Kunal Shah-led FinTech Startup CRED has raised $251 million in a Series E round co-led by Tiger Global Management and Falcon Edge Capital, valuation reaches $4.01 billion.
DST Global, Insight Partners, Coatue, Sofina, RTP, and Dragoneer also participated in the funding round.
Two new Investors also participated in the newly raised funding round namely, London-based Marshall Wace and Steadfast Venture Capital.
After this raise, Kunal Shah’s CRED has doubled its valuation in less than six months.
Earlier In April, after raising $215 million from Falcon Edge Capital and Coatue Management LLP, it was valued at $2.2 Billion.
According to a report published in Livemint, the company is planning to use the funds to grow its existing range of products and expand financial services offerings for customers.
The company also said it has no more immediate plans to raise any funds.
Founded in 2018 by Kunal Shah, to enable people to pay their credit card bills easily and in addition to that, they can win exciting rewards for paying their bills on time.
In an interview with a YouTuber, Founder of CRED, Kunal Shah said that it is very crucial to give rewards to users, whenever you are trying to change the habits of users.
Especially in the FinTech sector, people must be rewarded to pay their credit card bills on time, Thus, improves their credit score.
CRED is one of the major market players in the field of credit card bill payments in India with HDFC, SBI, ICICI, and Axis Banks controlling about 70% of the total market share in the credit card Industry.
CRED has a customer base of more than 7.5 million users across India and has partnered with more than 1400 brands.
For investors, FinTech startups are one of the best bets in India and CRED is managing to stay at the top of the list.
