Money & Banking

CRED raises $81 million in Series C round, initiates buyback worth ₹9 crore

Our Bureau. Mumbai | Updated on January 04, 2021

The company processes 20 per cent of all credit card bill payments in India.

Bengaluru-based credit card bill repayment platform CRED has raised $81 million in Series C round at a post-money valuation of $806 million, led by existing investor DST Global.

The round also saw participation from Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst. Besides, investors such as Sofina, Coatue and Satyan Gajwani (vice-chairman of Times Internet) also took part in this round.

Following the fund-raising, existing and former employees have liquidated their Employee Stock Ownership Plans (ESOPs) worth $1.2 million (₹9 crore).

"As we raise funds to support our next phase of growth, it's important to acknowledge the role that employees have played in our success. We are committed to enabling wealth-creation opportunities for them and have allocated 10 per cent of our cap table allocated for ESOPs even at the Series C stage," CRED Founder Kunal Shah said.

CRED processes 20 per cent of all credit card bill payments in India.

Published on January 04, 2021

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