US-based venture capital firm Rise Capital will be participating in the fintech startup’s funding round
Rise Capital has recently announced its India entry and plans to invest via its global fund III
Prior to this round, CRED had raised $251 Mn at $4 Bn valuation in October last year
Member-only fintech and ecommerce platform CRED has kickstarted a fresh round of funding. The Bengaluru-based fintech startup is raising around INR 60 Cr from new investors including Rise Capital and Roofdeck Capital.
As per an extra-ordinary general meeting held on May 3, the startup is allotting a total of 6,364 equity shares to both Rise Capital and Roofdeck Capital. The fintech unicorn is allotting 6,285 equity shares to Rise Capital, whereas Roofdeck Capital is receiving 79 equity shares.
Rise Captal is venture capital formed by former Tiger Global executive Nazar Yasin and has now started its operations in India. The venture capital intends to invests in Series B round of startups.
The round seems to be part of CRED’s $200 Mn funding round which is likely to be led by Soverign wealth fund GIC and would value the Kunal Shah led fintech giant at $6.5 Bn.
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