Fintech start-up CRED has completed its Series-D funding round with $215 Mn. This round is led by the existing investors Coatue Management and a newly added investor Falcon Edge Capital.
This round surge the valuation of the credit card payment platform CRED at $2.2 Bn which is more than twice as compared to January this year. The company will also offer its team members another ESOP buy-back opportunity with a cumulative value of $5 Mn as per news.
On this CRED founder and CEO Kunal Shah said, “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.”
Since its inception in 2018, CRED has raised more than $471 Mn in its 6 rounds (including seed rounds) from its investors and become the 6th unicorn which valued over a billion in India after Digit Insurance, Innovaccer, Infra.Market, Five Star Business Finance and Meesho.
The Bengaluru based start-up, offers an App based credit card bill payment platform and its members get access to exclusive rewards from premier brands upon clearing their credit card bills on it.
“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.
Currently the company has around 6 Mn users in its account as compared to 55 Mn credit card holders in the country and as per the report, the industry is expected to grow with CAGR of 25 percent for 2020-2025.