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

EntrackrEntrackr · 8m ago
Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC
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.

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

EntrackrEntrackr · 7m ago
CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others
Medial

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 reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%

EntrackrEntrackr · 1d ago
CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%
Medial

CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51% Fintech unicorn CRED reported an operating revenue of Rs 2,735 crore in FY25, a 16% year-on-year increase. At the same time, its operating losses declined 51% to Rs 298 crore in FY25, according to the firm’s press release. CRED’s gross margins stood at around 70% during the year. Despite improvement at the operating level, CRED remained loss-making on a net basis. Its total losses narrowed 11.5% year-on-year to Rs 1,457 crore, which includes non-operating expenses such as ESOPs and depreciation. According to the release, its monthly transacting users (MTUs) rose 14.5% to 1.26 crore, while transaction frequency increased 34% to 14.4 transactions per user per month. Total payment value processed on the platform grew 23% year-on-year to Rs 8.5 lakh crore. Monetisation improved during the year as users adopted multiple products on the platform. Around 45% of active members used three or more products, resulting in average revenue per user (ARPU) of approximately Rs 2,000, the press release added. Lending remained a key revenue contributor in FY25, with managed AUM reaching Rs 22,000 crore. During the year, CRED expanded its portfolio across payments, lending, and personal finance, launching products such as CRED Money, credit score and card management tools, PPI wallet, and CRED Cash+. Its insurance marketplace, CRED Garage, added more insurers, aiding insurance revenue growth. According to TheKredible, CRED has raised more than $1 billion across nine funding rounds, including a $72 million down round led by GIC in May 2025 that cut its valuation to $3.64 billion from $6.4 billion in 2022. As per the company, it’s eyeing full profitability in FY26.

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