CRED raises $215 mn at $2.2 bn valuation, enters unicorn club

1 week ago 8

Zee News

CRED

In the past 3 months, CRED’s valuation has doubled arsenic it was valued astatine $800 cardinal successful January this year. Launched successful 2018, CRED prioritises credit-card repayment and past rewards users who wage their bills, which tin beryllium utilized for offers and discounts connected assorted products. Currently, it has astir 6 cardinal users. 

Fintech and ecommerce level CRED has yet closed its Series D backing circular aft raising $215 cardinal for a post-money valuation of $2.2 billion. 

This circular saw information from investors similar Falcon Edge Capital and Coatue on with different existing and caller investors.

After this funding, CRED becomes the sixth unicorn which is valued astatine implicit a cardinal dollars successful India aft Digit Insurance, Innovaccer, Infra.Market, Five Star Business Finance and Meesho.

In a property note, CRED laminitis and CEO Kunal Shah shared, “I’m precise blessed to stock that 3 months aft our Series C, continued involvement from starring organization investors has resulted successful america closing a Series D. Falcon Edge Capital (new investor) and Coatue Management LLP (existing investor) volition pb this round, portion Insight Partners (new investor) joins our headdress table. Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina are besides investing successful this round. With this, we person raised $215 million, astatine a post-money valuation of $2.2 billion.”

In the past 3 months, CRED’s valuation has doubled arsenic it was valued astatine $800 cardinal successful January this year.

"We’ve grown rapidly implicit the past 2.5 years, with 35 percent of premium recognition paper holders and processing 22 percent of each recognition paper payments successful India connected a monthly basis. As the recognition paper class continues to turn rapidly successful India, our accidental is to ideate caller use-cases, empower Cred members to usage recognition responsibly and reward them for bully fiscal behaviour,” Shah told employees.

Launched successful 2018, CRED prioritises credit-card repayment and past rewards users who wage their bills, which tin beryllium utilized for offers and discounts connected assorted products. Currently, it has astir 6 cardinal users. 

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