Английская Википедия:Cred (company)

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CRED is an Indian Multinational fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. Cred also lets users make house rent payments and provides short-term credit lines. Cred has received criticism for being overvalued and lacking a sound monetization strategy.

History

Cred was founded in 2018 by Kunal Shah. By 2021, the company had onboarded over 5.9 million users and processed about 20% of all credit card bill payments in India. As of April 2021, Cred offered six different products; Cred RentPay, Cred Cash, Cred Pay, Cred Store, and Cred Travel Store, etc. However, on 20 August 2021, Cred also launched a Peer to Peer(P2P) lending feature known as Cred Mint that aims to monetise through its 7.5 million users.

Kunal Shah describes Cred as being a TrustTech company rather than a FinTech, and that his motivation to start Cred comes from solving trust issues in the Indian society, which he believes is key to economic prosperity

Funding and financial results

Funding

Cred raised funding from DST Global, Sequoia Capital (India), and Tiger Global, among other investors, through the four rounds of private funding so far. Cred posted losses of ₹360.31 crore in the 2020 fiscal year (FY20), caused primarily due to high expenditure on marketing and advertising.

In October 2021, Cred started to seek new investors, reporting a $5.5 billion valuation, up from $2.2 billion recorded in April 2021.

Kunal Shah is also an investor in an AI led adtech influencer marketing platform Kofluence. The company had raised a pre-series funding of $4 Million as of 8 February 2022.

In June 2022, CRED raised $80 million in a Series F funding round led by Singapore's sovereign wealth fund, GIC. The Series F funding round will value the company at around $6.4 billion.

Investor	Transaction Name	Fund Raised	Valuation
Sequoia Capital India	Seed	$30M	Not Revealed
Sequoia Capital, RTP Ventures, and 25 others	Series A	$636K
Sequoia Capital, Ribbit Capital, and seven others	Series B	$120M	Шаблон:Increase $450 Million
DST Global, Tiger Global Management, and seven others	Series C	$81M	Шаблон:Increase $806 Million
Coatue, Insight Partners, and nine others	Series D	$215M	Шаблон:Increase $2.2 Billion
Tiger Global Management, Marshall Wace, and eight others	Series E	$251M	Шаблон:Increase $4.01 Billion
GIC Singapore, Tiger Global Management, and three others	Series F	$80M	Шаблон:Increase $6.4 Billion

Marketing

Cred became the official sponsor for the Indian Premier League for four years from 2020 to 2023. In 2021, Cred's advertising content and videos, made in-house featuring Indian celebrities, generated significant discourse in news and social media due to its peculiarity, which was both criticized and praised.

External links

• Шаблон:Official website