CRED bags $72m for expansion as valuation settles at $3.64bn

By Puja Sharma

Indian FinTech platform CRED has raised $72 million (₹617 crore) in fresh funding from a consortium of investors, including Lathe Investment, an arm of Singapore’s GIC, RTP Global, Sofina Ventures, and QED Innovation Labs, associated with founder Kunal Shah’s family office.

Lathe Investment led the round with $41 million (₹354.4 crore), followed by QED Innovation Labs with $19 million (₹162 crore). RTP Global and Sofina Ventures contributed $8.75 million (₹74.87 crore) and $3 million (₹25.8 crore), respectively.

The fresh capital is expected to bolster CRED’s plans to diversify its financial services portfolio and enhance its technology infrastructure. Known for its credit card management and member-exclusive rewards, CRED has been steadily broadening its offerings into payments, lending, and commerce.

In FY24, the company saw a 66% year-on-year jump in revenue, reaching ₹2,473 crore. While the growth came with a reported net loss of ₹1,644 crore—largely attributed to ESOP-related expenses and taxes—CRED continues to invest in long-term capability building and product innovation.

As highlighted by IBS Intelligence earlier this year, CRED’s partnership with Axis Bank to roll out instant credit lines marked a strategic shift toward embedded finance and lending. This latest funding round reinforces the platform’s ambition to evolve into a comprehensive FinTech ecosystem tailored for India’s digitally savvy consumers.

CRED has also been exploring new monetisation channels, including merchant partnerships and subscription-based services, while leveraging data analytics to offer more personalised financial experiences. With this momentum, the company aims to strengthen its position in India’s rapidly evolving digital finance landscape.