Fintech unicorn CRED has raised $72 million (about INR 617 crore) in new funding from several investors, according to official documents filed with the Registrar of Companies (RoC).
The filings show that Singapore’s government investment fund, GIC, led the funding round by investing $41 million (approximately Rs 354.4 crore) through its branch, Lathe Investment.
Other investors in the round were RTP Global, which put in $8.75 million (around Rs 74.9 crore), Sofina Ventures, with $3 million (about Rs 25.8 crore), and QED Innovation Labs — the family office of CRED’s founder Kunal Shah — which invested $19 million (roughly Rs 162 crore).
This funding round is accompanied by a significant decline in CRED’s valuation—from $6.4 billion in 2022 to approximately $3.5 billion currently. Some of the company’s well-known investors include Peak XV Partners, Ribbit Capital, Tiger Global and DST Global.
GIC also led CRED’s significant funding round in 2022, during which the company raised $140 million by issuing new shares and selling some existing shares.
Over the last two to three years, CRED, which initially started as a members-only platform for paying credit card bills, has expanded its business. It has begun offering new services, including wealth management and vehicle-related options.
This growth includes the launch of CRED Garage and CRED Money, as well as the acquisition of other companies, such as Kuvera, a wealth management platform, to help expand its services.
CRED Garage, launched in September 2023, is a comprehensive tool that helps car owners manage all aspects of their vehicles in one place. It lets users keep track of their car documents, recharge their FASTag, monitor fuel costs, and more.
The Bengaluru-based company has partnered with CARS24 to enable users to sell their used cars through its app.
Last year, CRED reported that its total revenue increased by 66%, reaching Rs 2,473 crore in FY24, up from Rs 1,484 crore in FY23.
At the same time, CRED reduced its operating losses by 41%, from Rs 1,024 crore to Rs 609 crore. The number of users also increased significantly in FY24, with most new users coming on naturally without much advertising.
More than 75% of new users joined through organic channels, which helped the company cut its customer acquisition costs by 40%. CRED said it didn’t spend much on ads during the year.
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