CRED, the fintech unicorn led by Kunal Shah, has raised Rs 617 crore (round $72 million) in a down spherical led by GIC’s Lathe Funding. This Sequence G funding spherical values the corporate at $3.5 billion, down roughly 45% from its $6.4 billion valuation in 2022.
In keeping with regulatory filings, GIC contributed Rs 354.4 crore, whereas RTP Capital and Sofina invested Rs 74.9 crore and Rs 25.9 crore, respectively. Moreover, Shah’s personal funding entity, QED Innovation Labs, infused Rs 162.1 crore into the spherical.
The funding comes as CRED explores a possible IPO throughout the subsequent two years. Notably, GIC had additionally led the Sequence F spherical when CRED raised $140 million in 2022.
Regardless of deepening losses, CRED has been increasing its choices. In FY24, its working income surged 71% year-on-year to Rs 2,397 crore, although internet losses grew 22% to Rs 1,644 crore. The corporate has not but disclosed its FY25 financials.
Over the previous yr, CRED has aggressively pursued its “tremendous app” technique:
- Might 2025: Partnered with CARS24 and Spinny to facilitate used-car gross sales by way of its platform.
- January 2025: Launched the CRED e-wallet in beta with RBI, changing into India’s first fintech to roll out a CBDC-based pockets.
- Late 2024 – 2025: Launched credit score merchandise beneath ‘Svalbard,’ together with credit score in opposition to mutual funds and a credit score rating checker, and entered the insurtech area by way of CRED Storage.
This fundraising additionally displays the broader startup funding local weather the place many high-profile ventures face down rounds or valuation stress. As an illustration, Udaan not too long ago closed a flat Sequence G at $1.8 billion, whereas fintech Jar’s $50 million spherical reportedly fell via over-valuation considerations.
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