Funding round
CRED Series C
CRED, which works in credit card payment rewards services in Mumbai, raised $81M in a Series C round announced on 4 Jan 2021, led by DST Global, at a $806M post-money valuation. 9 firms took part, 4 of them already investors, with 1 individual investor. It is CRED's second venture round on record; the one before was a Series B in Aug 2019.
$81M
Amount raised
$806M
Post-money valuation
$725M pre-money
9
Investors
1 lead
1.8x
Step-up from the Series B
$450M in Aug 2019
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced CRED at $806M after the new money, 1.8 times the $450M of its Series B (Aug 2019). The $81M bought investors about 10% of the company. It came 17 months after CRED's Series B. It is 4.5% of the $1.78B CRED has raised in the venture rounds on record. CRED raised again 3 months later: a Series D round of $215M in Apr 2021, at $2.20B post-money.
CRED's funding rounds
CRED has 7 venture rounds on record. This one is highlighted.
- Series B 26 Aug 2019, led by Sequoia Capital, Ribbit and Gemini Investors $120M$450M post-money
- Series C this round 4 Jan 2021, led by DST Global $81M$806M post-money
- Series D 6 Apr 2021, led by Alpha Wave Global and Coatue $215M$2.20B post-money
- Series E 18 Oct 2021, led by Tiger Global and Alpha Wave Global $251M$4.01B post-money
- Series F 9 Jun 2022, led by GIC $140M$6.40B post-money
- Series G 30 May 2025 $75M$3.50B post-money
- Series H+ 23 Jun 2026, led by Meta $900M$4.50B post-money
Investors
Who put money in
DST Global led the round with 8 other firms. DST Global, Sequoia Capital, Ribbit and Sequoia Capital India had backed CRED before.
Lead investor
- DST Global backs 179 venture-backed companies existing investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies existing investor
- Ribbit backs 126 venture-backed companies existing investor
- Tiger Global backs 391 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- Sofina backs 45 venture-backed companies new investor
- Coatue backs 229 venture-backed companies new investor
- Times Internet new investor
- Sequoia Capital India existing investor
Individual investors: Satyan Gajwani.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
36 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $69M, and this round was 1.2 times the median. The closest in time, other companies' Series C rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Checkout.com Payment Processing & Point of Sale | 1 Jan 2021 | $450M | not disclosed | not named |
| Payment Processing & Point of Sale | 24 Feb 2021 | $70M | not disclosed | IDC Ventures and Fuel Venture Capital |
| Payment Processing & Point of Sale | 18 Dec 2020 | $60M | not disclosed | not named |
| Flutterwave Payment Processing & Point of Sale | 10 Mar 2021 | $170M | $1.00B | Avenir and Tiger Global |
| Satispay Payment Processing & Point of Sale | 20 Nov 2020 | $110M | not disclosed | Square and Tencent |
| Payment Processing & Point of Sale | 17 Nov 2020 | $68M | not disclosed | FTV Management Company |
| Payment Processing & Point of Sale | 13 Nov 2020 | $5.0M | not disclosed | Montreux Growth Partners |
| Neon Payment Processing & Point of Sale | 2 Sep 2020 | $300M | not disclosed | General Atlantic |
Sources
Where this comes from
Reported by 9 sources.
Questions
Frequently asked
How much did CRED raise in its Series C round?
CRED raised $81M in its Series C round, announced in Jan 2021.
Who led CRED's Series C round?
DST Global led it, with Sequoia Capital, Ribbit, Tiger Global, General Catalyst and Sofina and 3 more.
What was CRED's valuation at the Series C round?
$806M post-money ($725M pre-money).
How does it compare with other Series C rounds in Payment Processing & Point of Sale?
36 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $69M, and this round was 1.2 times the median.
Did CRED raise again after this round?
Yes: a Series D round in Apr 2021 of $215M at $2.20B post-money.