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Cred turns unicorn, raises $215 million at a valuation of $2.2 billion

The company, which bought back employee stock options worth $1.2 million during its Series C round of funding, has announced an ESOP buyback worth $5 million with the current round.

April 06, 2021 / 03:00 PM IST
 Cred logo on phone screen stock image. Editorial credit: sdx15 / Shutterstock.com

Cred logo on phone screen stock image. Editorial credit: sdx15 / Shutterstock.com

Fintech platform Cred has raised $215 million in its Series D round of funding for a post-money valuation of $2.2 billion, making it India’s newest unicorn, two and a half years after it was founded.

The round was led by new investor Falcon Edge Capital and existing investor Coatue, with other existing and new investors also participating in the round.

Cred will be the sixth unicorn -- firms valued at over a billion dollar --  to emerge from India this year, after Digit Insurance, Innovaccer, Infra.Market, Five Star Business Finance and Meesho.

Cred founder and CEO Kunal Shah shared the development with employees earlier today. “I’m very happy to share that three months after our Series C, continued interest from leading institutional investors has resulted in us closing a Series D. Falcon Edge Capital (new investor) and Coatue Management LLP (existing investor) will lead this round, while Insight Partners (new investor) joins our cap table. Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina are also investing in this round. With this, we have raised $215 million, at a post-money valuation of $2.2 billion," Shah said in an email.