CRED, a fintech unicorn, has raised Rs. 617 crore ($72 million) from several investors, including Lathe Investment Limited, RTP Global, Sofina Ventures, and Kunal Shah's family office, QED Innovation Labs.
- CRED raises Rs. 617 Crore in latest funding round, valuation drops to $3.64 billion amid investor backing from GIC, RTP, Sofina.
- Fintech unicorn CRED secures $75 million investment, aims for profitability by FY26 despite FY24 net loss of Rs. 1,644 Crore.
- CRED’s revenue grows 66 percent YoY in FY24, driven by credit card management, FASTag tools, and financial services expansion.
As per regulatory filings with the Registrar of Companies (RoC), GIC's Lathe Investment made an investment of Rs. 354.4 crore ($41 million), while RTP Global and Sofina invested Rs. 74.87 crore ($8.75 million) and Rs. 25.8 crore ($3 million), respectively. Kunal Shah's family office, QED Innovation Labs, also invested Rs. 162 crore ($19 million).
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According to sources, the company has raised a total of $75 million in this round.
After this allotment, GIC, through Lathe Investment, will own 5.95 percent equity in the company while RTP Capital and Sofina Ventures will hold 1.14 percent and 1.97 percent stakes, respectively.
Founded by Kunal Shah, CRED offers credit card management, credit score monitoring, cashback rewards, and FASTag services, along with tools for vehicle insurance and travel bookings. In FY24, CRED's revenue grew 66 percent year-on-year to Rs. 2,473 crore, though its net loss widened by 22 percent to Rs. 1,644 crore (including ESOP and taxes).
CRED provides a number of services, including credit card management, monitoring credit scores, detecting hidden charges, payment reminders, cashback, access to shopping, and travel packages, as well as tools for managing vehicle insurance and FASTag and related features.
CRED plans to reach profitability by the end of FY26, and it gave an update on FY24, where it reported a 22 percent increase in its net loss of Rs. 1,644 crore (including ESOP and taxes). In the same year, revenues grew 66 percent year-on-year to Rs. 2,473 crore. CRED has not yet released its FY25 annual report.
