The Series F round, which has taken the start-up’s valuation at $6.4bn, is led by Singapore’s sovereign wealth fund GIC
CRED will take its valuation to $6.4bn with the Series F round. (Credit: mohamed Hassan from Pixabay)
Indian fintech company CRED is set to raise $140m in a Series F round through a combination of primary and secondary deals for its digital payments platform at a valuation of $6.4bn.
As per a regulatory filing with the Registrar of Companies (RoC), the credit card payment app approved the issuance of 42,308 Series F compulsorily convertible preference shares (CCPS) to raise $80m. The issue price was INR 145,846.98 ($1,874) per share.
The Series F round is led by Singapore’s sovereign wealth fund GIC through its affiliate Lathe Investment at INR4.67bn ($60m), reported several Indian media publications.
GIC joins CRED’s existing investors which include Tiger Global, Sofina Ventures, Dragoneer, and FalconEdge.
Others who took part in the Series F round are Tiger Global, Sofina Ventures, Dragoneer, and Alpha Wave Global.
CRED, which calls itself as a members-only club, had a valuation of around $4bn following a Series E funding round in October 2021, in which it secured $251m. Its Series D round brought in $215m, while the Series C round contributed $81m in funding.
Established by Kunal Shah in 2018, the Indian fintech unicorn offers premium credit card users with rewards and benefits for paying their credit bills. Subsequently, the start-up widened its base into lending e-commerce payments and offering short-term loans via buy now pay later (BNPL) options.
In 2021, the company entered into the P2P lending segment as well.