Fintech and ecommerce platform CRED has finally closed its Series D funding round after raising $215 million for a post-money valuation of $2.2 billion.
This round saw participation from investors like Falcon Edge Capital and Coatue along with other existing and new investors.
After this funding, CRED becomes the sixth unicorn which is valued at over a billion dollars in India after Digit Insurance, Innovaccer, Infra.Market, Five Star Business Finance and Meesho.
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.
“We’ve 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. As the credit card category continues to grow rapidly in India, our opportunity is to imagine new use-cases, empower Cred members to use credit responsibly and reward them for good financial behaviour,” Shah told employees.
Launched in 2018, CRED prioritises credit-card repayment and then rewards users who pay their bills, which can be used for offers and discounts on various products. Currently, it has nearly 6 million users.