Cred, the Bengaluru-based fintech founded by Kunal Shah, is in advanced discussions to raise a new funding round between $100 million and $200 million. The round is likely to be led by Singapore’s sovereign wealth fund GIC, which previously invested around $140 million in the company. The fresh raise is expected to come at a $4 billion valuation, down 40% from its $6.4 billion peak in 2021, signaling a recalibration in startup valuations across the ecosystem.
Existing investors, including Peak XV Partners, Tiger Global, Ribbit Capital, and QED Innovation Labs, are also expected to participate. The funds will likely support the company’s growth efforts as it prepares for a public listing in the next two years. To get IPO-ready, Cred is aiming to deliver a few profitable quarters, aligning with the expectations of public market investors.
Despite a 66% revenue surge to ₹2,473 crore in FY24, Cred’s losses widened by 25% to ₹1,644 crore—mainly due to non-cash expenses like ESOP charges and write-offs related to its acquisition of Happay. For FY25, the company projects revenue of nearly ₹3,000 crore, with cash reserves of ₹1,000 crore and a notably lower cash burn.
Cred is also expanding its product portfolio with the launch of Cash+, a digital lending solution that offers credit lines against mutual fund investments, with interest rates starting at 8.99%. This move into secured lending complements its ₹19,000 crore unsecured loan book and helps reduce risk while opening new revenue channels.
In the fast-growing UPI ecosystem, Cred is also gaining traction. As of March 2025, the company ranked 7th in UPI transaction volume, processing 144 million transactions worth ₹55,000 crore—a clear sign of its growing influence in the digital payments space.