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CRED's $900M Round Drives Indian Startup Funding to $1.1B
CRED's $900M Series H and Square Yards' unicorn round drove Indian startup funding to $1.1B, a 2.5X jump from the prior week. Early-stage activity was muted.
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Indian startups raised more than $1.1 billion across 16 deals between June 21 and June 26, a 2.5X jump from the $426 million secured the week before, according to Inc42. The surge came almost entirely from CRED's $900 million Series H – the largest single funding round of the year – and Square Yards' unicorn-raising round that pushed the real estate platform to a $1 billion-plus valuation.
Fintech accounted for $902 million of the total across two deals, with CRED alone representing the bulk. The real estate sector also cracked the top of the funding charts, thanks to Square Yards becoming the 131st Indian unicorn. Seed-stage activity was muted at $35.3 million across four deals, skewed heavily by Hang Ten's $32 million raise. Excluding that, early-stage funding totaled just $3.3 million across three deals.
Bessemer Venture Partners was the most active investor of the week, backing three startups: Square Yards, AllHome, and Mitigata.
CRED's Series H alone was more than double the entire weekly total from the prior week. The round values the fintech at roughly $6.5 billion, according to reports, and gives it firepower to expand its credit card management and lending platform.