1947 Rise ☀️: 200

Cred and two new unicorns!

1. Fintech unicorn Cred raises $80 million from GIC, others at $6.2 billion valuation

Credit card payment platform Cred has raised $80 million as a part of its Series F funding round led by Singapore’s sovereign wealth fund GIC, along with participation from existing investors, the company’s filings with the Ministry of Corporate Affairs (MCA) showed.

According to Moneycontrol estimates, the Kunal Shah-led company has raised the money at a valuation of almost $6.22 billion. The valuation was calculated on the basis of the last closing price of the rupee versus the US dollar.

Existing investors Tiger Global, Sofina Ventures, Alpha Wave Ventures and DF International also participated in the funding round. The regulatory filings further showed that Cred may raise more funds as a part of its Series F funding round.

Cred, founded by serial entrepreneur Kunal Shah, started in 2018 for India’s most credit-worthy individuals to pay their credit card bills and earn points. It has since expanded into lending, e-commerce payments, advertising for brands, and providing short-term credit via Buy Now Pay Later (BNPL) options.

Fintech unicorn Cred raises $80 million from GIC, others at $6.2 billion valuation

2. PhysicsWallah raises $100 million from Westbridge, GSV Ventures, joins unicorn club

Bootstrapped edtech startup PhysicsWallah has raised $100 million as a part of its Series A funding round from WestBridge Capital and GSV Ventures, at a unicorn valuation, the company said in a statement on June 7.

PhysicsWallah raised the money at $1.1 billion valuation, becoming India’s 101st unicorn, the company said. PhysicsWallah becomes the second company to join the coveted unicorn club since April this year, against 11 in Apr-Jun 2021.

PhysicsWallah claimed to have 5.2 million Google Playstore downloads and 6.9 million subscribers on YouTube. The company also claimed that over 10,000 students have cracked competitive exams like NEET and JEE (medical and engineering entrance exams) in 2020 and 2021. PhysicsWallah said at least one student in six medical and one in ten engineering colleges are its alumni. The company claims to offer the most affordable edtech packages in India.

PhysicsWallah raises $100 million from Westbridge, GSV Ventures, joins unicorn club

---

A podcast:

Shiva Singh Sangwan @shivassangwan

1947 Rise ☀️ There is a tourist investor and then there is an investor who is in it for the long run. @SandeepCPatil & @QEDInvestors are in it for the long run. They are looking to amplify the tech ecosystem in India Hear out Sandeep's story!

anchor.fm23: Sandeep Patil (QED Investors) by 1947 RiseSandeep Patil is a partner at QED Investors. QED is a premier VC in the fintech space. Sandeep heads QED’s investments in Asia and focuses on India and Southeast Asia. He is an investor, board member, and advisor at Jupiter, OneCard, Refyne, Financepeer, and UpSwing. SHOW NOTES Sandeep’s journey…

---

Worth your attention:

1. Nykaa rival Purplle becomes India’s newest unicorn Link

2. Mobikwik plots $100 million fundraise after delaying IPO Link

3. Digital lending platform FlexiLoans raises $90 million Link

4. Kissht raises $80 mn, to foray into challenger card segment Link

5. Lenskart raises $28 million from Avendus Future Leaders Fund II Link

6. Anicut Capital announces first close of Opportunities Fund I at Rs 110 crore Link

7. pristyn care: Pristyn Care acquires Lybrate to enter primary care — Times of India Link

8. RBI Monetary Policy | Credit cards can now be linked to your UPI, starting with RuPay Link

9. Prop-tech startup Ivy Homes raises $7 million in funding Link

10. Alternative investment platform Jiraaf raises $7.5 million funding from Accel and others Link

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)