Cred (company)
Dreamplug Technologies Pvt. Ltd., doing business as CRED, is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. CRED also allows users to make house rent payments and provides short-term credit lines.
As of 2022, the company was valued at around $6.4 billion.
History
Cred was started in 2018 by Kunal Shah. Cred posted losses of ₹360.31 crore in fiscal year 2020, caused primarily due to high expenditure on marketing and advertising. By 2021, the company reported having 5.9 million users.In 2021, Cred acquired expense management startup Happay and a liquor delivery startup HipBar. In December 2022, Cred acquired a 100% stake in CreditVidya that offers lending as a service to customers who do not have a credit score.
In July 2023, Cred acquired savings and investment platform Spenny. In February 2024, Cred acquired online wealth management and mutual funds startup Kuvera for an undisclosed amount.
In June 2024, Cred reported having 13 million monthly active users. Its market share in UPI transaction volume was 1% in 2024.
In November 2024, the company sold Happay to MakeMyTrip for an undisclosed amount.
Funding
Cred raised funding from DST Global, Sequoia Capital, and Tiger Global, among other investors, through the four rounds of private funding so far.In October 2021, Cred started to seek new investors, reporting a $5.5 billion valuation, up from $2.2 billion recorded in April 2021.
In June 2022, CRED raised $80 million in a Series F funding round led by Singapore's sovereign wealth fund, GIC, valuing the company at around $6.4 billion.
| Investor | Transaction name | Fund raised | Valuation |
| Sequoia Capital India | Seed | $30 million | Undisclosed |
| Sequoia Capital, RTP Ventures, and 25 others | Series A | $636,000 | Undisclosed |
| Sequoia Capital, Ribbit Capital, and seven others | Series B | $120 million | $450 million |
| DST Global, Tiger Global Management, and seven others | Series C | $81 million | $806 million |
| Coatue, Insight Partners, and nine others | Series D | $215 million | $2.2 billion |
| Tiger Global Management, Marshall Wace, and eight others | Series E | $251 million | $4.01 billion |
| GIC Singapore, Tiger Global Management, and three others | Series F | $80 million | $6.4 billion |