PE Fund Investments
GIC to lead fresh round in Cred at a valuation of $6.5-B: report
Singapore's sovereign wealth fund GIC will lead a USD 200 million fresh funding round in Bangalore-based unicorn Dreamplug Technologies that provides fintech services under the brand Cred at an over USD 6.5 Billion valuation. The investment comes within six months of the fintech startup's last fundraising in October, when it raised USD 251 million at a valuation of USD 4 billion, adding the likes of Tiger Global and Falcon Edge to its cap table. Cred started as an app that lets users pay credit card bills and rewards them in the form of “Cred" coins, which can be redeemed across many partner businesses. Since then, the firm has diversified into lending and e-commerce. The company reported a loss of INR 524 crore for FY21 - up from the loss of INR 360 crore in the previous year.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
