ⓘ Featured image: Kunal Shah, Founder & CEO of CRED
Bengaluru-based Credit card payments platform CRED, on Tuesday, announced that it has scored $80 million in Series C round, led by DST Global, with participation from Sequoia Capital, Ribbit Capital and Tiger Global.
The company has reportedly attained a valuation of $800 million post-closing the fresh funding round. CRED last year in July raised $120 million and stood at a valuation of $450 million.
Founded by Kunal Shah in 2018, CRED is a credit card payments platform for premium consumers which lets cardholders pay bills through its app – gaining various benefits in the form of CRED coins, which can be redeemed across various other purchases such as food, movie tickets, e-commerce purchases, and more. The company claims that it has garnered partnerships with over 1,300 brands including Samsung, Myntra, Curefit, and many more in order to serve perks to its users.
The company says that it has recorded zero revenue from its operations and deployed INR 64 crore in FY19. Earlier this year, the company launched its two lending platforms, CRED RentPay, to allow users to pay recurring household expenses and bills; and CRED Stash, to offer instant credit via IDFC Bank.
CRED has signed a 3-year partnership with the Board of Control for Cricket in India, and witnessed a big jump in its operations during the Indian Premier League (IPL).