In a series F funding round, CRED was valued at $6.4 billion, as compared to $4 billion in October. The company states that it has raised $140 million in a mix of primary and secondary deals, which makes its value worth $6.4 billion in terms of assets and liabilities. There is an incremental $2.2 billion increase in the company’s value.
The funding round was led by the recognized and leading business, GIC, Singapore’s sovereign wealth fund. and there were various investors who valued the startup at more than $6.4 billion, namely Tiger Global, Sofina Ventures, Alpha Wave Ventures, and Dragoneer.
Singhtechcrunch has reported that CRED had a conversation on a few matters related to the funding with a group of investors. Also, at the end of that conversation, the proposed or presumed valuation was about $5.5 billion.
What CRED is All About?
The startup CRED was founded by fintech expert Kunal Shah to help individuals increase their credibility and to make them more efficient at paying credit card bills on time. For the past year, the company has offered many products to its customers to enhance their experience and credibility in both physical and monetary terms.
At present, the startup offers discounts on hotels and access to premiums on direct-to-consumer brands to its customers. Last year, it also introduced a new service, which they called Mint. It is basically a peer-to-peer service that enables a customer to lend to any other individual using the same platform with easy terms and easy returns.
According to the information available, CRED, which is known for its products and platforms, is looking ahead to expanding the areas of its financial services offerings. Moreover, it is also looking ahead to exploring new and more opportunities for its business and products in new areas.
In December, to enter the branch and business of the expense management segment, it acquired a new company named Happay. Apart from this, to improve its strength in various other segments, it went ahead with the acquisition of a Chennai-based liquor delivery startup named HipBar.
Apart from this, the investment which was made last time at CRED was made for the acquisition of an Amazon-backed startup. But, meanwhile, CRED put the investment into acquiring a small case instead of the startup.
The acquisition of small case was a successful one as it allowed CRED to operate and introduce a new platform to help the new and upcoming generations trade in the Indian equity markets. This further allows CRED to offer new products and platforms to its customers and build a strong customer base.