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
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