Industry- Financial or FinTech
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.
CRED is an Indian FinTech startup company, situated in Bengaluru Karnataka India. It was founded in 2018 by Kunal Shah. CRED’s 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.
CRED App was founded in 2018 by Kunal Shah, it is India’s most valuable fintech unicorn start-up as of now. CRED is the only credit card bill payment platform that rewards its members for clearing their credit card dues on time. In the Fiscal year 2019, the company was only operational for five months but it had a negative operating cash flow of Rs 117.84 Cr. CRED has recorded zero revenue from its operation with an overall expense of 64 Cr. In the FY 2018-19. In 2021, CRED reached over 5.9 million users and processed 20% of all credit card bills payments across the country. 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.
CRED offers their users to pay credit card bills and they receive credit coins, which can be utilized to get rewards and experience value-added services. It has features to remind payment so that dues dates are not missed. The company provides high security for their user’s data and transactions. All data is end-to-end encrypted so no one can breach it. CRED also offers a rent payment service, so people can pay their rent with CRED app credit and they use up to 45 days without any charges. The user also used their cred coin to get cashback on the rent paid each month.
Funding for CRED
- In 2018, CRED raised the US $ 30 million in funds from seed round, led by sequoia capital India and Rainmatter Technology.
- The company raised the US $ 30 million funds through series A round, it was led by sequoia capital India.
- CRED also raised $ 120 million from the Series B round, led by Rabbit Capital venture and Gemini Investment, sequoia capital.
- In 2020, The company raised another series C round of around $81 million US dollars, it was led by DST Global, Tiger Global, etc.
- In 2021, CRED raised the US $ 215 million from the Series D round, led by Falcon edge capital, Coatue management.
Marketing and advertising
CRED has marketing and advertising strategic partnerships with sports events and celebrities, news platform, etc. the company is an official partner sponsor to IPL (Indian Premier League) for three years from the 2020-2023 season, the deal cracks Rs 120 Crore for advertising. CRED app advertising and marketing content and videos made by an in-house production team and featuring celebrities such as Anil Kapoor, Govind Abuja, Rahul Dravid, Madhuri Dixit, Bappi Lahiri, Udit Narayan, and Kumar Sanu. In Mar 2020, The company posted their losses of Rs 360.31 Crore in FY 2020, primary reason is high spending on marketing and advertising.
Product and Marketing
Head of Product
Area Served- India
Parent- Dreamplug Technologies Private Limited