Cred raises $81 million in series C funding at a post-money valuation of $806 million

Credit card payment and management platform Cred has raised a fresh $81 million as part of its Series C funding round at a post-money valuation of $806 million. The financial round led by existing investor DST Global also saw participation from Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst.

The fresh capital will be used to launch new product offerings for members in collaboration with existing and new partners this year. The investment was also backed by Sofina, Coatue and Satyan Gajwani of Times Internet. As part of the fundraising process, existing and former employees have liquidated their ESOPs, collectively worth $1.2 million. The ESOP buyback was completed on January 1, 2021. Employees who hold vested stocks were eligible to sell up to 50% of their vested ESOP shares in the company, the firm said in a statement on Monday.
Cred claims that it processes nearly 20% of all credit card bill payments in India. The company said that over 35% of

the country’s premium credit card holders are on the platform and the members spend nearly two times that of an average credit card user in the country.