Fintech platform CRED is set to raise ₹8,550 crore (around $900 million) in its Series H funding round led by Meta, valuing the company at a post-money valuation of ₹43,239 crore (approximately $4.5 billion).
The funding round will comprise a mix of primary and secondary share purchases. Following the investment, Meta will become a minority shareholder in CRED. The company said Meta will not receive access to CRED’s customer information as part of the transaction.
Kunal Shah to move to Meta
As part of the leadership transition, CRED founder and Chief Executive Officer Kunal Shah will step away from his operating role at the fintech company and join Meta’s global leadership team. Shah will, however, retain his personal shareholding in CRED.
Miten Sampat, who has overseen strategy and finance functions at CRED since 2020, has been appointed interim CEO with immediate effect.
The company said its board and leadership team are working on establishing a long-term leadership structure as it prepares for a potential initial public offering (IPO).
Funding to accelerate growth plans
CRED said the Series H capital infusion will support its efforts to accelerate growth, strengthen institutional capabilities and expand its leadership position across multiple financial services categories.
Founded eight years ago, the company has expanded beyond credit card bill payments into lending, insurance, wealth management and lifestyle offerings.
According to the company, more than 1.7 crore members engage with the platform every month. CRED also claimed to process over 40% of India’s credit card bill payments and manages more than ₹24,000 crore in assets under management (AUM) through its lending business in partnership with leading financial institutions.
Focus on scaling financial services ecosystem
The company said the fresh funding will help deepen its presence across key financial services segments while enhancing operational capabilities ahead of its next phase of growth.
The transaction marks one of the largest funding rounds in India’s fintech sector and signals continued investor interest in digital financial platforms serving affluent consumers.