
As ET had first reported on April 14, the company was in talks to raise fresh funding at a valuation of around $4 billion, significantly lower than its previous round.
People aware of the discussions had then told ET that the markdown was “in line with the company’s plans for a potential public listing in India over the next two years.”

The latest round comprises entirely of primary capital. Singapore’s sovereign wealth fund GIC, through its investment arm Lathe Investment, has led the funding with an infusion of Rs 354 crore. Other participants include RTP Global, which invested Rs 74 crore, Sofina Ventures with Rs 25.8 crore, and QED Innovation Labs — the family office of Cred founder Kunal Shah — which invested Rs 162 crore.
Cred declined to comment on the fundraise.
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GIC had also led Cred’s last major funding round in 2022, when the company raised $140 million in a mix of primary and secondary capital. Other marquee backers of the company include Tiger Global, Peak XV Partners, and DST Global.
The down round comes even as Cred has reported strong revenue growth in FY24. The company posted a 66% year-on-year jump in revenue to Rs 2,473 crore, while operating losses narrowed to Rs 609 crore from Rs 1,024 crore the previous year.
Known for its credit card bill payment platform, has been steadily expanding its financial services play. It now offers unsecured personal loans and secured lending products such as loans against mutual funds, helping lending partners build a loan book of Rs 15,000 crore. It is also scaling its vehicle-focused insurance platform, Cred Garage, which now manages over 11 million vehicles.
The latest round at Cred comes at a time when late-stage Indian fintechs are gearing up for public listings. Groww is in the final stages of closing a $200 million pre-IPO funding round led by GIC, at a valuation of around $6.5 billion.
Pine Labsis expected to file its draft red herring prospectus with market regulator Sebi in the coming days, followed by PhonePe later this year. Razorpay, which recently completed its reverse flip to India, has converted into a public company ahead of its planned IPO in 2026.
Cred’s valuation reset reflects a broader shift in the fintech sector, where investors are placing greater emphasis on sustainable growth and IPO readiness over breakneck expansion.