CRED nearly doubles its valuation
The latest funding round has nearly doubled the valuation of fintech unicorn CRED.
Good Morning,
Fintech unicorn is on cloud nine after it raised $251 million in a Series E round of funding at a valuation of $4.01 billion. The latest round was co-led by existing backers Tiger Global and Falcon Edge, along with new investors — Marshall Wace and Steadfast.
The funding round nearly doubles CRED's valuation after the credit card payment platform turned unicorn earlier this year after raising with an infusion of $215 million at a valuation of $2.2 billion.
This comes as the startup expanded its portfolio of services to include rent payments and personal loans as it seeks to become a full-fledged financial services provider. It also launched Mint, a peer-to-peer lending product where the users can lend money at a 9 percent interest rate.
CRED is also creating quite a stir in the D2C space with over 400 brands on CRED store’s waitlist to be onboarded on the store's platform. Many are attracted by the fintech platform’s swanky design, grouping products by categories and featured brands, and providing differentiated visibility.
“We work with a diverse set of brands, which are at different stages of growth. We understand their success metrics and help build respective growth plans on the platform,” a CRED spokesperson said earlier.
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Credit: YourStory Design
News & Updates
- PB Fintech Ltd, which operates PolicyBazaar and PaisaBazaar, has received capital markets regulator SEBI's approval to raise Rs 6,017.50 crore through an initial share-sale comprising of a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore.
- Gulf Islamic Investment (GII) plans to invest Rs 3,500 crore in India in the next three years and open its office in Bengaluru to further strengthen Indo-UAE investment ties.
- Zoho Corporation introduced six new apps, three new services, and seven major platform enhancements in Zoho One, the operating system for business. In 2020, Zoho One's customer growth was 60 percent y-o-y globally, and 104 percent in India.
- Ola has announced a restructuring of the management with CFO Swayam Saurabh and COO Gaurav Porwal leaving the company, as announced by founder Bhavish Aggarwal in an internal mail.
Before you go, stay inspired with…
CRED Founder Kunal Shah expects to some fireworks in the Indian economy soon
“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.”
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