Cred raising Rs 730 Cr Series B round led by Ribbit and Gemini, Tiger joining too

Ten months old fintech firm Cred is raising a Rs 730.02 crore Series B round led by Ribbit Capital and Gemini Investments. This is the second institutional round for the Bengaluru-based company. Last year, Sequoia had led a $30 million round in Cred.

According to the RoC filings with MCA, Cred passed a resolution to offer 534 688 Series B CCCPS through private placement. While  Ribbit Capital and Gemini Investments will combinedly get 2,11,858 preference shares worth Rs 289.24 crore, Sequoia Capital India would invest Rs 117.07 crore for 85,750 shares.

Both Tiger Global and Hillhouse will be allotted 75,664 shares for an investment of  Rs 103.3 crore each. DF International, which was an early investor in Alibaba, is investing Rs 34.43 crore.

Russian venture capital firm RTP Global(Ru-Net) will invest Rs 10.33 crore while Greenoaks Capital is pouring in Rs 68.87 crore. Singapore-based investment advisory firm Anxa holdings will also invest Rs 3.44 crore.

Last month, Cred had raised $4 million from Sequoia Capital India. Jack Ma-backed Ganesh Venture also invested a small sum in the company this year.

Cred is a credit card payment platform which lets cardholders pay bills through an app, and get a bouquet of benefits via Cred coins. The virtual coins can be redeemed across coffee shops, movie theatres, e-commerce shopping and curated experience workshops, among others.

Besides institutional investors, a string of individual investors including Amrish Rau and Jitendra Gupta (PayU), Ajit Mittal (Indiabulls) Akshay Kothari (ex India head – LinkedIn), Mukesh Bansal (Curefit), Haresh Chawla (Partner True North), Alan Mamedi (Truecaller) and Sriram Krishnan (Twitter) also invested in the Kunal Shah-led firm.

Some media reports claim that Cred is looking to have a post-money valuation between $450-500 million. However, we don't have access to documents validating such claims around its valuation at the moment.

With inputs from Gaurav Tyagi.