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Indian startup Cred hits $2.2bn valuation

Indian startup Cred hits $2.2bn valuation

Cred, a fast-growing Indian startup that allows users to pay their credit card bills and gives rewards in return, has hit a $2.2 billion valuation off the back of a $215 million Series D funding round led by Falcon Edge Capital.

Coatue Management LLP, Cred said in an emailed statement Tuesday. DST Global, Tiger Global and Greenoaks Capital joined the round which comes just four months after Cred closed an $81 million Series C at a $806 million valuation.

Founded in 2018, Cred claims nearly six million users for its app, which rewards customers for paying their credit card bills on time.

Kunal Shah, founder, Cred, says: "With the credit card category in India expanding rapidly, we have a massive opportunity to shape responsible behaviour, imagine new use cases, and create a rewarding platform for members."

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