Credit card repayment platform Cred (Cred) has received a new investment of Rs 591 crore. The value of the company has increased to $ 80 million (5.91 thousand crore rupees) from this investment under Series B in Kunal Shah's company CRED. However, the total value of a company to be a unicorn from a startup must be one billion dollars.
Company got new investment
According to media reports, CRED received $ 80 million from investors including DST Global in the Series B round. Earlier in 2018, Creed invested in the company. In addition to DST Global, Ribbit Capital, Sequoia Capital and Sequoia Capital and Tiger Global were also involved in this investment round. Yuri Milner's company DST Global has also invested in companies like Flipkart, Facebook, Spotify, Udaan and Ola.
Great rise in the value of the company
In the last two years, there has been a tremendous jump in credit value due to increasing investment. With the new investment it has increased to $ 800 million. It was $ 450 million in August last year, when the company raised $ 120 million through a funding round. Earlier, at the end of 2018, the startup raised $ 30 million in investments through an investment round.
Currently the company is a bit far from becoming a unicorn from a startup. Explain that startups whose value exceeds one billion dollars (7.35 thousand crore rupees) or more are called unicorns. For example, Paytm, Oyo and Biju have unicorn status.
What does the CRED app do?
The credit card repayment app Cred is owned by Kunal Shah, who was also the co-founder of the bill payment company Freecharge. Axis Bank currently operates Freecharge. Let me tell you, the Cred app is especially for those customers who use different credit cards.
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