Get All Access for $5/mo

CRED Raises $81 Mn In Series C Funding Round The startup announces ESOP buyback worth $1.2 million

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


Bengaluru-based credit card repayment platform CRED on Monday announced to have raised $81 million in its Series C funding round at a post-money valuation of $806 million led by partners of DST Global, along with Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst. Hedge fund Coatue Management and Times Internet vice-chairman Satyan Gajwani also participated in this round.

In the process, existing and former employees have liquidated their employee stock ownership plan (ESOPs), collectively worth $1.2 million.

The ESOP buyback was completed on 1 January, 2021. This is the first ESOP liquidity program initiated by the company. Employees who hold vested stocks were eligible to sell up to 50 per cent of their vested ESOP shares in the company.

"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," said Kunal Shah, founder, CRED.

The company claims that in two years, its community has grown to over 5.9 million high-trust individuals with a median credit score of 830.

"We are committed to enabling wealth-creation opportunities for them and have allocated 10 per cent 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 evolve," Shah added.

The establishment processes 20 per cent of all credit card bill payments in India. Over 35 per cent of premium credit cardholders in India are on the platform, with members spending twofold of the average credit card user in India.

The recently launched CRED Pay offering takes its experience to platforms of online merchants, who offer instant, one-click credit card payments for its members, said a statement released by the two-year-old startup.

Prabhjeet Bhatla

Former Staff

News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.


I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.