The Indian credit card payment app CRED is inching closer to a unicorn valuation. In the latest development, the company has raised $81 million in its Series C round of funding. Existing investor DST Global led the financing round in November. Sequoia Capital, Ribbit Capital, Tiger Global, General Catalyst, Sofina, Coatue, and Satyan Gajwani of Times Internet have also invested in this round.
The startup has reached a post-money valuation of $806 million after the latest round. As part of the financing, CRED bought back $1.2 million of its shares from its employees. Those employees who held CRED stocks were eligible to sell up to 50% of their shares back to the startup in the ESOP liquidity program.
“As we raise funds to support our next phase of growth, it’s important to acknowledge the role that employees have played in our success. We are committed to enabling wealth-creation opportunities for them and have allocated 10% of our cap table allocated for ESOPs even at the Series C stage. I am grateful for their conviction, as well as that of our investors, and am focused on creating value for them as the product and business evolves,” said Kunal Shah, Founder of CRED.
CRED has seen huge growth since the latest edition of the Indian Premier League (India’s premier Cricket League). During the league in September- November, its advertising campaign was a runaway success and propelled CRED to gain incredible popularity in the Southeast Asian country. The company’s customer base almost doubled to about 5.9 million users in the last year.
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