Credit card bill payment app CRED has raised $80 million in Series C funding. The round of funding was led by existing investor DST Global. The high-profile round of investment saw the participation of other existing investors Ribbit Capital, Sequoia Capital, and Tiger Global.
The fresh round of funding means that the Bengaluru, India-based company’s post-money valuation is now $800 million. The two-year-old startup has become popular, mainly due to its humorous ad campaign in India.
The Kunal Shah-led startup has almost doubled its valuation from its valuation of $450 million a year ago. It raised funds twice in 2019, including a Series A round of $125 million and $120 million in Series B funding.
CRED provides rewards and benefits to its customers for paying credit card bills through its platform. Users can use the CRED service once their credit score has been screened. The company is poised to capture a huge chunk of the Indian lending market. According to a BCG report, this market can become a $1 trillion opportunity by 2023.
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