🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

🔥 1 person is talking about this

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

EntrackrEntrackr · 5m 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.

6

Related News

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

EntrackrEntrackr · 5m 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.

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation

EntrackrEntrackr · 2m ago
Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation
Medial

Exclusive: CityMall to raise $38 Mn in Series D round at flat valuation Grocery-focused social e-commerce platform CityMall is set to raise Rs 334 crore ($38 million) in a Series D round from existing investors led by Accel with the participation of Waterbridge Ventures, Elevation Capital, Norwest Capital, Citius, and General Catalyst. This is the first major funding for the Gurugram-based company in 3.5 years since it raised $75 million in the Series C round in March 2022. The board at CityMall passed a resolution to approve the issuance of 7,278 Series D CCPS and an equity share at an issue price of Rs 4,58,716 each to raise the aforementioned sum, its regulatory filing accessed from Registrar of Companies (RoC) shows. Accel will lead the round with an investment of Rs 173.2 crore ($19.7 million), followed by Waterbridge Ventures at Rs 52 crore ($5.9 million). Citius and Norwest Capital will participate with Rs 48.38 crore ($5.5 million) and Rs 25.96 crore ($2.95 million), respectively. Elevation Capital (Rs 21.65 crore), General Catalyst (Rs 8.67 crore), and angel investor Rohit Agarwal (Rs 4 crore) will also join the round. The proceeds will be used for capital expenditure, marketing, and other general corporate purposes, the filing added. According to Entrackr’s estimates, the company’s valuation remained flat at Rs 2,780 crore or $316 million. The company might raise more funds in this round and its valuation will vary accordingly. Founded in 2020, Grocery-focused social commerce startup CityMall offers daily essentials including grocery, FMCG, and home and kitchen products, and plans to expand into new categories such as beauty and accessories through its network of community resellers in tier II and III cities. According to the startup data intelligence platform TheKredible, Citymall has so far raised over $110 million across multiple funding rounds. The Accel-backed company has not yet filed its FY25 financials. In FY24, it reported over 23% year-on-year growth in gross revenue (GMV) to Rs 427 crore compared to Rs 346.4 crore in FY23. However, its losses rose 10% during the same period to Rs 159 crore.

Download the medial app to read full posts, comements and news.