Credit card payments app Cred has raised $80 million in an equity financing round led by DST Global along with the participation of Sequoia Capital, Ribbit Capital, and Tiger Global, a report said. All of them are existing backers of the Bengaluru-based two-year-old startup.
According to the TechCrunch report, the Kunal Shah-led firm has reached a valuation of $800 million after the fresh tranche. This is a significant jump in CRED’s valuation compared to the $450 million it was valued at last year when it had raised $120 million in its Series B round in August.
CRED is a credit card payments platform for premium consumers that lets cardholders pay bills through its app and get a bouquet of benefits via Cred coins. The virtual coins can be redeemed across coffee shops, movie theatres, e-commerce shopping, among others. It claims to have over 1,300 brands as members, including Samsung, Myntra, and Curefit.
The fresh fundraising comes on the heels of CRED’s claimed jump in scale of operations during the Indian Premier League. After signing a three-year deal with the Board of Control for Cricket in India, it was an official partner.