In a strategic move that reflects both resilience and recalibration, fintech unicorn CRED has secured ₹617 crore (~$72 million) from a diverse mix of investors, including Lathe Investment (GIC), RTP Global, Sofina Ventures, and QED Innovation Labs—the family office of CRED’s founder, Kunal Shah.
The fresh funding, revealed via regulatory filings with the Registrar of Companies, marks a new chapter in CRED’s growth journey. GIC’s Lathe Investment led the round with a ₹354.4 crore ($41M) infusion, while RTP Global and Sofina Ventures contributed ₹74.87 crore ($8.75M) and ₹25.8 crore ($3M), respectively. Notably, Shah himself has doubled down on his bet, with QED Innovation Labs backing CRED to the tune of ₹162 crore ($19M).
According to sources close to the matter, the total funding round will close at $75 million, placing CRED’s post-money valuation at $3.64 billion. While this reflects a nearly 43% dip from its Series F peak valuation of $6.4 billion in 2022, insiders suggest the move is a pragmatic reset aligned with long-term strategic goals.
CRED, founded in 2018, has built a strong brand presence in India’s premium fintech space. Known initially for its sleek credit card management platform, it now offers an expanding bouquet of services—including credit score tracking, hidden charge detection, bill payment reminders, insurance, FASTag management, shopping perks, and travel offers.
Despite its expanding footprint, the road to profitability remains in focus. For FY24, the company reported a 22% increase in net loss, reaching ₹1,644 crore. However, this includes significant ESOP-related expenses and tax outlays. On the flip side, revenue surged 66% YoY to ₹2,473 crore, reflecting stronger monetization efforts across its platform.
The goal ahead? Full-year profitability by FY26, a milestone that could redefine CRED’s narrative in India’s fintech ecosystem.
As new investors come on board and old ones double down, CRED seems to be embracing a phase of grounded growth—one where valuation takes a back seat to value creation.
