140 million. Other major investors include Tiger Global, Peak XV Partners, and DST Global.
IPO Climate Heats Up for Fintechs
CRED’s fundraising aligns with a broader trend of Indian fintech companies preparing for public listings. Rival platform Groww is reportedly closing a $200 million pre-IPO round at a $6.5 billion valuation, also led by GIC.
While the current round reflects a valuation correction, CRED’s strong revenue growth and expansion into diversified financial services continue to position it as a key player in India’s evolving fintech landscape.
