Cred raises $80 million funding led by GIC at $6.4 billion valuation
Fintech startup Cred has raised Rs 617 crore (roughly $80 million) as the first tranche of its latest funding round
which is expected to value the company at about $6.4 billion, according to company filings with the Ministry of Corporate Affairs.
In a statement, Cred said it is raising a total of $140 million in a mix of primary and secondary investments.
“GIC of Singapore leads this round, joining existing investors Sofina, Tiger Global, FalconEdge, and Dragoneer for an investment of $140 million (primary and secondary),” the company said.
In its filings on Thursday, the company approved the issuance of 42,308 Series F compulsorily convertible preference shares at an issue price of Rs 1.45 lakh per share.
The four-year-old firm was last valued at $4.01 billion when it raised $250 million from existing investors.
Cred counts the likes of Coatue Management, Insight Partners, DST Global, Greenoaks Capital among its investors.
According to sources, it is looking to expand its financial services offering and will also look at inorganic opportunities to tap new areas of growth.
The company is also in final stage discussions of acquiring investment platform Smallcase in a share-swap deal, multiple people confirmed to ET.