02 June 2025
Fintech unicorn CRED is preparing to announce a $75 million Series G funding round, led by its existing investors. This round is expected to be a down round, according to sources familiar with the matter, as reported by CNBC-TV18 and first reported by Entrackr. The funding will be led by Singapore's sovereign wealth fund, GIC, through its Lathe Investment arm, with participation from RTP Global and Sofina. Additionally, founder and CEO Kunal Shah is contributing approximately $20 million to the round through his venture capital firm, QED Innovation Labs. Currently, Kunal Shah and QED Innovation Labs hold just under a 23% stake in CRED.
GIC has been an investor in CRED since the Series E round, while Sofina first backed CRED during its Series C round. RTP Global is one of CRED's earliest supporters, having participated in its Series A round.
This latest investment values CRED at $3.5 billion, which marks a 45% decrease from its $6.4 billion valuation in June 2022, when the company raised $140 million through a combination of primary and secondary transactions led by GIC.
Despite the valuation correction, CRED is reportedly focused on strengthening its financial health. According to a source familiar with the company's performance, CRED became profitable in the first two months of FY26 and aims to finish the fiscal year with positive earnings. In its last reported financials for FY24, the company recorded a net loss of Rs 1,644 crore, a 22% increase year-over-year, although its revenue grew by 66% to Rs 2,473 crore. This loss includes costs related to employee stock ownership plans (ESOPs) and tax expenses.
The Series G funding round of $75 million is expected to close within the next two weeks.
To date, CRED has raised approximately $1 billion over nine funding rounds. Peak XV Partners is its largest institutional shareholder, holding a 10.4% stake, followed by Ribbit Capital, Tiger Global, and others.
CRED has been actively expanding its range of financial services. In the past year, the company has launched several new products, including CRED Money for personal finance management, CRED Garage for vehicle services, and CRED Travel for travel bookings. It also introduced a wallet feature—a seamless prepaid payment tool that allows users to preload cash onto their CRED wallet, providing convenience when making payments at various popular merchants. Additionally, CRED has become one of the first fintech platforms to offer access to India’s central bank digital currency (e-rupee), rolling out an e-rupee wallet to a select group of users, with YES Bank facilitating the issuance of e-rupee tokens.
Fintech unicorn CRED is preparing to announce a $75 million Series G funding round, led by its existing investors. This round is expected to be a down round, according to sources familiar with the matter, as reported by CNBC-TV18 and first reported by Entrackr. The funding will be led by Singapore's sovereign wealth fund, GIC, through its Lathe Investment arm, with participation from RTP Global and Sofina. Additionally, founder and CEO Kunal Shah is contributing approximately $20 million to the round through his venture capital firm, QED Innovation Labs. Currently, Kunal Shah and QED Innovation Labs hold just under a 23% stake in CRED.
GIC has been an investor in CRED since the Series E round, while Sofina first backed CRED during its Series C round. RTP Global is one of CRED's earliest supporters, having participated in its Series A round.
This latest investment values CRED at $3.5 billion, which marks a 45% decrease from its $6.4 billion valuation in June 2022, when the company raised $140 million through a combination of primary and secondary transactions led by GIC.
Despite the valuation correction, CRED is reportedly focused on strengthening its financial health. According to a source familiar with the company's performance, CRED became profitable in the first two months of FY26 and aims to finish the fiscal year with positive earnings. In its last reported financials for FY24, the company recorded a net loss of Rs 1,644 crore, a 22% increase year-over-year, although its revenue grew by 66% to Rs 2,473 crore. This loss includes costs related to employee stock ownership plans (ESOPs) and tax expenses.
The Series G funding round of $75 million is expected to close within the next two weeks.
To date, CRED has raised approximately $1 billion over nine funding rounds. Peak XV Partners is its largest institutional shareholder, holding a 10.4% stake, followed by Ribbit Capital, Tiger Global, and others.
CRED has been actively expanding its range of financial services. In the past year, the company has launched several new products, including CRED Money for personal finance management, CRED Garage for vehicle services, and CRED Travel for travel bookings. It also introduced a wallet feature—a seamless prepaid payment tool that allows users to preload cash onto their CRED wallet, providing convenience when making payments at various popular merchants. Additionally, CRED has become one of the first fintech platforms to offer access to India’s central bank digital currency (e-rupee), rolling out an e-rupee wallet to a select group of users, with YES Bank facilitating the issuance of e-rupee tokens.
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