Insta
Another Unicorn To Be? Kunal Shah Led Startup, Cred Sees Valuation Nearly Double To $800 Million Since August 2019
Swarajya Staff
Dec 01, 2020, 02:11 PM | Updated 02:11 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Founded by Kunal Shah, credit card repayment platform Cred's valuation has nearly doubled to $800 million from the $450 million valuation it had reached when it had raised $120 million from several investors in August last year, reports Economic Times.
The company has raised another $80 million in Series B round of capital infusion led by existing investor DST Global. The latest round also witnessed participation from investors like Ribbit Capital, Sequoia Capital and Tiger Global.
It should be noted that Cred had also emerged as a sponsor of the recently culminated season of the Indian Premier League (IPL) cricket tournament during which the company had launched an aggressive marketing campaign to target and attract credit-worthy customers.
Since its inception, the company has grown to a customer base of three million. It is believed that with the company's customer onboarding has surged multifold over the past months.
Interestingly, the company's founder Shah had also been a co-founder of widely used payments platform Freecharge which is now owned by Axis Bank.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.