Kunal Shah's CRED raises $215 million to be India's latest unicorn with a valuation of $2.2 billion

Members-only credit card management and bill payments platform CRED on Tuesday said it has raised $215 million (about Rs 1,579 crore) in a Series D funding round at a post-money valuation of $2.2 billion.

New investor Falcon Edge Capital and existing investor Coatue Management led this round, while Insight Partners joined the CRED cap table.

Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina have also participated in this round, CRED said.

Marking its entry into India's unicorn club, the company said it will also offer its team another ESOP buyback opportunity, with a cumulative value of $5 million.

"With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behaviour, imagine new use cases, and create a rewarding platform for members," CRED Founder Kunal Shah said in a statement.

"Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building, and we are delighted to share the value created with investors, team members, as well as partners and the CRED community."

The new funding round comes after the company raised $81 million in its Series C round, which put the company at $806 million valuation.