CRED’s down round?

Why CRED did a down round by 45%? Any CRED folks can make us understand this? Is company struggling with cash?

Key Highlights:

Funding Raised: $72 million (approx. ₹617 crore)

New Valuation: $3.5 billion

Previous Valuation: $6.4 billion (2022)

Investors: GIC and existing backers participated

Sector: Fintech / Credit card bill payments / Consumer rewards