CRED, which rewards you for paying your credit card bills, is reportedly India’s latest unicorn as its valuation more than doubles in two months
- CRED is reportedly in talks to raise $200 million at a $2 billion valuation.
- CRED’s jump to be India’s latest unicorn comes on a surprising note that just two months ago, the startup was valued at $800 million.
- The startup counts the likes of DST Global, Sequoia Capital, Ribbit Capital as its investors.
AdvertisementKunal Shah’s CRED, the startup whose app helps you pay and manage your credit card bills in exchange for a bunch of rewards, is reportedly in talks to raise $200 million at a $2 billion valuation. CRED’s jump to be India’s latest unicorn comes on a surprising note that just two months ago, the startup was valued at $800 million.
|Year||CRED’s reported valuation|
|January 2021||$800 million|
|March 2021||$2 billion|
As per a TechCrunch report, the funding is likely to be led by its existing investors. CRED counts the likes of DST Global, Sequoia Capital, Ribbit Capital as its investors.
Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users.
In January 2021, the startup had also bought back shares worth $1.2 million from its employees. “As we raise funds to support our next phase of growth, it's important to acknowledge the role that employees have played in our success,” Shah had said in a statement then.
The startup had also said that it has 5.9 million users and processes 20% of all credit card bill payments in India. “Over 35% of premium credit card holders in India are on CRED, with members spending 2X of the average credit card user in India,” said the company.
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