They say lightning doesn’t strike twice, but nobody told that to Kunal Shah the founding father of India’s largest tech unicorn CRED.
Cred was Kunal Shah’s second venture after he sold his first start-up Freecharge for $400million in 2015.
Kunal Shah created CRED with the main intention of putting together an exclusive society with the foremost creditable people in India. CRED has grabbed the attention of the credit card user base by offering them rewards in the sort of cred coins.
In April 2019, CRED raised $1.8 billion from 11 investors in series A funding & $120 million from 10 investors in series B Funding.
In April 2020, CRED has unrolled its new lending products CRED RentPay- to pay recurring household expenses and bills and monthly rent payments using credit cards.
CREDPay was launched in partnership with Razorpay and Visa which enables customers to make their CRED payments using their cred coins and use those coins for payment in other platforms. it's believed that CREDPay has the potential to usher in 90% of the business's revenue in the future and it'll play the main role in the growth of its company.
Today CRED controls almost 30% of all credit card payments within the country and focuses to grow market share.
As per the founder, the start-up aims to scale up the expansion and current revenue levers. the company is obsessing to expand its user base even if it comes with a brief-term loss, it'll be a protracted-term profit.
Let’s discuss the Business Model of Cred | How Does CRED make its money
Cred makes money by charging a listing fee for products and offers their businesses wish to display to the users.
Banks and credit card companies pay CRED to access the data or advertise their products directly to customers. CRED doesn't charge any fee from its users and it's completely free for everyone for now.
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