Explore the latest news, in-depth reports, and executive analysis tagged with #Kunal Shah.
The development comes just a week after Meta announced a nearly $900 million investment in Indian fintech startup CRED and appointed its founder, Kunal Shah, as the new global head of WhatsApp.
A simple way to look at it is: Meta may have finally found a way to monetize WhatsApp; Cred gets fresh capital; and Kunal Shah gets a global role. But is that really the whole story?
Kunal Shah is stepping away from his operating role as CEO; whereas Miten Sampat will take over the role of interim CEO at Cred.
The company has fixed the price band at Rs 144-152 per share for the issue.
CRED said the platform is designed to encourage responsible borrowing by giving users greater transparency and a clearer picture of their financial capacity.
The investment in M, which is operated by Curious Digital Pvt Ltd, is done at an estimated post-money valuation of Rs 300 crore.
The feature has been developed in partnership with the National Payments Corporation of India (NPCI).
With this, Cred now holds multiple regulatory licenses across payments, lending, insurance, and investments.
The IPO comprises of fresh issue of equity shares of up to Rs 660.7 crore, and an offer for sale (OFS) of up to 28.6 million equity shares by shareholders.
Groww’s Founder Fund, CRED’s founder Kunal Shah, White Venture Capital, and pre-existing investor Capital2B also participated in the investment round.
The funding round also saw participation from individual investors including Kunal Shah, founder, Cred.
The funding also saw participation from Force Ventures, Razorpay Ventures, Cred CEO Kunal Shah, and existing investors.
The Bengaluru-based startup will use the fresh capital to expand its proprietary BFSI-focused AI models and accelerate research and development initiatives among others.
Sovereign members will also earn the "exceptional privilege" to a select few early-stage investments in startups with other top investors.
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.
MakeMyTrip has signed a business transfer agreement to acquire Happay, which was previously acquired by Cred in a $180 million deal in 2021.
The fintech is reportedly working with three insurance companies to co-create an insurance product.
