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

EntrackrEntrackr · 3m ago
CRED raises $72 Mn from Lathe, Kunal Shah’s QED and others
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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.

Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday

Money ControlMoney Control · 11m ago
Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday
Medial

- Quarterly earnings (YoY) of companies such as Titan Company, Induslnd Bank, Bandhan Bank, Poonawalla Fincorp, Jammu & Kashmir Bank, AU Small Finance Bank, IDBI Bank, RBL Bank, Godrej Properties, L&T Finance, Macrotech Developers, Federal Bank, Metropolis Healthcare, Indian Bank, Union Bank of India, Utkarsh Small Finance Bank, Equitas Small Finance Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank, Adani Wilmar expected to be released. - SEBI grants in-principle approval for Jio Financial Services and BlackRock Financial Management Inc to set up a proposed mutual fund. - GAIL (India) signs MoU with AM Green to jointly develop renewable energy and green chemical projects. - Lupin receives five observations from the US FDA for its biotech facility in Pune. - Antony Waste Handling Cell's subsidiary wins a contract worth Rs 908 crore from Navi Mumbai Municipal Corporation for waste collection and transportation. - CFO resignations at Univa Foods (Sandhya Rani Koochana) and Mahanagar Telephone Nigam (Vinay Srivastav). - BLS International Services completes the acquisition of Citizenship Invest for $31 million. - Paytm's Chief Technology Officer - Payments, Manmeet Singh Dhody, steps down and transitions to a new role as an AI Fellow, while Deependra Singh Rathore is appointed as the new CTO - Payments. - Gravita India plans to raise up to Rs 1,000 crore through the issuance of equity shares and makes management changes. - Akzo Nobel India's parent company, Akzo Nobel NV, conducts a strategic review of its portfolio, focusing on its decorative paints positions in South Asia. - Apollo Tyres' stake increases as LIC buys 3 lakh additional shares. - R Systems International witnesses a significant stake sale by Non-Resident Indian Bhavook Tripathi. - HDFC Bank witnesses a block deal as BNP Paribas Financial Markets sells equity shares to Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius. - SME listings on October 7: HVAX Technologies, Saj Hotels. - Stocks will trade ex-dividend: Jupiter Wagons, KP Energy. - Rights offered by Geojit Financial Services trade ex-date. - F&O ban on GNFC, Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank. Note: This content is for informative purposes only and not a recommendation to invest or trade.

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