Cred, a members-only credit card bill payment start-up in India, has raised $4m from American venture capital firm Sequoia.
According to the Registrar of Filings (ROC), the company issued 20,179 Series B CCCPS shares at INR13,653.31 each to the investor.
Following the latest investment, Sequoia will hold a 12.68% stake in Cred.
Cred plans to utilise the new funding to support its growth and expansion. It also intends to utilise a part of the amount for marketing and general corporate activities.
The development comes at a time when the company is reportedly in talks to finalise its next funding round.
Founded by Freecharge founder Kunal Shah, Cred offers rewards to its members on timely credit card bill payments.
The members can pay their bill through the app and avail a range of benefits by procuring Cred coins and gems.
They coins and gems can be redeemed against purchases at e-commerce sites, coffee shops, movie theatres and others.
The start-up has already partnered with several brands including BookMyShow, Urban Ladder, Airbnb, FreshMenu and CureFit among others. Several Indian banks such as HDFC, ICICI, Kotak, Axis Bank are associated with Cred.
According to inc42.com, the company aims to utilise its customer base to foray into other services including insurance.
