CRED announced on Monday that $ 81 million (approx. 591 rupees) were raised. 2 crore) for financing, valuation of the fintech company with a post-money valuation of 806 million. USD (approx. 5. 883 crore Rs).
Existing investor, DST Global, led the Series C along with Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst.
In addition, Times Internet’s Sofina, Coatue and Satyan Gajwani also invested in this round.
As part of the process, existing and former employees have canceled their employee share plans totaling $ 1. 2 million (Rs 9 crore) it was said.
The company has raised a total of $ 228 million in four rounds to date. This includes $ 1 million in seed capital from founder Kunal Shah (QED Innovations), $ 25 million in Series A and $ 120 million in Series B.. .
CRED rewards credit card users for timely bill payments and offers them various benefits. It has over 5. It currently has 9 million users on its platform, up from 3 million last March. CRED admission is based on a user’s creditworthiness, and anyone with a score above 750 can be part of the community.
« Funds raised will be used to create additional value for our members through products, services, and experiences that enable them to lead a good life. These offers are being introduced in collaboration with dealers and institutions that are part of CRED, « CRED founder Kunal Shah told PTI.
The focus is on introducing additional products for members in collaboration with existing and new partners this year, he added.
« We want to create more opportunities for merchants to acquire customers and for financial institutions to cross-sell. Most importantly, we are doing 20% of credit card bill payments in India and we want to get more of that, ”said Shah.
The ESOP buyback, which took place on 1. January was completed. 1 is the first such liquidity program initiated by CRED. Employees holding vested shares were entitled to sell up to 50% of their vested ESOP shares in the company. Cred has over 300 employees.
« As we raise funds to support our next phase of growth, it is important to recognize the role that employees have played in our success. We are determined to provide them with wealth creation opportunities and we have allocated 10% of our measurable funding to ESOPs as early as the Series C phase, « said Shah.
Share Buyback, Finance, Employee Stock Ownership, Financing
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