India, Feb. 5 -- Fintech major CRED is planning to pump INR 550 Cr in its non-banking finance company (NBFC) Newtap Finance Pvt Ltd (NFPL), as per a report by India Ratings and Research.

"NFPL plans to raise additional equity capital of INR 5,500 Mn over the near-medium term from its promoter's wholly-owned subsidiary Newtap Technologies Pvt. Ltd. (holds 74% stake in NFPL) and CRED, subject to regulatory approvals," read the report.

Incorporated in 2021, NFPL is an NBFC that offers short-term personal loans to CRED users. Kunal Shah indirectly owns 76% in the NBFC via Newtap Technologies, in which he owns 100% stake, while 23.6% stake is owned by CRED. Shah and his brother Rohan Shah also hold the position of directors in Newtap Technol...