Kunal Shah’s CRED buys back shares worth $1.2 million from its employees
- The share buyback completed on January 1, 2021, was a part of the startup’s $81 million Series C round.
- With the latest fundraise,
CREDis now valued at $806 million.
- The startup claims that it has 5.9 million users and processes 20% of all
credit card bill paymentsin India.
AdvertisementIndian fintech startup CRED, an app that helps you pay and manage your credit card bills in exchange for a bunch of rewards, has bought back shares worth $1.2 million from its employees. The share buyback completed on January 1, 2021, was a part of the startup’s $81 million Series C round.
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.
Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government
New Year’s resolution to quit Facebook could leave you happier, but a little out of the loop
Popular on BI
- A top AI researcher reportedly left Google for OpenAI after sharing concerns the company was training Bard on ChatGPT data
- An AI researcher who has been warning about the technology for over 20 years says we should 'shut it all down,' and issue an 'indefinite and worldwide' ban
- What is an indictment? What it means for someone to be indicted by a grand jury and why Trump was charged
- Amul hikes milk price by ₹2/ltr in Gujarat
- GST mop-up rises 13% to ₹1.6 lakh crore in March, second highest collection ever
- White House refuses to pay for Twitter's Blue verification: Report
- Italy bans ChatGPT, orders investigation over privacy breach
- IISc researchers design tiny supercapacitor capable of storing large amount of electric charge