Cred joins unicorn downround club as valuations recalibrate

Fintech major Cred has become the latest in a string of unicorns to raise capital at a lower valuation than in previous rounds. Earlier this week, the Kunal Shah-founded company secured fresh funding at a $3.5 billion valuation, marking a steep 45% cut from its 2022 peak of $6.4 billion.

With this, Cred joins the likes of Byju’s, PharmEasy, Meesho, ShareChat, and Udaan, once high-flying startups that have all seen their valuations tumble during recent fund raises. The latest downround was led by Lathe Investment, RTP Global, Sofina Ventures, and Shah’s own QED Innovation Labs.