CRED, a four-year-old fintech startup, announced a $140 million round of main and secondary fundraising headed by Singapore’s sovereign wealth fund GIC.
Returning investors in this ongoing round include Belgium’s Sofina, global alternative investment firm Tiger Global Management, New York-based Falcon Edge, and San Francisco-based Dragoneer, according to the business.
The Series F round values the startup at $6.4 billion, a considerable increase from the $4.01 billion it received in October 2021, when Tiger Global and Falcon Edge co-led a $251 million round.
The corporation declined to divulge the transaction’s primary and secondary mix.
The round comes at a time when the Indian start-up fundraising climate is becoming more conservative and cautious as a result of global macro events such as increasing inflation, the Ukraine War, and stock market instability. Several well-funded start-ups, including Unacademy, Meesho, Vedantu, MFine, and Cars24, have resorted to layoffs in order to minimise expenses and stretch their runways as long as possible in order to weather the storm.
CRED, which was launched in 2018, rewards credit-worthy consumers for timely credit card bill payments with special deals and brand access. Since then, the firm has expanded its operations to include loan services through agreements with IDFC bank and other non-banking financial organisations (NBFCs).
On Thursday, National Payments Corporation of India (NPCI) subsidiary NPCI Bharat BillPay accepted CRED as a key agent institution for offering CRED members with simple bill payment options. An agent institution is an entity that aspires to or presently provides consumers with services such as bill payment, collection, and aggregation via physical or digital channels. With this agreement, CRED customers will be able to effortlessly pay regular bills such as electricity, phone, DTH, gas, school fees, water, and municipal taxes. They will also be able to use the CRED app to view updated transaction history, create transaction alerts and reminders, and raise/track complaints for Bharat BillPay transactions.
CRED, as an agent institution, will build member touch points, offer member support (registration, rapid pay, complaint resolution), immediate confirmation, payment and charge awareness, BBPS visibility, and more.