Fintech unicorn CRED has raised Rs 617 crore ($72 million) in a new funding round, with participation from a mix of institutional investors and founder Kunal Shah’s family office, QED Innovation Labs. The investment comes amid the company’s continued push toward profitability and product expansion.
According to regulatory filings submitted to the Registrar of Companies (RoC), GIC’s Lathe Investment led the round with an infusion of Rs 354.4 crore ($41 million). Other contributors include RTP Global and Sofina Ventures, which invested Rs 74.87 crore ($8.75 million) and Rs 25.8 crore ($3 million) respectively. Notably, QED Innovation Labs, Kunal Shah’s family office, contributed Rs 162 crore ($19 million) to the round.
As per sources, the round is expected to close at $75 million in total. This latest capital raise will value CRED at approximately $3.64 billion post-money, marking a 43% drop from its $6.4 billion valuation in its Series F round in June 2022, when it secured $140 million.
Following this round, Lathe Investment will hold a 5.95% stake in CRED, while RTP Global and Sofina Ventures will own 1.14% and 1.97% respectively.
Founded by Kunal Shah, CRED offers an ecosystem of services aimed at premium credit users, including credit card management, credit score tracking, bill payment reminders, cashback rewards, and spending insights. It also provides access to lifestyle products, travel packages, and services such as vehicle insurance and FASTag management.
Despite aiming for full-year profitability by FY26, CRED reported a 22% increase in net loss to Rs 1,644 crore in FY24, largely due to ESOP expenses and tax liabilities. However, the company’s revenue rose by 66% year-on-year to Rs 2,473 crore during the same period. The startup has yet to release its FY25 annual report.
This latest funding highlights investor confidence in CRED’s long-term roadmap despite its valuation correction and operating losses.
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