India Roundup: Cred to raise funds at $5.5b valuation, and more

Fintech unicorn Cred to raise funds at US$5.5 billion valuation

• The potential fundraise comes on the heels of the company’s plans to expand into international markets. However, talks for this expansion are still reportedly in its early stages.
• The funds may be used to invest into the acquisition of other fintech startups.
• Cred joined the unicorn club in April after raising US$215 million at a valuation of US$2.2 billion in a round led by Falcon Edge Capital and Coatue Management.

Temasek, Google, more join US$100 million round of neobank Open

• Temasek led the new funding round, while SBI Investment, Tiger Global, and 3one4 Capital also took part.
• The new round reportedly pushes the total funds raised by the company to US$137 million. Open is also supposedly in talks for another funding round, with Visa as one of the potential investors.
• Open operates a neobank that focuses on financial services that serve the needs of small and medium-sized businesses, letting them access most of the features of a traditional bank.

Sequoia-backed agritech firm Bijak to raise US$35 million

• The latest investment will reportedly be anchored by Bertelsmann India, lifting the startup’s valuation to the range of US$200 million to $250 million.
• Bijak was part of the second cohort of Surge, Sequoia’s startup accelerator program, in 2019.
• The agritech platform provides various tools and features for traders, wholesalers, and food processors, such as a ledger for transactions, access to transparent pricing, and improved working capital cycles.