gic: Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion
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Fintech major Cred has raised Rs 617 crore ($72 million) in a fresh funding round at a valuation of $3.5 billion, according to filings seen by ET.This was done at a lower valuation compared to $6.4 billion, at which the startup was valued in 2022 during its last major fund infusion. ET had reported about this round being in the works on April 14.People in the know had told ET then that the reduction in valuation was in line with the company's plans for a potential public listing in India over the next two years.According to filings with the ministry of corporate affairs, Cred has received Rs 354 crore from Lathe Investment, which is wholly owned by Singapore's sovereign fund GIC . It also received an infusion of Rs 74 crore from RTP Global, Rs 25.8 crore from Sofina Ventures, and Rs 162 crore from Kunal Shah 's family office, QED Innovation Labs. The entire infusion is in the form of primary capital, which means no existing investor has sold any shares in this round.The company did not share a comment.GIC had also led its last major fund infusion in 2022 when the company had raised $140 million in a mix of primary and secondary capital at a valuation of $6.5 billion. Some of the other major investors in Cred are Tiger Global, Peak XV Partners, and DST Global. Cred closed FY24 with revenue of Rs 2,473 crore, up 66% from the previous year, and reported an operating loss of Rs 609 crore, down from Rs 1,024 crore a year prior.The company is building a financial services business on top of its core credit card bill payment operations. It offers unsecured consumer loans and secured credit products like loans against mutual funds. It has helped its lending partners create a loan book of Rs 15,000 crore. Cred is also building its insurance play through a vehicle management platform, Cred Garage, which is currently managing around 11 million vehicles.Cred's round comes close on the heels of another fintech, Groww, closing a major pre-IPO funding round, which was also led by GIC. The company is in the final stages of closing a $200 million fund infusion, which would value the wealth-management platform at around $6.5 billion. Along with Groww , the Indian fintech ecosystem is looking forward to a bunch of major public listings over the next one to two years. Pine Labs, one of the largest merchant payment companies, is set to file its draft red herring prospectus (DRHP) with the market regulator Sebi over the next few days, followed by PhonePe , which is planning to file its DRHP in the second half of this year. Razorpay recently completed its reverse flip to India and also converted into a public company ahead of its planned IPO in 2026.
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