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Cred in talks to raise new funds as valuation slips by over 30% to $4 billion : sources
Economic Times
·
3m ago
Medial
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.
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Mukesh Ambani's Reliance Retail in talks to raise $2.5 billion: Report
Livemint
·
1y ago
Medial
Reliance is reportedly aiming to raise $2.5 billion in a fundraise, part of its $3.5 billion target. The company recently secured $1 billion from the Qatar Investment Authority (QIA) at a $100 billion valuation. Reliance did not confirm the reports but stated they continually evaluate opportunities. Morgan Stanley is advising on the process, and potential investors remain undisclosed, although sources suggest talks with U.S.-based investors and interest from existing foreign investors and sovereign wealth funds. This investment highlights India's appeal to Western investors amidst concerns over China's economic outlook and geopolitical tensions.
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Musk's xAI seeks $20 bn funding at $120 bn valuation: Report
Inshorts
·
3m ago
Medial
Elon Musk's xAI Holdings is in talks to raise $20 billion in fresh funding at a valuation of over $120 billion, Bloomberg reported. If successful, this would be the second-largest startup funding round after OpenAI's $40 billion raise at a $300 billion valuation last month. In March, Musk sold his social media platform X to xAI for $45 billion.
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Cred eyes new products as revenue surges, losses shrink in FY24
Livemint
·
10m ago
Medial
Indian fintech unicorn Cred is increasing its investment in research and development (R&D) to create new products and address gaps in its current offerings. The company plans to focus on enhancing user lifestyle, engagement, and financial progress. Cred reported a 41% reduction in operating losses and a 66% surge in revenue in FY24. Despite being valued at $6.8 billion, there are concerns about whether Cred can sustain its growth momentum and justify its valuation. The company has recently launched new product lines and aims to continue experimenting to diversify its revenue sources.
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Knight Fintech to raise $10-12 Mn in fresh round
Entrackr
·
2y ago
Medial
Fintech startup Knight Fintech is in talks to raise fresh funds from new and existing investors, according to sources aware of the development. This would be the maiden funding round for the Mumbai-based company in 2023.
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BluSmart in talks to raise up to ₹840 crore: Report
Inshorts
·
10m ago
Medial
All-electric ride-hailing startup BluSmart is in talks with private equity funds and family offices to raise between ₹670 crore ($80 million) and ₹840 crore ($100 million), Moneycontrol reported citing sources. The funds will help expand its fleet and take operations to new cities, the sources added. In July, the startup raised ₹200 crore from MS Dhoni's family office and others.
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Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC
Entrackr
·
2m ago
Medial
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.
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Mankind Pharma in talks with PE for consortium bid of Bharat Serums: Report
Livemint
·
1y ago
Medial
Pharmaceutical company Mankind Pharma is reportedly in talks with private equity firms, including Bain Capital, Blackstone, Carlyle, and KKR, to form a consortium bid to acquire Bharat Serums and Vaccines (BSV). BSV is being sold by its current owner, Advent International, with a price tag of over $2 billion. However, sources suggest that the final transaction may range between $1.5 - 1.8 billion. Mankind Pharma is looking to gather funds for the potential acquisition, either independently or by partnering with another investor. The company is also planning to raise funds through a qualified institutional placement.
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Perplexity plans to raise up to $1 bn at $18 bn valuation
Inshorts
·
4m ago
Medial
Perplexity AI is in early talks to raise up to $1 billion in funding at $18 billion valuation, Bloomberg reported. This new funding round could potentially double the AI startup's valuation from $9 billion as of December. Led by CEO Aravind Srinivas, the startup is backed by NVIDIA, Amazon Founder Jeff Bezos and Japan's SoftBank Group.
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AI startup Perplexity in funding talks to more than double valuation to $8 bn
Livemint
·
9m ago
Medial
Perplexity, an artificial intelligence search company, is in talks to raise funds and increase its valuation to $8 billion or more. The company, which combines a search engine and AI chatbot, has raised three funding rounds in the past year, and its valuation has grown from $520 million to $3 billion. Perplexity aims to raise around $500 million in the new funding round. It currently earns revenue through premium subscriptions and plans to expand by selling advertisements. The startup has faced criticism from web publishers for allegedly using their content without permission. CEO Aravind Srinavas aims to maintain a cooperative relationship with news publishers.
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PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th
Entrackr
·
3m ago
Medial
PhonePe widens lead over G-Pay in March; CRED’s UPI ranking slips to 7th While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. The Unified Payments Interface (UPI) recorded a 13.6% increase in volume in March, reaching 18.30 billion transactions. While the top five UPI apps — PhonePe, Google Pay, Paytm, Navi, and Super.money — maintained their positions, CRED dropped to seventh place, overtaken by Axis Bank. This follows a similar shift in February, when Super.money replaced CRED in the top five rankings. Axis Bank moved ahead of CRED after recording 125 million B2C transactions in March. In the UPI system, B2C (business-to-customer) transactions include payments like refunds, salaries, or cashback that businesses send to customers. With a commanding 47.25% market share by transaction volume, PhonePe retained its top position by processing 8.64 billion transactions. Google Pay followed closely with 36.04%, handling 6.59 billion transactions. Together, the two giants controlled over 83% of the UPI transaction volume. Paytm, the third largest player, contributed a 6.67% share (1.22 billion transactions). In terms of transaction value, PhonePe again led with a 50.76% market share, handling over Rs 12.57 lakh crore, followed by Google Pay at 34.99% (Rs 8.66 lakh crore). CRED, despite a modest volume share of 0.79%, emerged as a high-value player and contributed Rs 55,091.22 crore, or 2.22% of the total value. This reflects the firm’s positioning among high-value users. Other apps like Amazon Pay, ICICI Bank, and Axis Bank had a relatively minor presence in terms of both volume and value but still catered to specific user segments. In a recent development, the Indian government approved a new scheme with a budget of Rs 1,500 crore to encourage small merchants to use digital payments through the BHIM-UPI platform.
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