CRED founder Kunal Shah backs Carl Pei’s upcoming venture in an undisclosed amount of funding – Business News , Firstpost

Kunal Shah, the founder of fintech company CRED, has invested in OnePlus co-founder Carl Pei’s new venture. The amount invested has not been disclosed. Pei had co-founded OnePlus, which now ranks among premium smartphone companies, in 2013. He quit OnePlus in October last year to start a new venture. “Carl Pei has now received seed investment from India with Kunal Shah, founder of CRED, adding Carl’s London based venture into his portfolio,” a statement said. Details of Pei’s new venture will be announced on 27 January, it added.

Pei has already raised $7 million (about Rs 51.4 crore) in seed financing for the new venture.

“Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey,” Kunal Shah said.

Shah, who had co-founded Freecharge and is an active investor, has backed a number of startups including Udayy, Kyt, Khatabook, BharatPe, Unacademy, Razorpay and Avail Finance, among others.

Last month, Pei had announced raising $7 million in seed financing from “friends and private investors” including Tony Fadell (Principal at Future Shape and inventor of the iPod), Casey Neistat (YouTuber), Kevin Lin (Co-founder of Twitch), Steve Huffman (CEO of Reddit), Liam Casey (Founder and CEO, PCH), Paddy Cosgrave (Founder of Web Summit) and Josh Buckley (CEO of Product Hunt).

The seed investment was aimed at supporting the creation of a head office in London, hiring of the team, and financing ongoing product research and development efforts.

(Also Read: Oneplus co-founder Carl Pei secures $7 million fund for new undisclosed venture from investors and friends)

With inputs from PTI.