Cred, a Bengaluru-based credit card bill payment startup has gained $4 million (approx ₹27 crore) from Sequoia Capital India. The investment came after finalising a $120 million fresh round from existing and new investors, cited yourstory.
Cred was founded by Kunal Shah, founder of Freecharge. The application gives exclusive rewards for paying credit card bill in a timely manner.
It lets credit card holders pay bills through an app, and get a bouquet of benefits via Cred coins and gems. These virtual coins and gems can be redeemed across coffee shops, movie theatres, ecommerce sites, among others.
Interestingly, the startup has partnered with brands such as BookMyShow, Urban Ladder, Airbnb, CureFit, FreshMenu and ixigo among others for rewards, experiences and upgrades every month.
According to the reports, with this investment, the valuation of the company is expected to rise to $400 million from $75 million.
Some of the already established companies that provides similar credit card services and are competitors of Cred, includes SBI Prime Card, HDFC Regalia First Credit Card, American Express Membership rewards credit card, SBI Simplyclick credit card, ICICI Amazon Pay, and many more.