CRED

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CRED
Company typePrivate
IndustryFintech
FoundedApril 2018; 7 years ago (2018-04)
FounderKunal Shah
HeadquartersBangalore, Karnataka, India
Key people
Kunal Shah (CEO)
ServicesCredit card bill payments, rewards platform, personal loans, wealth management
RevenueIncrease ₹2,473 crore (US$290 million) (FY24)[1]
Negative increase ₹−1,644 crore (US$−190 million) (FY24)[1]
Number of employees
800
ParentDreamplug Technologies Pvt. Ltd.
Websitecred.club

CRED is an Indian fintech company headquartered in Bangalore, Karnataka. Founded in 2018 by Kunal Shah, it operates a reward-based platform for credit card bill payments, targeting users with high credit scores (above 750). The company offers additional services like personal loans, rent payments, and wealth management. CRED has raised over $1 billion in funding and was valued at $6.8 billion in 2024. As of June 2024, it reported 13 million monthly active users and processes approximately 22% of India’s credit card payments. The platform emphasizes trust and financial discipline, positioning itself as a lifestyle brand for affluent users.[2][3]

Founders & Leadership

CRED was founded by Kunal Shah, who serves as its CEO. Shah, a serial entrepreneur, holds a BA in Philosophy from Wilson College, Mumbai, and briefly pursued an MBA at Narsee Monjee Institute of Management Studies before dropping out. He previously co-founded FreeCharge, a digital payments platform acquired by Snapdeal in 2015 for $400 million, and PaisaBack, a cashback platform. Shah is an active angel investor and advisor, having supported startups like LiquiLoans and Crypso. Known for his focus on trust-driven business models, he has shaped CRED as a "TrustTech" company targeting creditworthy individuals.[4][5]

Timeline

Year Milestone
2018 CRED founded by Kunal Shah in Bangalore.[6]
2019 Raised $120 million in Series B funding.[7]
2020 Became official sponsor of the Indian Premier League (2020–2023).[8]
2021 Achieved unicorn status with $215 million Series D funding at $2.2 billion valuation.[9]
2021 Acquired expense management startup Happay and liquor delivery startup HipBar.[10]
2022 Raised $140 million in Series F, valued at $6.4 billion.[11]
2023 Acquired savings platform Spenny.[12]
2024 Acquired wealth management platform Kuvera; reported 13 million monthly active users.[13]

Funding

Date Round Amount Investors
2018 Seed $30 million Sequoia Capital India, others[14]
August 2019 Series B $120 million Sequoia Capital, Ribbit Capital, DST Global, others[15]
2020 Series B $80 million DST Global[16]
January 2021 Series C $81 million DST Global, Sequoia Capital, others[17]
April 2021 Series D $215 million Falcon Edge Capital, Tiger Global Management, others[18]
October 2021 Series E $251 million Tiger Global, Falcon Edge Capital[19]
June 2022 Series F $140 million GIC, others[20]
August 2024 Later Stage VC Undisclosed Velocity, others[21]

Business Model

CRED operates a reward-based platform targeting users with credit scores above 750, positioning itself as a premium fintech service. It earns revenue through commissions on personal loans (e.g., CRED Cash), rent payments (CRED Max), and insurance offerings, which account for nearly 90% of its income. Additional revenue streams include advertising fees from brands listed on its 'Discover' platform and revenue-sharing from rewards redeemed via CRED coins. The company leverages user data to provide personalized financial services while emphasizing data privacy. Strategic partnerships with banks like IDFC Bank and brands like Myntra and Puma enhance its offerings. CRED focuses on affluent users, fostering a high-trust community through exclusive rewards and experiences.[22][23]

Products / Services

  • CRED Pay: A platform for credit card bill payments with rewards like CRED coins, redeemable for discounts with brands.[24]
  • CRED Cash: Offers short-term personal loans in collaboration with banks like IDFC Bank.[25]
  • CRED Max: Facilitates house rent payments with rewards.[26]
  • CRED Mint: Allows users to lend idle money to borrowers at 9% interest per annum.[27]
  • CRED Garage: Vehicle management services, covering 6.5 million vehicles as of 2024.[28]
  • CRED Travel: Premium travel booking for flights and hotels.[29]
  • CRED Money: Personal finance management tools.[30]
  • CRED Store: E-commerce platform for redeeming rewards.[31]

Growth & Metrics

As of June 2024, CRED reported 13 million monthly active users, a 34% increase in FY24, and controls 22% of India’s credit card payment market. Its revenue surged 66% to ₹2,473 crore in FY24, with operating losses reduced by 41% to ₹609 crore. The company employs 600 people and has a loan portfolio of ₹19,000 crore. CRED has expanded into smaller cities, boosting its user base. It processed ₹15,000 crore in loans in FY24 and manages 6.5 million vehicles via CRED Garage. Its valuation reached $6.8 billion in 2024.[32][33][34]

Legal Entity Information

  • Legal Name: Dreamplug Technologies Pvt. Ltd.
  • Foundation Date: April 2018
  • Registrar of Companies: RoC-Bangalore
  • Corporate Identification Number (CIN): U74999KA2018PTC112177
  • Registered Address: No. 404, 3rd Floor, Salarpuria Business Centre, 93, 5th A Block, Koramangala, Bangalore, Karnataka, 560095, India
  • Company Status: Active[35]

Challenges or Controversies

CRED operates in a competitive fintech market, facing established players like Paytm and PhonePe. Communicating its unique value proposition to differentiate from traditional loyalty programs remains a challenge. The company reported significant losses (₹360.31 crore in FY20, ₹609 crore in FY24) due to high marketing and operational expenses, raising concerns about profitability despite revenue growth. Its high valuation ($6.8 billion in 2024) has sparked debates about sustainability, with some analysts questioning if it can maintain 60–100% annual revenue growth to justify its valuation.[36][37][38]

Media & Public Recognition

CRED has been recognized for its innovative fintech solutions and marketing strategies. It was the official sponsor of the Indian Premier League from 2020 to 2023, boosting brand visibility. Its campaigns, featuring influencers and humorous TV ads, have been praised for engaging affluent audiences. CRED was listed among the top 20 Indian startups in 2025 by MyGreatLearning. The company’s focus on user experience and financial literacy has earned coverage in outlets like TechCrunch, Livemint, and The Economic Times.[39][40][41]

FAQs

What is CRED?
CRED is an Indian fintech company founded in 2018, offering a reward-based platform for credit card bill payments and other financial services like loans and wealth management.[42]
Who can use CRED?
CRED targets users with a credit score of 750 or higher, verified through bureaus like CIBIL or Experian.[43]
How does CRED make money?
CRED earns revenue through commissions on loans, rent payments, insurance, and advertising fees from brands on its platform.[44]
Is CRED safe to use?
CRED emphasizes data privacy, encrypting user and transactional data, and is considered secure for financial transactions.[45]

External Links

Related Startups

References

  1. ↑ 1.0 1.1 "CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%". EnTrackr. 30 September 2024.
  2. ↑ "CRED 2025 Company Profile". Tracxn. Retrieved 20 May 2025.
  3. ↑ Singh, Manish (9 June 2022). "India's CRED valued at $6.4 billion in new funding". TechCrunch. Retrieved 20 May 2025.
  4. ↑ "Kunal Shah". SeedToScale. Retrieved 20 May 2025.
  5. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  6. ↑ "CRED Company Profile". YourStory. 26 November 2018. Retrieved 20 May 2025.
  7. ↑ Singh, Manish (27 August 2019). "India's 9-month-old CRED raises $120M". TechCrunch. Retrieved 20 May 2025.
  8. ↑ "Cred". Wikipedia. 10 November 2024. Retrieved 20 May 2025.
  9. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  10. ↑ "Cred". Wikipedia. 10 November 2024. Retrieved 20 May 2025.
  11. ↑ Singh, Manish (9 June 2022). "India's CRED valued at $6.4 billion in new funding". TechCrunch. Retrieved 20 May 2025.
  12. ↑ "Cred". Wikipedia. 10 November 2024. Retrieved 20 May 2025.
  13. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  14. ↑ "The Success Story of CRED". Analytics Steps. 18 November 2020. Retrieved 20 May 2025.
  15. ↑ Singh, Manish (27 August 2019). "India's 9-month-old CRED raises $120M". TechCrunch. Retrieved 20 May 2025.
  16. ↑ "The Success Story of CRED". Analytics Steps. 18 November 2020. Retrieved 20 May 2025.
  17. ↑ "The Success Story of CRED". Analytics Steps. 18 November 2020. Retrieved 20 May 2025.
  18. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  19. ↑ "The Success Story of CRED". Analytics Steps. 18 November 2020. Retrieved 20 May 2025.
  20. ↑ Singh, Manish (9 June 2022). "India's CRED valued at $6.4 billion in new funding". TechCrunch. Retrieved 20 May 2025.
  21. ↑ "CRED 2025 Company Profile". PitchBook. Retrieved 20 May 2025.
  22. ↑ "CRED Business Model". StartupTalky. 17 April 2025. Retrieved 20 May 2025.
  23. ↑ "CRED: Revolutionizing FinTech In India". TheMunim. 17 December 2024. Retrieved 20 May 2025.
  24. ↑ "CRED Business Model". buildd.co. Retrieved 20 May 2025.
  25. ↑ "CRED: Revolutionizing FinTech In India". TheMunim. 17 December 2024. Retrieved 20 May 2025.
  26. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  27. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
  28. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  29. ↑ "CRED Business Model". buildd.co. Retrieved 20 May 2025.
  30. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  31. ↑ "CRED: Revolutionizing FinTech In India". TheMunim. 17 December 2024. Retrieved 20 May 2025.
  32. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  33. ↑ "CRED 2025 Company Profile". PitchBook. Retrieved 20 May 2025.
  34. ↑ Ravisutanjani (30 September 2024). "FinTech Startup CRED Posted Over ₹2473 Crore Revenue". Retrieved 20 May 2025.
  35. ↑ "CRED 2025 Company Profile". Tracxn. 15 May 2025. Retrieved 20 May 2025.
  36. ↑ "CRED Business Model". StartupTalky. 17 April 2025. Retrieved 20 May 2025.
  37. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  38. ↑ deedydas (3 February 2023). "$6.4B Indian credit card payment app CRED". Retrieved 20 May 2025.
  39. ↑ "Top 20 Startups in India as per 2025". MyGreatLearning. 15 May 2025. Retrieved 20 May 2025.
  40. ↑ "Cred - History, Business Model, Marketing, Funding & Growth". TheBrandHopper. 22 February 2023. Retrieved 20 May 2025.
  41. ↑ Sharma, Ashish (30 September 2024). "Cred eyes new products as revenue surges". Livemint. Retrieved 20 May 2025.
  42. ↑ "CRED: Revolutionizing FinTech In India". TheMunim. 17 December 2024. Retrieved 20 May 2025.
  43. ↑ "CRED Business Model". StartupTalky. 17 April 2025. Retrieved 20 May 2025.
  44. ↑ "CRED: Revolutionizing FinTech In India". TheMunim. 17 December 2024. Retrieved 20 May 2025.
  45. ↑ "Cred Success Story". StartupTalky. 16 April 2025. Retrieved 20 May 2025.
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