- The share buyback completed on January 1, 2021, was a part of the startup’s $81 million Series C round.
- With the latest fundraise,
CRED is now valued at $806 million. - The startup claims that it has 5.9 million users and processes 20% of all
credit card bill payments in India.
The startup founded by serial entrepreneur
“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. We are committed to enabling wealth-creation opportunities for them and have allocated 10% of our cap table allocated for ESOPs even at the Series C stage. I am grateful for their conviction, as well as that of our investors, and am focused on creating value for them as the product and business evolves,” said Kunal Shah, Founder, CRED.
The two-year old startup allowed eligible employees to sell up to 50% of their vested ESOP shares in the company.
Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users. The startup claims 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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