CRED aims to utilise the proceeds to develop its credit card business while entering other neighbouring businesses. The round takes CRED’s valuation to approximately USD 3.5 billion, a 45% decrease form its valuation in 2022. It had raised USD 140 million in its Series F funding round led by GIC in the same year.
CRED reported revenue of USD 296 million, a 66 per cent increase in FY24 on the back of higher product adoption and growth of monetised users, while narrowing operational loss by 41 per cent to USD 72.9 million.
CRED operates as a members-only platform rewarding users for timely credit card bill payments. Users that wish to join must have a credit score higher or equal to 750.
The funding round follows the company’s launch of a beta version of its eINR wallet in January 2025, in partnership with the Reserve Bank of India. This allowed CRED members who have been whitelisted for the beta version to have the possibility to pay UPI-linked bank accounts and send and receive money to other CBDC wallets.
For this purpose, customers will have to complete a KYC video process and develop and load their e-INR wallets via UPI. Transactions over USD 115 will be allowed on the wallet, and the daily limit for transfers is USD 577. For transactions below USD 5.77, customers will not need to enter a PIN, which will speed up the payment system.
This came at a time when companies such as Google Pay, PhonePe, and Amazon Pay were also seeking entry into the RBI’s digital rupee as of August 2024. The company also partnered with used-car marketplaces CARS24 and Spinny to enable users to sell their cars on its platform.
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