CRED raises $75m in down round led by GIC, valuation drops to $6.4bn

By Gloria Methri

CRED, the Bengaluru-based FinTech platform founded by Kunal Shah, has raised $75 million in a Series G funding round led by Singapore’s sovereign wealth fund GIC. The round, which also saw participation from existing backers Tiger Global, Sofina, Alpha Wave, and DF International, marks a notable decline in the company’s valuation, dropping from $6.8 billion in mid-2022 to $6.4 billion in this latest round.

This fundraise, finalised in May 2025, reflects broader market corrections within India’s late-stage startup ecosystem, where companies are increasingly opting for down rounds to secure capital amid tightening investor sentiment.

According to regulatory filings sourced by Entrackr, GIC invested approximately $40 million in the latest round, while other returning investors collectively committed around $35 million. The funding is expected to bolster CRED’s existing suite of offerings and further expand its reach within India’s growing FinTech and consumer payments landscape.

Founded in 2018, CRED started as a credit card payment platform that rewards users for making timely repayments. Over time, it has diversified into verticals including peer-to-peer lending (CRED Mint), eCommerce (CRED Store), and rent payment services. The company has also launched products like CRED Cash and CRED Pay to deepen user engagement and monetisation.

Despite its rapid growth and user acquisition, primarily among India’s affluent urban consumers, CRED continues to face scrutiny over its path to profitability.  The decision to accept a down round signals a pragmatic shift for CRED and its investors amid a venture capital environment that increasingly prioritises sustainable growth over inflated valuations. With global interest rates remaining high and exits remaining elusive, many late-stage startups are recalibrating expectations.

The current raise brings CRED’s total funding to over $550 million, positioning it among India’s most well-capitalised FinTechs. While the lower valuation might be a sobering moment for a startup once seen as a poster child of premium FinTech in India, the renewed support from long-term investors suggests confidence in its underlying business model and prospects.