Four-year-old CRED, led by Kunal Shah- is now the 7th biggest startup in India in terms of valuation.
The founder has been on cloud nine since Thursday. And why not? His fintech brainchild has raised $140 million and hit a $6.4 billion valuation in Series F – a whopping 60% higher than its previous valuation of $4.01 billion when it raised $251 million in Series E funding.
The fresh capital (primary and secondary) was raised from new and existing investors. GIC led the round at Rs.467 Cr, followed by Tiger Global, Sofina Ventures SA, Falcon Edge, and Dragoneer.
Tapping New Territories
CRED’s plans to foray into wealth management have been around for a while now. The fresh investment raised comes at a time when CRED is finalizing the acquisition of Smallcase, an Amazon-backed startup. Smallcase helps the new generation of investors to participate in the Indian equity markets
Angel of the first water
If you’re lucky and resourceful enough to get your hands on Shah’s WhatsApp number, you will likely raise your investment faster than Zepto delivers. Yes – he makes his investment decisions on the messenger while on the move in sharp contrast with Shark Tank!
Being an early investor in at least four unicorns—Unacademy, Razorpay, CoinSwitch Kuber and BigBasket and many more such as Spinny, Rupeek, and Shiprocket, Kunal’s game is – one deal a day.
Rarest of the Kind
Besides being an avid angel investor, Shah believes in giving back to the startup ecosystem. After all, this is what gave him a career and he intends to pay it forward, and firmly places him in the upper echelon of Indian technology entrepreneurs.
Too long? Here’s a one-liner: Fintech unicorn CRED raises fresh funding of $140 million in Series F from GIC and others; hits $6.2 billion valuation to join Byju’s, Swiggy in the top 10 most values startups.