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CRED founder Kunal Shah backs Carl Pei’s upcoming venture in an undisclosed amount of funding – Business News , Firstpost



‘Carl is engaged on a brand new client electronics firm that I’m certain shall be a disruptor in the tech business. I’m excited to be half of this journey,” Kunal Shah stated.

Kunal Shah, the founder of fintech firm CRED, has invested in OnePlus co-founder Carl Pei’s new venture. The amount invested has not been disclosed. Pei had co-based OnePlus, which now ranks amongst premium smartphone firms, in 2013. He give up OnePlus in October final yr to begin a brand new venture. “Carl Pei has now received seed investment from India with Kunal Shah, founder of CRED, adding Carl’s London based venture into his portfolio,” a press release stated. Details of Pei’s new venture shall be introduced on 27 January, it added.

Pei has already raised $7 million (about Rs 51.four crore) in seed financing for the brand new venture.

“Carl is engaged on a brand new client electronics firm that I’m certain shall be a disruptor in the tech business. I’m excited to be half of this journey,” Kunal Shah stated.

Shah, who had co-based Freecharge and is an lively investor, has backed a quantity of startups together with Udayy, Kyt, Khatabook, BharatPe, Unacademy, Razorpay and Avail Finance, amongst others.

Last month, Pei had introduced elevating $7 million in seed financing from “friends and private investors” together with Tony Fadell (Principal at Future Shape and inventor of the iPod), Casey Neistat (YouTuber), Kevin Lin (Co-founder of Twitch), Steve Huffman (CEO of Reddit), Liam Casey (Founder and CEO, PCH), Paddy Cosgrave (Founder of Web Summit) and Josh Buckley (CEO of Product Hunt).

The seed funding was aimed toward supporting the creation of a head workplace in London, hiring of the group, and financing ongoing product analysis and improvement efforts.

(Also Read: Oneplus co-founder Carl Pei secures $7 million fund for brand spanking new undisclosed venture from buyers and pals)

With inputs from PTI.

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