CRED Looks To Raise $100-200 Mn Amid Down Round $4 Billion Valuation

Fintech unicorn Cred is in talks to raise $100–200 million in new funding, mostly from its existing investors.

This round would value the startup at around $4 billion, lower than its $6.4 billion valuation from three years ago.

The Bengaluru-based company is speaking with backers like GIC (Singapore’s sovereign fund), Peak XV Partners, Tiger Global, Ribbit Capital, and QED Innovation Labs.

CRED last raised $140 million in 2022 in a Series F round led by GIC, valuing it at $6.4 billion.

The drop in valuation comes as tech companies around the world are facing market corrections.

Read also- Indian IoT Startup V SAFE Secures $300K USD in Seed Funding

According to reports, this funding will help CRED stay well-funded, grow faster, and move towards profitability. The company is also preparing for an IPO in the next two years.

Launched in 2017 as a credit card bill payment app, CRED has now become a super app—offering UPI payments, utility bill payments, car management, travel bookings and more.

Last year, it acquired Kuvera, a wealth management platform, to compete with players like Zerodha, Groww, and PhonePe.

In February, it launched CRED Cash+, a loan product against mutual funds—entering a space with rivals like Jio Financial, BharatPe, smallcase and Bajaj Finserv.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.