BENGALURU: Serial entrepreneur Kunal Shah’s two-yearold startup Cred has been valued at $806 million in a new funding round of $81 million led by existing investor DST Global. Earlier, DST Global had backed major internet startups like Swiggy, Ola, Udaan, Byju’s and most recently Cars24.
Cred, which offers rewards for credit card payments, has also exercised an employee share buyback programme worth over $1 million for its current and former staff.
This could be one of the fastest such staff share liquidity programmes. Cred’s other existing investors — like Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst — have also participated in this financing, which will be used to fuel growth.