Sources: India’s Cred to raise $200m in new round, valuation to hit $2b

“Serial entrepreneur Kunal Shah’s two-year-old startup Cred is set to be the next unicorn. A new round of funding is expected to more than double its valuation to over US$2 billion,” The Times of India reported, citing two people briefed on the matter.

Details:

• The fintech startup is said to be finalizing a US$200 million round largely backed by existing investors such as DST Global, Tiger Global, Sequoia Capital, and Ribbit Capital.
• The round, which will be joined by a prominent new investor, is in its final stages and is expected to be completed in two to three weeks, one of the sources said.

Context:

• In January, Cred was valued at over US$800 million after it raised US$81 million in series C funding from existing investors.
• Cred currently has roughly 6 million members on its platform, which use it to pay their credit card bills.