Cred, the fintech unicorn led by Kunal Shah, has raised INR 617 Cr (approximately $72 Mn) in a down round led by Lathe Investment from Singapore’s sovereign wealth fund GIC.

The fintech giant has secured funding in what seems to be a Series G round, with its valuation set at $3.5 billion—nearly a 45% decrease from the $6.4 billion it was last valued at in 2022.

According to its submissions to the Registrar of Companies (RoC), GIC led the round with an overall investment of INR 354.4 Cr.  RTP Capital invested INR 74.9 crore, while Sofina contributed INR 25.9 crore.  In the meantime, QED Innovation Labs, which is owned by the founder and CEO Shah, invested INR 162.1 Cr in this round.

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The fundraising occurred a few months after initial reports indicated that the fintech giant was negotiating with investors to secure between $100 million and $200 million, including Peak XV Partners, Tiger Global, and Ribbit Capital, at a post-money valuation of $4 billion.

According to the Economic Times, the fintech giant accepted a significant reduction in valuation as it is considering a possible initial public offering (IPO) within the next two years.  In 2022, CRED achieved a valuation of $6.4 billion after securing $140 million in its Series F round.  It should be noted that GIC also led that round.

Since the last fundraising round, the startup has been working hard to launch new products and strengthen its revenue growth despite increasing losses.  CRED’s operating revenue skyrocketed by 71% in FY24, reaching INR 2,397 Cr, up from INR 1,400 Cr in FY23.  In the fiscal being examined, losses increased by 22% year-on-year (YoY) to reach INR 1,644 Cr.

CRED has not yet submitted its financial results for FY25.

In any case, the startup has dedicated the past year to expanding its product stack in order to bolster its super app ambitions.  Here’s a short overview of the startup’s recent activities:

• In May 2025, the startup collaborated with used-car marketplaces CARS24 and Spinny to allow users to sell their cars on its platform.
• CRED has committed further to its credit vertical by unveiling a variety of new products, including CRED Cash+, which provides credit against mutual funds, and CRED Credit Score, a credit score checker, all under the ‘Svalbard’ initiative.
• CRED launched the CRED e₹ wallet in beta mode in January 2025, in collaboration with the Reserve Bank of India (RBI), making it the first fintech startup to introduce Central Bank Digital Currency (CBDC).
• In November 2024, the unicorn made its entry into the insurtech sector by partnering with three insurance firms via its vehicle management platform, CRED garage.

This funding round occurs amid valuation difficulties for startups with large price tags, as investors become more cautious with their money.  This month, B2B e-commerce giant Udaan wrapped up its Series G funding round, raising $114 million at a probable flat valuation of $1.8 billion.

Jar, a fintech startup, reportedly saw its $50 million funding deal with several investors led by Prosus collapse in April due to valuation disagreements.  In March, Fullerton Financial Holdings, which is owned by Temasek, purchased a controlling stake of 55.57% in Lendingkart for INR 252 Cr. This acquisition valued the lending tech startup at only $100 Mn, compared to its peak valuation of $350 Mn in 2020.