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Cred Raises Rs 617 Cr in Down Round, Valuation Drops 45% to $3.5 Billion

Fintech startup Cred secures ₹617 crore (≈$72 million) in Series G funding led by GIC’s Lathe Investment, valuing the company at $3.5 billion, a 45% drop from its 2022 valuation with participation from RTP Capital, Sofina, and QED Innovation Labs.

Cred Raises Rs 617 Cr in Down Round, Valuation Drops 45% to $3.5 Billion
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Cred, a leading fintech company, has raised ₹ 617 crore (approximately $ 72 million) at a valuation of $ 3.5 billion, according to regulatory filings reviewed by the Economic Times.

This represents a 45 % decrease from its 2022 valuation of $ 6.4 billion during its last major funding round.

In what appears to be a Series G round, the fintech major secured this funding at a valuation of $ 3.5 billion, down nearly 45 % from its previous $ 6.4 billion valuation in 2022.

According to regulatory filings with the Registrar of Companies (RoC), Singapore’s sovereign wealth fund GIC, through its Lathe Investment arm, led Cred’s Series G funding round with an investment of ₹ 354.4 crore.

RTP Capital contributed ₹ 74.9 crore while Sofina invested ₹ 25.9 crore. QED Innovation Labs, controlled by Cred’s founder and CEO Kunal Shah, invested ₹ 162.1 crore in the round.

This funding follows reports from a few months earlier indicating that Cred was in discussions with investors including Peak XV Partners, Tiger Global and Ribbit Capital to raise between $ 100 million and $ 200 million at a post‑money valuation of $ 4 billion.

Previous Funding Rounds

GIC also led Cred’s most recent major fundraising round in 2022 when the company raised $ 140 million through a mix of primary and secondary capital. Tiger Global, Peak XV Partners and DST Global are among the company’s other key investors.

Despite the down round, Cred reported strong revenue growth in FY24. The company’s revenue surged by 66 % year‑on‑year to ₹ 2,473 crore while operational losses decreased to ₹ 609 crore from ₹1,024 crore the previous year.

Cred, known for its credit‑card bill‑payment platform, has steadily broadened its financial‑services portfolio. It now provides unsecured personal loans and secured lending products such as loans against funds, helping lending partners build a loan book worth ₹ 15,000 crore. Additionally, Cred is expanding its vehicle‑focused insurance platform, Cred Garage, which now manages over 11 million vehicles.

The latest funding round for Cred coincides with a period when late‑stage Indian fintechs are gearing up for public listings. Groww, for instance, is finalising a $ 200 million pre‑IPO investment round led by GIC, valuing the company at approximately $ 6.5 billion.

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