CRED, the fintech unicorn led by Kunal Shah, has raised Rs 617 crore (around $72 million) in a down round led by GIC’s Lathe Investment. This Series G funding round values the company at $3.5 billion, down roughly 45% from its $6.4 billion valuation in 2022.
According to regulatory filings, GIC contributed Rs 354.4 crore, while RTP Capital and Sofina invested Rs 74.9 crore and Rs 25.9 crore, respectively. Additionally, Shah’s own investment entity, QED Innovation Labs, infused Rs 162.1 crore into the round.
The funding comes as CRED explores a potential IPO within the next two years. Notably, GIC had also led the Series F round when CRED raised $140 million in 2022.
Despite deepening losses, CRED has been expanding its offerings. In FY24, its operating revenue surged 71% year-on-year to Rs 2,397 crore, though net losses grew 22% to Rs 1,644 crore. The company has not yet disclosed its FY25 financials.
Over the past year, CRED has aggressively pursued its “super app” strategy:
- May 2025: Partnered with CARS24 and Spinny to facilitate used-car sales via its platform.
- January 2025: Launched the CRED e-wallet in beta with RBI, becoming India’s first fintech to roll out a CBDC-based wallet.
- Late 2024 – 2025: Introduced credit products under ‘Svalbard,’ including credit against mutual funds and a credit score checker, and entered the insurtech space via CRED Garage.
This fundraising also reflects the broader startup funding climate where many high-profile ventures face down rounds or valuation pressure. For instance, Udaan recently closed a flat Series G at $1.8 billion, while fintech Jar’s $50 million round reportedly fell through over-valuation concerns.
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