New Delhi, June 10 -- Fintech unicorn Cred has secured fresh funding from its existing investors including Singapore sovereign wealth fund GIC in a Series G round that values it far lower than before.

The Bengaluru-based fintech raised Rs 455 crore ($53.2 million) from GIC, early-stage venture capital firm RTP Global and Belgium-based investor Sofina, according to Cred's filings with the Registrar of companies.

GIC put in Rs 354.4 crore while RTP Global, which has been an investor in Cred since 2018, contributed Rs 74.8 crore and Sofina invested Rs 25.8 crore.

In addition, Cred founder Kunal Shah, via his investment arm, QED Innovation Labs invested Rs 162 crore in the company.

The new round values the startup around $3.5-3.6 billion, down about 45% from the $6.4 billion valuation that it commanded when it last raised capital in June 2022.

After this round, GIC will hold about a 5.95% stake in Cred on a fully diluted basis while RTP Global and Sofina will own about 1.15% and 1.98%, respectively.

Cred did not respond to VCCircle's queries for the article.

Cred was set up in 2018. Since 2022, when it last secured funding, it has transformed from a credit-card bill payment platform to a fintech with diverse offerings across lending, utility bill payments, UPI, insurance and commerce. It even offers a vehicle management platform.

Cred has also made a bunch of acquisitions, buying companies such as CreditVidya and Liquiloans, to grow its business.

It had last raised $140 million in a Series F round led by GIC and existing investors at $6.4 billion valuation. Previously, it closed a $251 million round in 2021 at a valuation of $4 billion, when Tiger Global and Falcon Edge joined its cap table.

The company has not filed its financial statements for financial year 2023-24 with the Registrar of Companies yet. However, it said in September last year that its total revenue grew by 66% year-on-year to Rs 2,473 crore in FY24. Meanwhile, its operating losses narrowed by 41% to Rs 600 crore during the period.

Published by HT Digital Content Services with permission from VC Circle.