Karthik's big thesis: pre-IPO secondaries are no longer just financial transactions, they're becoming strategic entry points for global platforms, and meaningful exit ramps for early investors.
Here are the highlights:
ЁЯТ│ CRED - Series H (~$900Mn, led by Meta)
$4.03Bn pre-money тЖТ $4.5Bn post-money
Meta takes ~20% stake as strategic minority investor (no customer-data access)
Kunal Shah exits as CEO тЖТ becomes Global CEO, WhatsApp ┬╖ Interim CEO: Miten Sampat
CRED: 40%+ of India's credit-card bill payments ┬╖ ~1.7 Cr monthly members ┬╖ ~тВ╣3,200 Cr revenue ┬╖ profitable
ЁЯЫ╡ Rapido - Series F (~$730Mn, led by Prosus)
$240Mn primary + secondary total
Valuation: $1.1Bn (Sep '24) тЖТ $2.8Bn post-money
Swiggy fully exits ~11.8% stake at ~тВ╣2,400 Cr ┬╖ 2.5x return
FY25 revenue ~тВ╣1,000 Cr ┬╖ fresh capital fuels fight against Ola and Uber
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