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Indian startup Cred raises $81 million

Indian startup Cred raises $81 million

Cred a fast-growing Indian startup that allows users to pay their credit card bills and gives rewards in return, has raised $81 million in a Series C financing round, which puts the company at $806 million valuation

Investors in the round include DST Global, Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst, Sofina, Coatue and Satyan Gajwani of Times Internet.

Approximately $1.2 million of the cash was used to buy shares from staff liquidating vested stocks gained from Employee Stock Ownership Plans (Esop).

Cred founder Kunal Shah, says: "It's important to acknowledge the role that employees have played in our success. We are committed to enabling wealth-creation opportunities for them and have allocated 10% of our captable allocated for ESOPs even at the Series C stage."

Cred currently claims to hold a 20% market share of all Indian credit card payments, and has doubled its user base to 5.9 million individuals over the past year.

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