January 4

India’s Cred Raises $81 Million, Buys Back Shares Worth $1.2 Million From Employees

By Manish Singh

Bangalore-based CRED is kickstarting the new year on a high note.

The two-year-old startup, led by high-profile entrepreneur Kunal Shah,  said on Monday it has raised $81 million in a new financing round and bought shares worth $1.2 million (about 90 million Indian rupees) from employees.

The Series C financing round, as first reported by TechCrunch in late November, was led by DST Global. Existing investors Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst also participated in the round, and so did a few new names including Satyan Gajwani of Indian conglomerate Times Internet, Sofina, and Coatue.

Photo courtesy of Satish Krishnamurthy.

Source: TechCrunch (link opens in a new window)

poverty alleviation, startups