Cred raises $80 mn in funding led by GIC at $6.4-bn valuation: Report

The existing investors Tiger Global, Sofina Ventures, Alpha Wave Ventures and DF International also participated in the funding round, said a news report

Fintech startup Cred has raised $80 million as part of its Series F funding round led by Singapore’s sovereign wealth fund GIC and other existing investors, news reports said on Thursday.

The existing investors Tiger Global, Sofina Ventures, Alpha Wave Ventures and DF International also participated in the funding round.

The digital payments platform has allotted 42,308 Series F Compulsorily Convertible Preference Shares (CCPS) of face value of Rs 100 each at a premium of Rs 1,47,746 to raise $80 million, stated a regulatory filing with the Registrar of Companies (RoC), reported Moneycontrol.

The fintech unicorn plans to raise $140 million in this round with GIC leading it, along with existing investors Sofina, Tiger Global, FalconEdge, and Dragoneer, reported TechCrunch.

The news reports said Cred it is raising its Series F investment valuing the company at around $6.4 billion.

In 2021, the startup raised capital through three rounds— $81 million in its Series C round, $215 million in Series D, and finally, $251 million in Series E.

Cred, founded by serial entrepreneur Kunal Shah, in 2018, started a platform for people to pay their credit card bills and earn points. It has since expanded into lending, e-commerce payments, advertising for brands, and providing short-term credit via Buy Now Pay Later (BNPL) options.

The fundraise comes at a time when the overall funding to India's startups has slowed down amid a correction in valuations of tech startups across the globe.