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Swadeshi Era

Cred: The Indian Fintech Unicorn’s Journey from Losses to Growth | CRED Startup Wiki.


CRED


Type-  Private.


Industry- Financial or FinTech

Category- Services.

Founded- 2018, 2 old years.

Headquarters- Bengaluru, Karnataka

Area served- India.

Key people- Kunal Shah.

Services- Rent Payment, Credit Card Bills.

 

Number of employees- 250 plus

Fund Raised- 471.2 million.

Website- https://cred.club/

In the world of Indian fintech, Cred has emerged as a prominent player since its inception in 2018. Founded by Kunal Shah, Cred offers a unique proposition – allowing users to pay their credit card bills while being rewarded for timely payments. However, this innovation has come at a cost, with the company initially struggling with losses and massive marketing expenses. In this article, we will explore Cred’s history, services, funding journey, marketing strategies, and its recent financial performance, showcasing its remarkable transformation.

History of Cred:

Cred was founded in 2018 and quickly became India’s most valuable fintech unicorn startup. Its primary offering is a platform that incentivizes users to clear their credit card dues on time. In its early days, the company faced financial challenges, recording a negative operating cash flow of Rs 117.84 crore in the fiscal year 2018-19.

Services Offered by Cred:

Cred’s main service is facilitating credit card bill payments, which reward users with credit coins that can be redeemed for various rewards and value-added services. The platform also provides payment reminders to ensure users don’t miss due dates. Security is a top priority, with end-to-end encryption safeguarding user data and transactions. Additionally, Cred offers a rent payment service, allowing users to pay rent using Cred app credit with a 45-day grace period, all while earning cashback through cred coins.

Funding Journey:

Cred’s growth has been supported by substantial funding rounds. It raised $30 million in a seed round in 2018, followed by a series A round led by Sequoia Capital India. The company continued to attract investment, with a $120 million series B round, and in 2020, it secured around $81 million in a series C round. Cred’s valuation reached $2.2 billion in 2021 after a series D funding round, where it raised $215 million led by Falcon Edge Capital and Coatue Management.

Marketing and Advertising Strategies:

Cred’s marketing and advertising strategies have been noteworthy. The company entered strategic partnerships with sports events, celebrities, and news platforms. It became an official sponsor partner of the Indian Premier League (IPL), a deal valued at Rs 120 crore for advertising over three years. Cred leveraged celebrity endorsements, featuring notable names like Anil Kapoor, Govind Abuja, Rahul Dravid, Madhuri Dixit, Bappi Lahiri, Udit Narayan, and Kumar Sanu in its marketing content and videos.

Financial Transformation:

Cred’s financial journey has been marked by losses, with losses of Rs 1,347 crore in FY23. However, it also witnessed substantial revenue growth, with revenues reaching Rs 1,400 crore in FY23. The company attributed this growth to a broader mix of products, resulting in higher total payment volume (TPV) and revenue. Its TPV grew to Rs 4.4 lakh crore in FY23, a remarkable year-on-year increase of 77%. The user base expanded significantly, with over 58% growth in monthly transacting users during FY23.

Conclusion:

Cred’s journey from inception to becoming a fintech unicorn reflects the dynamism and innovation in India’s fintech sector. Despite initial losses and high marketing expenses, the company has successfully transformed itself into a significant player in the Indian digital payments landscape. With its unique approach to incentivizing credit card bill payments, Cred continues to grow and reward its creditworthy users, positioning itself as a fintech success story in the making.

Register Office
 

Address-

No 1198, 3rd Floor, Salarpuria Emporium, 1199, 100 Feet Rd, Hal, Stage 1, Indiranagar,
 

City-  Bengaluru

 
 State-Karnataka

 
 Pin Code-560038

 
Email- grievanceofficer@cred.club


feedback@cred.club

 
Tel.No- NA

Web Site- http://www.cred.club

Management
 

Kunal Shah

Founder

 
 

Trupthi Shetty

Product and Marketing

 
 


Sandeep Tandon

Board Member

 
 

Rahul Harkisanka

Head of Product


Industry Info
 
 

Type- Private
 
Founded- 2018
 
 

Area Served- India
 
 

Parent- Dreamplug Technologies Private Limited
 
 
 



 

Details
 
 

BSE: NA

 
 
 NSE: NA
 
 

Series- NA
 
 

ISIN: NA
 
 
 


 

CRED FAQ

What is CRED?

CRED is an Indian FinTech startup company, Its main feature is allowing users to make credit card bill payments through its app and CRED rewarded their users after the completion of bill payments.

Who is CRED founder?

CRED App was founded in 2018 by Kunal Shah, it is  India's most valuable fintech unicorn start-up as of now.

Is CRED a Unicorn?

CRED is a Unicorn startup, and Its valuation reaches $ 2.2 billion after the US $ 215 million raised through the series D funding round, led by the Coatue management and Falcon edge capital.

Where is CRED head office?

No 1198, 3rd Floor, Salarpuria Emporium, 1199, 100 Feet Rd, Hal, Stage 1, Indiranagar, Bengaluru, Karnataka Pin Code-560038

Is CRED an Indian company?

Yes, CRED is an Indian company, founded by Indian Entrepreneur Kunal Shah.
 

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  • Categories
    • Aerospace Industries
      • Paras Defence and Space Technology: A Leading Name in India’s Defence and Space Sector | Paras Defence Wiki.
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      • India Pesticides Limited | IPL Wiki
    • Automobile Industries
      • CarTrade Tech Limited IPO | CarTrade Tech Wiki.
    • Chemical Industries
      • “Clean Science and Technology: Leading the World in Clean Chemical Manufacturing”
      • Tatva Chintan Pharma Chem Limited | Tatva Chintan Pharma Wiki.
    • Fashions & Cosmetics Industries
      • “Aditya Birla Fashion & Retail: A Journey Through India’s Fashion Empire”
      • Bewakoof Success Story | Bewakoof.com Wiki.
      • Investing in Mamaearth: Supporting Safe and Sustainable Parenting Solutions
      • Boat Lifestyle Brand | Boat Audio Wiki.
      • FSN E-Commerce Ventures | Nykaa Wiki.
      • Go Fashion | Go Colors Wiki.
      • Wildcraft Private Limited | Wildcraft Wiki.
    • Financial or FinTech Industries
      • Aditya Birla Sun Life AMC Limited | Aditya Birla Sun Life Wiki.
      • ‘Bharat Pe’ Wiki | Payment App.
      • Cred: The Indian Fintech Unicorn’s Journey from Losses to Growth | CRED Startup Wiki.
      • Policybazaar Wiki | PB Fintech limited
      • Star Health & Allied Insurance: India’s Leading Health Insurance Provider
    • Food Industries
      • Amul ( Anand Milk Union Limited) | AMUL Wiki.
      • The Britannia Industries: Baking Excellence Since 1892 | Britannia Industries Wiki.
      • Balaji Wafers Limited: A Flavorful Journey of Entrepreneurship | Balaji Wafers Wiki.
      • Devyani International Limited | Devyani International Wiki.
      • “Dodla Dairy: From Farm to Table, a Dairy Delight Story”
      • Gopal Namkeen: A Flavorful Journey of Success | Gopal Snacks IPO.
      • Haldiram’s Foods International Pvt. Ltd. | Haldiram’s Wiki.
      • Parle Products: A Legacy of Excellence in Biscuits and Confectionery | Parle-G Wiki.
      • Ravalgaon Sugar Farm Limited | Ravalgaon Chocolate Wiki.
      • Swiggy: Food Delivery in India | Swiggy Wiki.
      • Zomato Food Delivery | Zomato Startup Wiki.
    • Internet & Data Industry
      • Latent View Analytics | LatentView Wiki.
      • “Oyo Rooms: Revolutionizing Hospitality Across the Globe” | Oyo Wiki.
    • Investment Industries
      • CoinDCX Crypto Exchange | Coindcx Wiki.
      • Upstox Discount Broker | Upstox Wiki.
      • WazirX Crypto Exchange | Wazirx Wiki.
    • Manufacturing Industries
      • DOMS Industries Limited: A Potentially Strong Debut in the IPO Market
      • “Investing in Innovation: Hi-Green Carbon’s IPO Story”
      • Tega Industries Limited | Tega Industries Wiki.
      • Revolutionizing Waste Management: Organic Recycling Systems Limited
    • Metal Industries
      • Shyam Metalics and Energy Limited: India’s Premier Integrated Metal and Ferroalloys Company
    • Pharmaceutical Industries
      • Bharat Biotech International Limited | Covaxin Vaccine | Wiki.
      • Glenmark Life Science | Glenmark Life Science Wiki.
      • MedPlus: Delivering Quality Healthcare at Your Doorstep
      • PharmEasy: Revolutionizing Healthcare in India
      • Tarsons Products: Pioneers in Labware Manufacturing in India
      • Windlas Biotech: Leading India’s Pharmaceutical Innovations
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      • “IRM Energy Limited: Fuelling Growth in India’s Natural Gas Sector”
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