menu
techminis

A naukri.com initiative

google-web-stories
Home

>

Startup News

>

CRED's val...
source image

ISN

1M

read

271

img
dot

Image Credit: ISN

CRED's valuation falls to $3.5 billion after raising $72 million in funding

  • Bengaluru-based fintech major Cred raised $72 million in a new funding round, resulting in a valuation of $3.5 billion, down from $6.4 billion previously.
  • The funding round was led by Singapore's GIC through its Lathe Investment arm, with participation from investors like RTP Global, Sofina Ventures, and QED Innovation Labs.
  • Cred's revenue grew by 66% year-on-year to Rs 2,473 crore in FY24, with operating losses narrowing to Rs 609 crore. The company is expanding its services beyond credit card bill payments.
  • Cred is focusing on broadening its platform to include personal loans, secured lending against mutual funds, and vehicle-related services through Cred Garage. It aims to evolve into a comprehensive financial services provider.

Read Full Article

like

16 Likes

For uninterrupted reading, download the app