Your browser is currently blocking notification.
Please follow this instruction to subscribe:
X
Notifications are already enabled.
X

Exclusive: Kunal Shah’s CRED Gives Equity Shares To Two Entities

Exclusive: Kunal Shah’s CRED Gives Equity Shares To Two Entities

Rise Global Capital LLC and SF Roofdeck MA LP will be receiving 6,364 equity shares in CRED

According to the filings, the two have invested around INR 60 Cr combined

The development comes a couple of months after CRED acquired the corporate expense management platform Happay

Member-only fintech and ecommerce platform CRED is issuing equity shares worth INR 60 Cr to two entities — Rise Global Capital LLC and SF Roofdeck MA LP. 

As per an extraordinary general meeting held on May 3, the startup is allotting a total of 6,364 equity shares to both Rise Global Capital LLC and SF Roofdeck MA LP. The fintech unicorn is allotting 6,285 equity shares to Rise Global Capital LLC, whereas SF Roofdeck MA LP is receiving 79 equity shares.

According to reports, CRED is also looking to raise $200 Mn in a funding round which is likely to be led by the Sovereign wealth fund GIC and would value the Kunal Shah led fintech giant at $6.5 Bn. 

The development comes a couple of months after CRED acquired the corporate expense management platform Happay. The deal was a share swap deal, meaning the investors and founders of Happay will be receiving shares of CRED. The deal was pegged at around $180 Mn.

CRED, founded in 2018 by Shah, offers premium credit card users rewards and benefits for paying credit bills. Last year, the startup also forayed into the P2P lending segment.

Earlier this year, around 125 CRED employees were allotted equity shares post ESOP conversion. The Bengaluru-based fintech startup allotted 6,048 equity shares to these employees. In November last year, the startup said it concluded its ESOP buyback programme worth INR 100 Cr.

CRED, which is inching towards achieving the decacorn status, enjoys the support of marquee investors such as Tiger Global, Alpha Wave, Insight Partners, Dragoneer Investments, Sequoia Capital, Ribbit Capital, among others.


Update | 18th May, 8:12 PM IST

The earlier version of the story had referred to incorrect Rise Capital, the same has been removed.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.