Indian startup Cred raises $81 million
Cred a fast-growing Indian startup that allows users to pay their credit card bills and gives rewards in return, has raised $81 million in a Series C financing round, which puts the company at $806 million valuation
Approximately $1.2 million of the cash was used to buy shares from staff liquidating vested stocks gained from Employee Stock Ownership Plans (Esop).
Cred founder Kunal Shah, says: “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 captable allocated for ESOPs even at the Series C stage.”
Cred currently claims to hold a 20% market share of all Indian credit card payments, and has doubled its user base to 5.9 million individuals over the past year.