Fintech Unicorn company, CRED has raised $140 million in as part of its Series F funding round from new and existing investors at $6.4 billion valuation.
The company 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, according to regulatory filings.
The funding round is led by GIC (through lathe investment) for Rs 467 crore, followed by existing investors like Tiger Global, Sofina Ventures SA, Falcon Edge, Alpha Wave Ventures and Dragoneer.
The Bengaluru-based CRED was founded in 2018 by Kunal Shah, it offers rewards and benefits to premium credit card users for paying credit bills.
The company currently offers its customers discounts on high-end hotels and gives them access to several premium direct-to-consumer brands.
Later, it expanded its base in lending to e-commerce payments and providing short-term loans through Buy Now Pay Later (BNPL) options.
The platform ventured into corporate finance management in December 2021 by acquiring Happay, which provides all-in-one expense management software for businesses.
The funding comes at a time when the Indian startup ecosystem, like elsewhere, goes through a sharp reversal in pricing and frequency of funding rounds.
In October 2021, CRED had raised $251 million in series E funding round from its existing investor.
CRED is a members-only credit card bill payment platform that rewards its members for clearing their credit card bills on time. CRED members get access to exclusive rewards and experiences from premier brands upon clearing their credit card bills on CRED.
They’re a team of creative, driven and persistent people. They want to create a community of creditworthy. They want to re-imagine the ideal way of life that works on two way trust and respect.
Every partnership, collaboration or idea They create works towards providing an experience beyond imagination. Every member is passionate towards this goal. This passion seamlessly drives them forward.