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Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion

Economic Times

Economic Times · 1m ago

Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion

Fintech major Cred has raised $72 million at a $3.5 billion valuation, a decrease from its previous $6.5 billion, as part of a strategy for potential public listing in two years. Singapore’s GIC led the funding, with participation from others like RTP Global. Cred reported a revenue of Rs 2,473 crore with operating losses reduced to Rs 609 crore. The company is expanding its financial services, amidst plans for several fintech IPOs in India.

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Related News

Kunal Shah’s Cred raises funding from GIC, others in down round

VCCircle

VCCircle · 1m ago

Kunal Shah’s Cred raises funding from GIC, others in down round

Fintech unicorn Cred, founded by Kunal Shah, has secured Rs 455 crore ($53.2 million) in a Series G down round, valuing the company at around $3.5-3.6 billion. Existing investors, including Singapore's GIC, RTP Global, and Sofina, participated, with GIC investing Rs 354.4 crore. Cred has pivoted from a credit-card bill platform to a diversified fintech service provider. This recent funding follows last year’s valuation peak of $6.4 billion during a $140 million Series F round.

Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC

Entrackr

Entrackr · 2m ago

Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC

CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC After a three-year pause, fintech unicorn CRED is back in the fundraising game with a $75 million investment from its existing investors, three sources familiar with the matter told Entrackr. “Existing investor GIC, through Lathe Investment, is leading the round, with participation from RTP Global and Sofina,” said one of the sources requesting anonymity. The source added that CRED founder Kunal Shah will invest around $20 million in the internal round. “The deal terms have been finalized, and the investment is expected to be announced shortly.” CRED raised $140 million in June 2022 in a mix of primary and secondary rounds led by GIC at a valuation of $6.4 billion. Following the deal, CRED's valuation is set to drop to $3.5 billion, a 45% cut from its previous valuation, according to sources cited above. CRED has raised a total of $1 billion in funding across nine rounds. According to startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder with 10.4% followed by Ribbit Capital, Tiger Global, and others. Founder and CEO Shah commands a direct 22.8% stake, along with his QED Innovation Labs. The fundraise comes as CRED works to narrow its losses. A source indicated that the company turned profitable in the first two months of FY26 and is now targeting full-year profitability for the ongoing fiscal. CRED declined to comment on the story, while queries sent to GIC, Sofina and RTP Global did not elicit a response. CRED provides services such as credit card management, credit score tracking, hidden charge detection, bill payment reminders, and cashback. It also offers access to shopping, travel packages, and tools for managing vehicle insurance, FASTag, and other related features. It also used to offer P2P lending but recently discontinued it after RBI’s guidelines. During FY24, CRED reported a 22% increase in its net loss to Rs 1,644 crore. This figure includes expenses related to the employee stock ownership plan (ESOP) and taxes. Meanwhile, the company’s revenue surged 66% year-on-year to Rs 2,473 crore during the same period.

Cred in talks to raise new funds as valuation slips by over 30% to $4 billion : sources

Economic Times

Economic Times · 3m ago

Cred in talks to raise new funds as valuation slips by over 30% to $4 billion : sources

Cred, a credit card payment platform, is in talks to raise $100-200 million from existing investors, led by Singapore's GIC. The startup's valuation is expected to be around $4 billion, down from $6.4 billion three years ago. The funding aims to support improved financial performance and reduced cash burn. As Cred plans an IPO in two years, it has focused on cost-cutting and profitability, amidst a general valuation reset in the tech sector.

India's Reliance Retail in $1.5 bln Gulf, Singapore funds talks -sources

Reuters · 1y ago

India's Reliance Retail in $1.5 bln Gulf, Singapore funds talks -sources

Reliance Retail, India's largest retailer, is reportedly in discussions with existing investors, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Saudi Arabia's Public Investment Fund (PIF), for combined new investments totaling around $1.5 billion. This initiative is part of Reliance's goal to raise $3.5 billion by the end of September. The investors are looking to invest at least $500 million each in Reliance Retail at a valuation of $100 billion. Reliance Retail has witnessed significant growth and expansion in recent years, with investments from various stakeholders.

ETtech Deals Digest: Startups raise $738 million in June, down 60% on-year - The Economic Times

Economic Times

Economic Times · 29d ago

ETtech Deals Digest: Startups raise $738 million in June, down 60% on-year - The Economic Times

In June, Indian startups raised approximately $738.5 million, marking a 60% decline from the previous year. Funding was secured across 68 rounds primarily at seed, early, and late stages. Notable deals included Noida-based Raphe mPhibr raising $100 million, Cred securing $72 million, and Syfe obtaining $53 million in funding rounds. Despite a slower pace than last year, the startup ecosystem showed resilience with significant investments from notable investors like General Catalyst and GIC.

CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others

Entrackr

Entrackr · 1m ago

CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others

CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others As per Entrackr’s estimates, CRED will be valued at $3.64 billion post money, a nearly 43% haircut from its $6.4 billion valuation in the Series F round, where it raised $140 million in June 2022. Fintech unicorn CRED has received Rs 617 crore ($72 million) from multiple investors, including Lathe Investment, RTP Global, Sofina Ventures, and QED Innovation Labs, the family office of founder Kunal Shah. According to regulatory filings with the Registrar of Companies (RoC), GIC’s Lathe Investment pumped in Rs 354.4 crore ($41 million) while RTP Global and Sofina have invested Rs 74.87 crore ($8.75 million) and Rs 25.8 crore ($3 million), respectively. Kunal Shah’s family office QED Innovation Labs has infused Rs 162 crore ($19 million). As per sources, CRED will raise a total of $75 million in this round. Following the allotment of this round, GIC through Lathe Investment will hold a 5.95% stake in the firm while RTP Capital and Sofina Ventures will command 1.14% and 1.97% stakes respectively. 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. While CRED is targeting full-year profitability in FY26, it reported a 22% increase in its net loss to Rs 1,644 crore in FY24. This figure includes expenses related to the employee stock ownership plan (ESOP) and taxes. During the same period, the company’s revenue surged 66% year-on-year to Rs 2,473 crore. It has yet to file its FY25 annual report.

Cred raises ₹617 cr, valuation drops 45% to $3.5 billion

Inshorts · 1m ago

Cred raises ₹617 cr, valuation drops 45% to $3.5 billion

Fintech unicorn Cred has secured ₹617 crore in fresh funding but saw its valuation fall from $6.4 billion to $3.5 billion. The downturn reflects changing investor priorities toward profitability and sustainability. Cred plans to use the capital to expand fintech offerings and deepen user engagement, signalling a shift from blitzscaling to sustainable, revenue-driven growth.

Bare Anatomy parent Innovist raises $7 Mn from Amazon Smbhav Venture Fund, others

Inc42 · 1y ago

Bare Anatomy parent Innovist raises $7 Mn from Amazon Smbhav Venture Fund, others

Innovist, the parent company of D2C consumer brands Bare Anatomy and Chemist at Play, has secured $7 million in a Series A funding round led by Amazon Smbhav Venture Fund. Other existing investors, including 72 Ventures, the family office of Nykaa founder Falguni Nayar, and former KKR India head Sanjay Nayar, also participated in the round. The funds will be used for product innovation, market expansion, and team building. Innovist raised $3.5 million in a pre-series A funding round last year and has garnered over $13 million in total funding.

Darwinbox’s early investors look to exit at a 10-15% discount amid SaaS slowdown

Livemint

Livemint · 1y ago

Darwinbox’s early investors look to exit at a 10-15% discount amid SaaS slowdown

Early investors in HR technology platform Darwinbox, such as Lightspeed Ventures and Endiya Partners, may exit the company partially or completely in a secondary funding round. Other early investors, including Peak XV and StartupXseed, may also exit depending on the deal. Darwinbox became a unicorn in 2022 after a $72 million Series D funding round and received additional funding in January 2023. The company aims to become profitable and go public by 2025. However, the SaaS industry has seen a slowdown, leading to changes in pricing models and lower valuation multiples.

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Economic Times

Economic Times · 25d ago

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Viggo Investment, a subsidiary of Singapore's GIC, received Competition Commission of India (CCI) approval to acquire a 2.14% stake in Billionbrains Garage Ventures, owner of Groww. This investment is part of a larger funding round of $250-300 million, with GIC expected to contribute $150 million. Groww recently concluded a $250 million funding round led by GIC, at a valuation of $6.5 billion. The company plans to file for an IPO estimated between $700 million and $1 billion.

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