Fintech Startup CRED has raised $215 million in its Series D round of funding, after the funding it is valued at $2.2 Billion and entered Unicorn CLub. 6th Unicorn firm this year after Digital Insurance, Innovaccer, Infra.Market, Five-star Business Finance and Meesho.
Falcon Edge Capital and existing investor Coatue Management invested $215 million in SERIES D.
Existing Investors of CRED that participated in this round are:
- DST Global
- RTP Global
- Tiger Global
- Greenoaks Capital
- Dragoneer Investment Group
On the latest Development, CRED Founder and CEO Kunal Shahsaid, “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…”
CRED had last announced its SERIES C funding of $86 million in Jan 2021 with a valuation of 800 Million Dollars. Now with the latest news CRED reaches more than 2.5 times which is from $800 million in Jan 2020 to around 2.2 Billion Dollars (2200 Million Dollars).
CRED will use the capital collected in this funding round for ESOP buybacks with a cumulative value of $5 million. Similarly, as the Series C funding round took place, CRED buyback the ESOPs worth $1.2 million.
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In business, when a startup reaches the valuation $1 Billion then the startup called a Unicorn startup.
At present there are 27 startups valued more than $1 Billion with a combined valuation crosses $79 Billion.