PE-VC Fund Investments
Fintech unicorn CRED raises $72-M in down round from GIC, others
Bengaluru-based fintech unicorn CRED has received INR 617 crore (USD 72 million) from existing investor GIC (via its unit Lathe Investment), RTP Global, Sofina Ventures, and QED Innovation Labs (the family office of CRED founder Kunal Shah).GIC’s Lathe Investment contributed INR 354.4 crore (USD 41 million) while RTP Global and Sofina invested INR 74.87 crore (USD 8.75 million) and INR 25.8 crore (USD 3 million), respectively. QED Innovation Labs has infused INR 162 crore (USD 19 million).Founded in 2018 by Kunal Shah, CRED offers a range of services, including credit card management, credit score tracking, hidden charge detection, bill payment reminders, and cashback. It also provides access to shopping, travel packages, and tools for managing vehicle insurance, FASTag, and related features.
Between Sep 2018 and Jun 2022, CRED had attracted about USD 841 M from PE-VC investors.For FY24, CRED had reported about INR 1,400 Cr in Operating Income and about INR 1,347 Cr in Net Loss.
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