According to a regulatory filing with the Registrar of Companies (RoC), the digital payments platform has allotted 42,308 Series F Compulsorily Convertible Preference Shares (CCPS) having a face value of Rs 100 each at a premium of Rs 1,47,746 each to raise $80 million.
The firm raised money in three phases in 2021: $81 million in the Series C round, $215 million in the Series D round, and lastly $251 million in the Series E round.
Cred, a platform for paying credit card bills and earning points, was launched in 2018 by serial entrepreneur Kunal Shah. Since then, it has grown into loans, e-commerce payments, brand advertising, and short-term borrowing through Buy Now Pay Later (BNPL) alternatives.
The rather successful fundraiser comes at a time when overall investment for Indian businesses has been stalled due to a global correction in digital company valuations.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.