Credit card payment platform Cred announced on Tuesday, April 6, that it has closed its Series D funding round, raising $215 million.
With this, the fintech startup has become a unicorn with its valuation nearly trebling to $2.2 billion.
The startup had in early January 2021 announced a $80 million fundraising round, which had valued it at $806 million.
Cred is among the few Indian startups to accomplish unicorn status at an early stage, having started its operations only two and a half years ago.
The new round was co-led by new investor Falcon Edge and Coatue Management LLP (new investor), founder and CEO Kunal Shah said in a company newsletter.
Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina also participated in this round.
Announcing the fundraise, Shah noted that the company will also offer its employees an ESOP buyback opportunity, with a cumulative value of $5 million.
"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," said Shah, who founded Cred in 2018.
"Our growth in the past year has demonstrated the potential value of the high-trust, low-friction platform the CRED team has been building, and we are delighted to share the value created with investors, team members, as well as partners and the CRED community," he added.
With the latest round, the startup has raised around $300 million in investments, in 2021 alone.
Founded in 2018, Cred raised $30 million for a valuation of $450 million in Series A seed fundraising round in August 2019.