Athira Sethu
Kochi, 10 June 2025
CRED, a Bengaluru-based fintech firm, has raised $72 million (approximately Rs 617 crore) in fresh capital. This was from a host of investors, as reported in official government filings.
The majority of the investment was provided by GIC, a large Singapore-based investment firm. GIC put in $41 million (Rs 354 crore) through its subsidiary Lathe Investment. Other investors were RTP Global ($8.75 million), Sofina Ventures ($3 million), and QED Innovation Labs, which is owned by CRED founder Kunal Shah. QED put in $19 million.
While this recent funding round is welcome, CRED’s overall valuation has decreased. The company was valued at $6.4 billion in 2022. Now, it is valued at $3.5 billion, according to reports. Some of CRED’s prominent investors include Peak XV Partners, Tiger Global, Ribbit Capital, and DST Global. GIC also led a larger funding round in 2022, when CRED had raised $140 million.
CRED began as a credit card bill payment service where membership only was permitted. In the last few years, the company has introduced new services. Today, it also provides assistance with wealth management and vehicle services.
In 2023, CRED also introduced a new platform named CRED Garage. The service allows car owners to track their vehicle documents, top-up their FASTag, view fuel expenditure, and more. CRED also partnered with CARS24, enabling users to sell old cars directly from the CRED app.
CRED has also introduced financial services through CRED Money and acquired a company named Kuvera, which enables users to manage their investments.
CRED’s revenues have increased significantly over the last year. During the financial year 2024 (FY24), its overall revenue increased by 66% to Rs 2,473 crore. Meanwhile, the firm’s losses reduced — from Rs 1,024 crore to Rs 609 crore.
More and more individuals have adopted CRED, and the majority of them stumbled upon it, without the use of costly advertisements. As it turns out, over 75% of the new users came on board through natural means, which reduced CRED’s marketing expenses by 40%.
CRED is still expanding and evolving, providing additional services to its customers while pushing towards improved profits.
