Leading Indian fintech startup CRED has raised Rs 8,550 crore in a new funding round led by Meta, valuing the company at $4.5 billion (approximately Rs 43,239 crore). The company has made it clear that while Meta will become a minority shareholder in CRED through this investment, it will not have any access to customers’ personal data. The company’s valuation, which fell to $3.5 billion last year, has been able to recover strongly with this huge investment.
Along with this significant financial shift, Kunal Shah, founder of CRED, announced that he is stepping down from the day-to-day CEO role of the company. He will soon take over as the new global head of WhatsApp, the leading messaging platform under Meta. Kunal Shah will take over as Will Cathcart, who led WhatsApp for the past seven years, moves to another role within Meta to develop new products. With Kunal Shah’s departure, Mitten Sampath, who has been handling Kred’s strategy and finance division since 2020, will take over as the company’s interim CEO. CRED, which currently has 1.7 crore customers, handles more than 40 percent of all credit card bill payments in India. The company has recorded a 16% increase in revenue compared to the previous year and has crossed the annual revenue of about Rs 3,200 crore. The company, which has currently expanded its business into areas such as loans, insurance and wealth management in addition to credit card bills, is moving forward with the strength of this new capital to become a public limited company and aim for an IPO.
CRED, which currently has 1.7 crore customers, handles more than 40 percent of all credit card bill payments in India. The company has recorded a 16% increase in revenue compared to the previous year and has crossed the annual revenue of about Rs 3,200 crore. The company, which has currently expanded its business into areas such as loans, insurance and wealth management in addition to credit card bills, is moving forward with the strength of this new capital to become a public limited company and aim for an IPO.
