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Serial entrepreneur and angel investor Kunal Shah led Cred on Tuesday entered the coveted Unicorn membership after elevating $215 million as part of its Series D spherical. This is the second Indian startup on this week to have entered the distinguished membership, the primary being Meesho.
The funding was led by a brand new investor Falcon Edge Capital, together with current Coatue Management LLP. Apart from them current traders DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina have additionally participated on this spherical. With the newest capital infusion, Cred’s valuation has pegged at $2.1 billion from $800 million in January this 12 months when it raised $81 million in Series C, led by DST Global. Its different traders embody Sequoia Capital, Tiger Global.
Shah additional confirmed that the corporate can even be initiating an ESOP buyback of $5 million for workers.
Commenting on the event, Shah stated, “With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behaviour, imagine new use cases, and create a rewarding platform for members. Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building, and we are delighted to share the value created with investors, team members, as well as partners and the CRED community.”
Started in 2018, Shah who earlier had based Freecharge, an internet cost platform, based Cred, an app that rewards prospects who pay their payments on time. The app additionally gives a variety of premium product catalogue from high-end manufacturers. The startup claims to levy no hidden cost whereas making bank card cost. Cred promotes the constructing of a neighborhood of customers who’ve good credit score scores.
Currently the startup has practically 6 million customers.