Private Equity

PE Fund Investments

Fintech firm Cred raises $140-M led by GIC at $6.4 B valuation

Economic Times  

Bengaluru-based fintech unicorn Cred has raised INR 617 crore (about USD 80 million) in the first tranche of its latest funding round. The company is raising USD 140 million in a mix of primary and secondary deals, which will value it at around USD 6.4 Billion. Singapore's GIC is leading this round (picking up 31,997 shares worth INR 466.67 crore via its unit Lathe Investment Pte Ltd) with participation from existing investors Sofina, Tiger Global, Alpha Wave Global, and Dragoneer (through its unit DF International Partners). Cred helps users pay credit card bills and earn rewards. Cred counts Sequoia Capital India, Coatue Management, Insight Partners, DST Global, and Greenoaks Capital among its existing investors. Cred's parent company Dreamplug Technologies has grown revenues to INR 95.5 crore in FY21, compared to INR 18.14 crore in FY20.

From the Venture Intelligence PE-VC Deal Database: Between Sep-2018 and May-2022, Cred had raised over USD 700 M. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)