Indian fintech major Cred has raised Rs 617 crore (around $72 million) in fresh funding round led by Singapore’s sovereign wealth fund GIC, as per regulatory filings.

The investment was made at a valuation of $3.5 billion, much lower than the valuation of $6.4 billion when they last raised capital in 2022.

As part of the current funding round, GIC through its investment arm, Lathe Investment, infused Rs 354 crore in Cred. Other participants in the round included  RTP Global with investment of Rs 74 crore and Sofina Ventures with Rs 25.8 crore. QED Innovation Labs, the family office of Cred founder Kunal Shah, also invested Rs 162 crore as part of this funding round.

Cred, which was founded in 2018, had entered the unicorn club in April 2021 after raising $215 million in its Series D funding round led by new investor Falcon Edge and existing backer Coatue Management. Over the years, however, Cred along with other fintech startups have seen a correction in their valuations.

Last year in November, Cred launched insurance products through its vehicle management platform. Later that month, it sold its expense management platform Happay to online travel company MakeMyTrip.