Carl Pei’s upcoming start-up gets seed funding from Cred founder Kunal Shah




Kunal Shah, the founder of fintech company CRED, has invested in 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 in October last year to start a new venture.


“Carl Pie 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 January 27, it added.


Pei has already raised USD 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 USD 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link