CRED is a startup company that has been running for two years is helping Mastercard clients in India improve their financial conditions has brought $80 million up in another financing cycle. The name CRED speaks for its work.
The new financing cycle, a Series C for CRED, was driven by the existing investment maker DST Global. A large part of the round — indeed, if not all — have been financed by existing investors, including Sequoia Capital and Ribbit Capital, that are multiplying down on Kunal Shah’s startup, the sources said on state of anonymity as they are not approved to address the media.
The back story of financing rounds of CRED
The new round gives CRED a post-cash valuation of about $800 million, two of the sources said. That is up from about $450 million valuations that CRED accomplished after its $120 million Series B round a year ago.
Clients are offered a scope of highlights, including the capacity to all the more likely to track their spending across different charge cards, and get updates. In addition, CRED boosts clients to cover their tab on time by remunerating them focuses, which they can use to buy into a scope of premium administrations and get a rebate on the acquisition of top-notch items.
The stage isn’t accessible to all Visa holders in India. The startup requires a client to have a specific FICO rating — around 750 — to have the option to pursue the administration. Along these lines, CRED has assembled a client base that contains probably the most searched after individuals in India.
CRED has put forward a number of add-on services in its recent quarters. The additional services include allowing customers to pay their rent using their credit card and bulked up its e-commerce store.
“CRED has the richest Indians as customers already,” wrote Anmol Maini, a San Francisco-based engineer, who closely tracks the Indian startup ecosystem. “Kunal Shah has the luxury of time for building CRED into the company he envisions it to be. He has that luxury because he has access to capital and talent, knows how to build and scale companies and he definitely knows how to generate returns for his investors.”
The new funds come at a time when CRED is enjoying a surge in its growth. The startup, which was one of the sponsors of the recently concluded IPL cricket tournament, ran a number of clever and fun advertisements during the tournament featuring Indian legends. And those ads worked