Bengaluru-based fintech platform CRED has completed Series D funding round after raising $215 million for a post-money valuation of $2.2 billion. With this latest capital infusion, the Kunal Shah-founded startup has now become the sixth firm to enter India’s coveted unicorn club in 2021. Meesho, Digit, Innovaccer, Infra.Market, and NBFC Five Star Business Finance make up the other five.
Founded in 2018, the financial technology platform operates an app that rewards customers for paying their credit-card bills on time, working together with financial institutions and consumer brands. The latest funding round saw participation of new investor Falcon Edge Capital and existing investor Coatue Management LLP. Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina also participated in the round.
In a press note, CRED founder and CEO Kunal Shah shared, “I’m very happy to share that three months after our Series C, continued interest from leading institutional investors has resulted in us closing a Series D. Falcon Edge Capital (new investor) and Coatue Management LLP (existing investor) will lead this round, while Insight Partners (new investor) joins our cap table. Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina are also investing in this round. With this, we have raised $215 million, at a post-money valuation of $2.2 billion.”
In the last three months, CRED’s valuation has doubled as it was valued at $800 million in January this year. The platform has grown rapidly over the past 2.5 years, with 35 percent of premium credit card holders and processing 22 percent of all credit card payments in India on a monthly basis.
“With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible our behaviour, imagine new use cases, and create a rewarding platform for members,”,” the statement reads. Cred, which is operated by Dreamplug Technologies, has raised $442 million in funding to date.