Fintech start-up Cred raises USD 215 million, achieves unicorn status

CRED’s Series D funding round was led by new investor Falcon Edge Capital and existing investor Coatue Management LLP.

Published: 07th April 2021 10:48 AM  |   Last Updated: 07th April 2021 10:48 AM   |  A+A-

By Express News Service

NEW DELHI:  Bengaluru-based fintech start-up CRED has raised $215 million in its Series D funding round at a post-money valuation of $2.2 billion. With this, the Kunal Shah-founded firm has now become the sixth firm to enter the coveted unicorn club in 2021. Meesho, Digit, Innovaccer, Infra.Market, and NBFC Five Star Business Finance make up the other five. 

CRED’s Series D funding round was led by 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. “With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behaviour, imagine new use cases, and create a rewarding platform for members,” CRED Founder Kunal Shah said in a statement.

He added, “Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building, and we are delighted to share the value created with investors, team members, as well as partners and the CRED community.”

According to reports, CRED has projected a 208-fold growth in its operating revenues to Rs 108 crore for the fiscal year just ended (FY21). Its operating expenses are estimated to have grown by about 79 per cent to Rs 677 crore in FY21 while its annual losses are slated to be around Rs 562 crore in FY21 compared to Rs 363.2 crore in FY20. 

Launched in 2018, CRED is a members-only credit card bill payment platform that rewards its members for clearing their credit card bills on time.  Cred, which is operated by Dreamplug Technologies, has raised $442 million in funding to date. “Cred will also offer its team another ESOP buyback opportunity, with a cumulative value of $5 million,” Cred said. 


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