NEW DELHI, June 22 — Fintech platform CRED announced Monday that it will raise ₹85.5 billion (approximately $900 million) in a Series H funding round led by Meta as the company seeks to accelerate growth and strengthen its position across multiple financial services segments.
According to the company, the investment will be structured through a combination of primary and secondary share purchases.
Following the transaction, CRED will have a post-money valuation of ₹432.39 billion (approximately $4.5 billion), while its pre-money valuation will stand at ₹388.19 billion (approximately $4.03 billion).
The company said Meta will join CRED’s cap table as a minority investor. CRED emphasized that Meta will not receive access to customer information as part of the investment.
CRED said the new capital will be used to accelerate growth initiatives, build institutional capabilities, and expand its leadership across several business categories.
Since its launch, the company has expanded beyond credit card bill payments and now operates in payments, lending, insurance, wealth management, and lifestyle services.
According to CRED, approximately 17 million members use its products each month. The company said it currently processes more than 40 percent of all credit card bill payments in India, making it a dominant player in a category it pioneered eight years ago.
The company also highlighted the growth of its lending business, which has reached ₹240 billion (approximately $2.5 billion) in managed assets under management for several of India’s leading financial institutions.
The funding round will also coincide with a leadership transition at the company.
Founder Kunal Shah will step down from his operational role as chief executive officer while retaining his personal shareholding in CRED. Shah will transition to Meta’s global leadership team.
CRED said Miten Sampat, who has led strategy and finance at the company since 2020, will assume the role of interim CEO with immediate effect.
The company added that its board and leadership team are working to establish an appropriate long-term leadership structure as CRED advances toward a potential initial public offering.
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