Cred, a reward-based credit card payments app based in Bangalore, raises USD 72 million, or Rs 617 crore, at a valuation of around USD 3.5 billion, as per a report by ET. The latest round is characterized by a 45 percent lower valuation than that of USD 6.4 billion, last valued in the 2022 fundraise. The people close to the developments told ET that the current markdown is in line with the company’s plans for a potential IPO in the next two years. 

The latest round has witnessed participation from Singapore’s sovereign wealth fund GIC, through its investment arm Lathe, leading the funding with an infusion of ₹354 crore; RTP Global, which invested ₹74 crore; Sofina Ventures, with ₹25.8 crore; and QED Innovation Labs—the family office of Cred founder Kunal Shah—which invested ₹162 crore. 

To read about UPI's latest transaction figures recorded in May, click here! 

Significant Revenue Growth 

The recent funding round comes as the company has already reported significantly strong revenue figures in FY24. The company posted a 66 percent year-on-year jump in revenue to ₹2,473 crore, while operating losses narrowed to ₹609 crore from ₹1,024 crore the previous year. 

Expanding Services 

Beginning with just the credit card payment system, it has now expanded its services to include unsecured personal loans and secured lending products such as loans against mutual funds, helping lending partners build a loan book of ₹15,000 crore. It is also making good strides with its vehicle-focused insurance platform, Cred Garage, which now manages over 11 million vehicles.

India’s Fintech Ecosystem 

India ranked third globally in fintech funding during Q1 2025, trailing only the US and the UK, highlighting the country’s growing influence in the global fintech landscape. This is based on a wave of late-stage Indian fintechs—including Groww, Pine Labs, Razorpay, and PhonePe—preparing for public listings, signaling a shift from hypergrowth to sustainable scalability.

To read about PhonePe's plans to launch a UPI app for keypad phones, click here!

Among them, Groww is reportedly in the final stages of securing a $200 million pre-IPO funding round led by GIC, valuing the company at approximately $6.5 billion. Meanwhile, Cred’s recent valuation reset to $3.5 billion underscores a broader trend in the sector: investors are increasingly prioritizing sustainable growth, profitability, and IPO readiness over aggressive expansion strategies.