Business

Kunal Shah’s Cred turns unicorn; valuation jumps nearly 3X to $2.2B valuation with $215M funding

Kunal Shah’s bank card invoice cost platform Cred is the most recent startup to be a part of the unicorn membership with a $215 million Series D spherical funding. The valuation with the most recent spherical for lower than three-year-old startup has jumped 2.73X to $2.2 billion from $806 million in its $81 million Series C spherical in January this yr. The info on fundraising was shared by Shah on Twitter at this time and with workers in a notice. The newest funding was led by new investor Falcon Edge Capital and current investor Coatue Management whereas one other new investor Insight Partners and current ones together with RTP Global, DST Global, Greenoaks Capital, Tiger Global, Sofina, and Dragoneer Investment Group joined the spherical.

“Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building and has earned conviction of investors. CRED has closed its Series D funding round of $215 at $2.2B valuation,” Shah tweeted. The firm has grown quickly over the previous 2.5 years, with 35 per cent of premium bank card holders and processing 22 per cent of all bank card funds in India on a month-to-month foundation, he advised workers. The firm additionally introduced the event individually in its publication. According to Crunchbase, the corporate had raised $256.5 million to this point. The newest spherical brings the whole fundraise to $471.5 million.

Along with the brand new funding, Cred additionally introduced that it’ll provide workers one other ESOP buyback alternative with a cumulative worth of $5 million. “We are committed to a culture of creating wealth for stakeholders and are therefore offering another ESOP buyback opportunity to you,” Shah mentioned. The firm had accomplished its first ESOP buyback programme in January this yr from current and former workers. The buyback was initiated throughout the Series C spherical that noticed the participation of Sequoia Capital, Ribbit Capital, Tiger Global, General Catalyst, Sofina, Coatue, and Satyan Gajwani of Times Internet. According to the corporate, the staff had liquidated their ESOPs collectively price Rs 9 crore.

Also learn: Swiggy gets $800M at nearly $5B valuation in latest fundraising from Goldman Sachs, Falcon Edge, others

Cred had reported Rs 18 crore in annual revenue in FY20 up from Rs 3 crore in FY19 whilst its losses grew to Rs 360 crore from Rs 60.86 crore, in accordance to the regulatory submitting sourced from Tofler. India’s bank card consumer base had reached 47 million in 2019 and is probably going to develop at a CAGR of over 25 per cent throughout the 2020-2025 interval on the again of the rising recognition of bank cards and the rising development of buying merchandise first and paying later, in accordance to TechSci Research. While the market is smaller compared to the debit card, nonetheless, it’s anticipated to see a big rise within the coming years.

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