CRED announced that it will raise ₹8,550 crore, or about $900 million, in a Series H round led by Meta. The financing is structured through a combination of primary and secondary share purchases.
The round values CRED at a post-money valuation of ₹43,239 crore, or about $4.5 billion, and a pre-money valuation of ₹38,819 crore, or about $4.03 billion.
Under the terms of the investment, Meta will join CRED’s cap table as a minority investor. CRED said Meta will not receive access to CRED customer information.
CRED has built a fintech platform focused on financial progress for creditworthy Indians, with products across payments, lending, insurance, wealth, and lifestyle.
The company said 1.7 crore, or 17 million, members engage with its platform every month.
CRED processes more than 40% of credit card bill payments in India, a category the company said it created eight years ago.
The company’s lending business has grown to ₹24,000 crore, or more than $2.5 billion, in managed assets under management for leading financial institutions in India.
The Series H funding will support CRED’s plans to accelerate growth, build institutional capabilities, and extend its leadership across categories.
As part of the transition, founder Kunal Shah will step away from his operating role as CEO while retaining his personal shareholding in CRED. Shah will join Meta’s global leadership team.
Miten Sampat, who has led strategy and finance for CRED since 2020, will take over as interim CEO with immediate effect.
CRED said its board and leadership team are working to establish the right leadership structure as the company moves toward a potential IPO.
KEY QUOTES:
“I started CRED in 2018 with a belief that creditworthiness deserves to be rewarded. In under eight years, that belief has turned into a new category: millions of members, ₹3,200 crore (US $325M) in revenue, profitability, a full stack of licences and a strong brand. On this foundation, with additional capital and an extraordinarily talented team, CRED is poised to become an enduring institution for decades to come. I’m stepping back with gratitude and with conviction that the team will keep raising the bar.”
Kunal Shah, Founder of CRED
“1.7 crore creditworthy Indians trust CRED with improving their relationship with money. Behind this is a high-talent-density team that has consistently demonstrated ownership, mission orientation, and taste. We have a generational opportunity to build on Kunal’s vision and compound consistently towards becoming a public company. I’m excited to take CRED forward in its next chapter. We are just getting started.”
Miten Sampat, Interim CEO of CRED
“CRED has had a highly inspiring startup journey since we led the seed round in 2018 and a lot of the credit for its unusual success goes to Kunal – whom we’ve partnered for over a decade – and the core leadership team at CRED. The company has created a category, amassed millions of highly engaged users, and built a sound economic engine. We are excited about the next phase of CRED as it strengthens the product, platform, and distribution moats it has built, and believe it will go from strength to strength in the years ahead.”
Shailendra Singh, Managing Director of PeakXV Partners
