Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter Instagram
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Featured Startups
    • Funding News
    • CEO Interviews
    • Startup Resources
    • Inspiring Stories
    • Submit Startup
      • Pitch VCs
    • More
      • Our Team
      • Advertise
      • Write for us
      • Privacy policy
      • Startup listing
      • Steal The Deal
      • Contact
    Platform to Showcase Innovative Startups and Tech NewsPlatform to Showcase Innovative Startups and Tech News
    Home»Funding News»Kunal Shah’s Cred Raises $120 Mn at Eye-popping Valuation of $ 450 Mn
    Funding News

    Kunal Shah’s Cred Raises $120 Mn at Eye-popping Valuation of $ 450 Mn

    Girish ShettiBy Girish ShettiAugust 27, 20192 Mins Read
    Facebook Twitter LinkedIn Email
    Share
    Facebook Twitter LinkedIn Email

    Kunal Shah’s Cred has raised $120 million (nearly Rs 861.39 crores) in its ongoing series B round. Kunal Shah has confirmed the news to the media but refused to divulge any financial details about the deal.

    kunal-Shah
    kunal Shah – Founder & CEO of Cred

    According to Cred’s latest regulatory filings, existing investors Ribbit Capital, Gemini Investments and Sequoia Capital led the round. Tiger Global, Hillhouse Capital, General Catalyst, Greenoaks Capital and Dragoneer also participated in the round. The latest funding round has propelled the Bengaluru based startup’s market valuation to almost $450 Mn.

    Shah told Yourstory that the funds will be used for international expansion and create new products in collaboration with financial institutions.

    Cred, which is barely nine months old, aims to make people responsible with regards to their credit card payments. It does this by incentivizing the members for paying their credit card payments on time. These incentives mainly constitute of gems and coins that can be redeemed on on-line shopping websites, movie theaters and other recreational places.

    The company has already tied up with BookMyShow, Urban Ladder, Airbnb and CureFit for implementing its incentive schemes. Prominent banks like HDFC, ICICI, Kotak and Axis have also collaborated with the company.

    Cred is currently members only app. Despite the fact that India has only 50 Mn credit card users, Shah is optimistic that his company will be reaping handsome profit.

    Shah must be deriving lot of confidence and inspiration from its past track record. He was the founder and CEO of Fintech startup FreeCharge, which was acquired by Snapdeal for whopping $450 Mn in 2015. This deal is still considered as one of the biggest acquisition deals in India’s startup ecosystem.

    Although post-acquisition FreeCharge floundered after failing to compete with Alibaba backed Paytm, the deal certainly made Shah a household name and one of the poster boys of India’s startup ecosystem.

     

    Cred Cred Funding featured Kunal Shah
    Share. Facebook Twitter LinkedIn Email
    Girish Shetti

    Related Posts

    OpenAI may Exit Europe if Regulation Toughens, says CEO Sam Altman

    May 25, 2023

    Netflix kicks off its Password Sharing Feature in U.S & 100 other countries

    May 24, 2023

    WhatsApp finally allows you to Edit Sent Messages

    May 23, 2023

    Instagram faces Global Outage (it is back now)

    May 22, 2023

    Leave A Reply Cancel Reply

    Popular Post
    • Why is one Airpod louder than the other- reason and fixes Why Is One Airpod Louder Than The Other- Reason And Fixes
    • Is Real Estate Investment Trusts a Good Career Path Is Real Estate Investment Trusts a Good Career Path? [Complete Guide]
    • advertisement examples 16 Creative Product Advertisement Examples & Ad Campaigns You Must See
    • Places that hire at 15 Places that Hire at 15 Years – Top Choices for Teenagers
    • Pestel Analysis PESTEL Analysis – What it Means and its 6 Factors Explained
    Category Posts
    • how to reset instagram explore page How to Reset Instagram Explore Page: A Comprehensive Guide
    • how to convert picture to pdf on iphone without app How to Convert Picture to PDF on iPhone Without an App
    • why is share focus status on for some contacts Why Is Share Focus Status On for Some Contacts? Understanding and Managing Your Focus Status
    • why won't my phone send pictures Why Won’t My Phone Send Pictures? Troubleshooting Tips and Solutions
    • Why UX Design is Important For The Success of a Fintech Product Why UX Design is Important For The Success of a Fintech Product
    Our Partners
    Shopping online for Windows tablet - DHgate
    Platform to Showcase Innovative Startups and Tech News
    Facebook Twitter YouTube
    • Popular Posts
    • Advertise
    • Submit A Startup
    • Privacy policy
    • Disclaimer
    © 2023 Techpluto. Designed by Techpluto.

    Type above and press Enter to search. Press Esc to cancel.

    Catch the latest news from Startup World in your Inbox!
    [email protected]