India-based fintech startup Cred has raised a $215m through Series D funding round that was led by new investor Falcon Edge Capital and existing investor Coatue Management.

With this funding round, the company’s valuation has touched $2.2bn, up from $806m.

In January this year, Cred raised $81m through Series C funding round.

The Series D round had seen participation of new investor Insight Partners along with present investors RTP Global, Tiger Global, DST Global, Dragoneer Investment Group, Greenoaks Capital, and Sofina.

Within three months, the Kunal Shah-led fintech firm raised around $300m.

Proceeds from the latest funding round will be used by the company to scale up its products launched in 2020.

Shah was quoted by LiveMint as saying: “We have chosen the conscious path of focusing on growth over monetization. Today, Cred controls 22% of all credit card payments in the country, and our focus is to grow this market share. We will be busy scaling our growth and current revenue levers, and are obsessed with scaling our user base even if it comes as a short-term loss for a long-term profit.”

According to the financial daily, which claims to have seen an internal memo issued on the fundraise, Shah announced an employee stock ownership plan (ESOP) buyback of $5m.

Launched in 2018 with an aim to aid users to easily pay credit card bills and win rewards, Cred has since then branched out into lending through Cred Cash.

In addition to these services, Cred now enables online commerce and brand discovery through its ‘Store’ and ‘Discover’ platforms.

On its ‘Store’ platform, the firm has around 1,800 brands. It also rolled out Cred Pay to enable easy checkouts on its in-app e-commerce platform.