Bangalore-based startup, CRED has raised $80 million in Series C funding from existing investors.
DST Global led the round, with participation from other existing investors Ribbit Capital, Sequoia Capital and Tiger Global.
The startup is founded by Freecharge founder Kunal Shah and is now valued at $800 million which is almost double of its valuation of $450 million a year ago.
The two year old firm has also raised $120 million in Series B funding round last year. It is a credit card repayment platform that rewards its members for clearing their credit card bills on time by giving them discount points known as Cred Rewards. The Kunal Shah founded startup also has an ecommerce platform named Cred store.
It raised $30 million in its seed round in the year 2018. The firm was most recently the official partner of Indian Premier League.
Launched in 2018, the platform has rolled out many new features such as CRED RentPay and CRED Stash. The former feature allows the members of the platform to pay their monthly rent with their credit cards while the latter provides a fully digital way to get credit in India.
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.