India, June 10 -- Kunal Shah-led fintech unicorn CRED has raised INR 617 Cr (about $72 Mn) in a down round led by Singapore sovereign wealth fund GIC's Lathe Investment.

In what appears to be a Series G round, the fintech major raised the capital at a valuation of $3.5 Bn, down nearly 45% from $6.4 Bn at which it was last pegged in 2022.

As per its filings with the Registrar of Companies (RoC), GIC spearheaded the round with a total investment of INR 354.4 Cr. RTP Capital and Sofina poured INR 74.9 Cr and INR 25.9 Cr, respectively. Meanwhile, founder and CEO Shah-owned investment vehicle QED Innovation Labs invested INR 162.1 Cr in the round.

The fundraise comes a couple of months after reports first surfaced that the fintech juggernau...