- CRED will raise $75M led by GIC, cutting its valuation to $3.5B—a 45% drop since 2022.
- The company grew revenue 66% to ₹2,473 crore in FY24 but saw net losses rise 22% to ₹1,644 crore.
- CRED is targeting full-year profitability in FY26 and expanding its fintech offerings.
Fintech unicorn CRED is poised to raise $75 million in fresh funding, led by existing investor GIC through Lathe Investment, with participation from RTP Global and Sofina.
Founder Kunal Shah will also invest $20 million of his capital in the internal round. This marks CRED’s first major fundraise in three years and comes with a steep valuation cut: the company’s new $3.5 billion valuation is a 45% drop from its $6.4 billion peak in 2022.
The Bengaluru-based company, which has raised $1 billion over nine rounds, is expanding its credit card business and integrating new features, including India’s central bank digital currency wallet.
CRED’s latest move follows a period of strong revenue growth—up 66% year-on-year to ₹2,473 crore in FY24—driven by increased product adoption and monetised users. However, net losses also rose 22% to ₹1,644 crore, though operational losses were cut by 41% to ₹609 crore.
CRED is reportedly profitable in the first two months of FY26 and aims for full-year profitability. The company’s super-app ambitions have seen it diversify into vehicle management, travel, shopping, and more, though it recently discontinued P2P lending after new RBI guidelines.
CRED’s down round reflects a broader trend among Indian late-stage startups, many of which are raising capital at flat or reduced valuations amid a tougher funding climate.
Edited by Annette George
