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Newtap Finance Private Limited, a non-banking financial company, is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term.
CRED founder Kunal Shah's company, Newtap Technologies, owns most of the shareholdings in Newtap Finance (formerly Parfait).
According to a press release from India Ratings and Research, between FY22-24, the promoters invested Rs 149 crore in Newtap Finance, with CRED contributing Rs 35.7 crore so far.
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The India Ratings and Research report highlighted that CRED had assets under management (AUM) of INR 19,000 Cr as of December 2024. It also reported non-performing assets (NPAs) of 1.1%, up from 0.73% in FY24 and 0.59% in FY23. The agency noted that CRED’s focus on wealthy customers helped keep the NPA ratio relatively low.
The ratings agency also gave Newtap Finance (NFPL) an 'IND BBB' rating with a “stable outlook” for both its non-convertible debentures and bank loan facilities.
About Newtap Finance
Newtap Finance (NFPL) provides personal loans to individuals, with CRED handling the loan services. CRED has 12 million active users each month and offers various services, such as credit card payments, UPI transactions, vehicle management, lending, insurance, personal finance management through account aggregators and rewards/deals.
While Newtap Finance’s loan book is new, CRED pre-approves loans for certain users based on their financial behaviour. All CRED members have high credit scores, which is an important eligibility requirement for the app.
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