Fintech firm Cred valued at USD 4 bn after USD 250 mn funding

Cred said on Tuesday it had raised $251 million in a new funding round led by existing investors and private equity firms Tiger Global and Falconedge, valuing the fintech company at $4.01 billion.
Kunal Shah, Founder, Cred
Kunal Shah, Founder, Cred

Bengaluru

“Two new investors - Marshall Wace and Steadfast - joined the cap table. DST Global, Insight Partners, Coatue, Sofina, RTP and Dragoneer increased their investments in CRED with this round,” a spokesperson said in an emailed statement. Founded in 2018, Cred allows users to pay their credit card bills through its online platform and rewards them with offers from various brands and companies such as Puma and Samsung. When a user redeems a reward, the company then pays Cred an agreed-upon fee.
The company also gained a following on social media in recent months after releasing web commercials with quirky storylines.
Indian start-ups have been on a tear in 2021, with several companies entering the unicorn or $1 billion club, while other high-profile names including food delivery app Zomato and hotel aggregator Oyo listing or pursuing a debut on domestic stock exchanges.
Agritech start-up Onato secures $2.2 mn via Vertex Ventures, Omnivore, others
Agritech start-up Onato, a data driven B2B platform for fresh produce, on Tuesday said it has raised $2.2 mn from investors to expand its business. The funding round was led by Vertex Ventures Southeast Asia and India with participation from Omnivore, it said in a statement.
The Bangalore-based start-up said it plans to use funds for talent acquisition and scaling up operations. Vedant Katiyar, co-founder, Onato, said over 60 per cent population of India is dependent on agriculture and yet tech penetration in the agri-supply chain is quite low. Decision-making is mostly intuition has driven which leads to a lot of volatility in prices and wastage.
“Transparency in price discovery and fulfilment through technology will play a crucial role in streamlining the supply chains and decision making,” he added.

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