Yet another Indian startup enters the unicorn club.
The latest entrant to the coveted $1 billion valuation club is Bengaluru-headquartered fintech startup CRED. Following the closure of its Series D funding round at $215 million, CRED’s valuation almost tripled from $800 million to $2.2 billion.
The round was led by a new investor — Falcon Edge Capital — along with existing investor Coatue Management.
CRED is the sixth startup to turn unicorn this year after insurtech startup Digit Insurance, SaaS startup InnovAccer, and NBFC Five Star Finance, social commerce platform Meesho, and B2B commerce company Infra.Market.
This has certainly boosted the hopes of the Indian startup ecosystem, which currently has close to 40 unicorns. According to NASSCOM, 2021 is expected to take that figure to 50.
Last year, despite the pandemic, 11 startups attained the unicorn status, including PhonePe, Unacademy, and Zerodha.
Recently, homegrown venture capital fund IvyCap Ventures made a 22X return on its exit from beauty ecommerce startup Purplle. CEO Manish Taneja says in 2017, the company only had Rs 50 lakh in its bank accounts and a few weeks of the runway. They started looking at data and decided to fill the gaps in the market with their own products. Three years ago, they became profitable.
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