Fintech unicorn CRED has raised nearly $72 million (Rs 617 crore ) in fresh funding from multiple investors, including Lathe Investment, RTP Global, Sofina Ventures, and QED Innovation Labs, the family office of founder Kunal Shah, per media reports.
According to the company’s latest filings with the Registrar of Companies (RoC), GIC, through its Lathe Investment arm, led the round with an investment of $41 million (Rs 354.4 crore). Meanwhile, RTP Global and Sofina pumped in $8.75 million and $3 million, respectively.
Entrackr was the first to report the development last month.
GIC had also led CRED’s funding round in 2022, when the company raised $140 million through a mix of primary and secondary capital.
Founded in 2018 by Kunal Shah, CRED is a members-only club that rewards individuals for their timely credit card bill payments by providing them with exclusive offers and access to premium experiences. It allows credit card users to manage multiple cards along with an analysis of their credit score.
CRED’s total revenue spiked by 66% year-on-year to Rs 2,473 crore in FY24. The overall losses were, however, up 22% to Rs 1,644 crore.
