CRED, the Bengaluru-headquartered fintech startup founded by Kunal Shah, has achieved unicorn status post the closure of its Series D funding at $215 million, with a post-money valuation of $2.2 billion.
CRED had earlier announced its Series C funding round of $86 million in January 2020, with a valuation of $800 million. Now, with this newest round of funding, the fintech startup has nearly tripled its valuation.
The Series D round was led by a new investor — Falcon Edge Capital — along with existing investor Coatue Management. It also stated Insight Partners joins its cap table.
CRED’s existing investors — Tiger Global, Greenoaks Capital, RTP Global, Dragoneer Investment Group, DST Global, and Sofina also participated in this round.
Following this funding round, CRED will utilize this capital for ESOP buybacks with a total value of $5 million. In the Series C funding round that took place in January 2020, the startup had announced a similar programme worth $1.2 million.
Commenting on the new development, CRED Founder Kunal Shah said, “With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behavior, imagine new use cases, and create a rewarding platform for members. Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building”
The entry of CRED into the unicorn club makes it the sixth such startup from India for this year.
Before CRED, 2021 had seen five new unicorns till now: Infra.market, Five Star Finance, Digit Insurance, InnovAccer, and Meesho.
On Monday, Meesho announced a funding round of $300 million led by Softbank Vision Fund 2, at a valuation of $2.1 billion.
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