Indian fintech powerhouse CRED has secured approximately ₹617 crore (about $72 million) from existing backers, including GIC’s Lathe Investment, RTP Global, Sofina Ventures, and Kunal Shah’s QED Innovation Labs. This fresh cash injection comes as the company undergoes a valuation reset following its 2022 peak funding of $6.4 billion.
The fresh infusion brings CRED’s post-money valuation to roughly $3.5–3.64 billion, significantly lower than its $6.4 billion valuation during the 2022 Series F financing—an evident “down round.” Despite the markdown, the fact that investments came in the form of primary capital (new shares) rather than secondaries highlights ongoing investor belief in the company’s model .
CRED’s growth story continues as its FY24 revenue surged 66% to ₹2,473 crore, although losses increased 22% to ₹1,644 crore due to ESOP and tax-related expenses. The company is working toward full-year profitability by FY26 and is developing ecosystem offerings across consumer lending, insurance (through Cred Garage), and vehicle finance.
This round mirrors a broader trend in late-stage Indian startups: several unicorns are raising at flat or reduced valuations. Firms like Groww and Pine Labs are preparing for IPOs, while others like Spinny and Udaan are securing capital at consistent valuations.
Though CRED’s valuation has adjusted downward, the successful raise led by core investors illustrates sustained confidence in its long-term strategy. As the company broadens its product offerings and targets full-year profits by FY26, this fresh funding could mark a pivotal step toward its eventual public listing and deeper fintech ecosystem play.