Funding details
- Fintech unicorn CRED raised ₹617 crore (≈$72 million) in a fresh funding round led by Singapore’s sovereign wealth fund GIC’s Lathe Investment
- Other participants included RTP Global (₹74.9 crore), Sofina Ventures (₹25.8 crore), and QED Innovation Labs—Kunal Shah’s family office (₹162 crore)
Valuation reset
- The post‑money valuation stands at $3.5–3.64 billion, reflecting a 45–43 % markdown from its previous $6.4 billion valuation in June 2022
Structure and nature of investment
- The round comprised entirely primary capital—no existing investors sold shares
- GIC’s Lathe Investment now holds a roughly 6 % stake, with RTP and Sofina owning about 1–2 % each
Strong revenue growth amid narrowed losses
- In FY 2024, CRED’s revenue surged 66 % to ₹2,473 crore, while operating losses reduced from ₹1,024 crore to ₹609 crore, marking a 41 % decrease
Diversified fintech offerings
- Once focused on credit‑card bill payments, CRED now offers personal loans, secured lending (against mutual funds), and vehicle‑related services under CRED Garage, managing over 11 million vehicles
- It supports a loan book of approximately ₹15,000 crore via lending partnerships
Strategic positioning ahead of IPO
- Observers view the valuation cut as a strategic reset aligned with CRED’s plan to go public in India within two years
- This move follows broader fintech trends—others like Groww, Pine Labs, PhonePe, and Razorpay are also gearing up for listings