CRED, a fintech company founded two years ago and focused on enhancing the financial habits of credit card users in India, has secured $80 million in a recent investment round, according to three individuals with knowledge of the deal who spoke with TechCrunch.

This latest funding, a Series C for CRED, was spearheaded by current investors from DST Global. The majority – and potentially the entirety – of this round was provided by existing stakeholders, including Sequoia Capital and Ribbit Capital, who are further investing in Kunal Shah’s venture, the sources indicated while requesting anonymity due to not being permitted to discuss the matter publicly.

The new investment values CRED at approximately $800 million post-money, as stated by two of the sources. This represents an increase from the $450 million valuation achieved following its $120 million Series B funding round last year.

A representative for CRED did not provide a comment.

CRED provides its users with a variety of tools, such as improved tracking of expenses across multiple credit cards and bill payment reminders. Furthermore, the platform rewards timely bill payments with points, which can be redeemed for subscriptions to exclusive services and discounts on premium products.

Access to the platform is not universal for all credit card holders in India. The company requires users to maintain a specific credit score – around 750 – to qualify for the service. This approach has enabled CRED to cultivate a user base consisting of some of India’s most desirable consumers.

In recent periods, CRED has expanded its offerings to include services like credit card-based rent payments and an enhanced e-commerce section. The future direction of the company under Shah, who previously led mobile wallet service Freecharge and is recognized for achieving a successful exit within India’s 15-year startup landscape, remains a key area of interest.

“CRED already serves a clientele of affluent Indians,” observed Anmol Maini, a San Francisco-based engineer and close follower of the Indian startup scene. “Kunal Shah has the benefit of time to develop CRED into his desired vision. He possesses this advantage due to his access to funding and skilled personnel, his proven ability to build and scale businesses, and his demonstrated track record of delivering returns for investors.”

This new capital arrives as CRED experiences significant growth. The company, a sponsor of the recent IPL cricket tournament, ran a series of engaging and memorable advertisements during the event featuring prominent Indian cricketers. These advertisements proved to be effective.