Cred (company)
Indian financial technology company From Wikipedia, the free encyclopedia
Dreamplug Technologies Pvt. Ltd. d/b/a CRED is an Indian fintech company, based in Bangalore.[2][3][4] Founded in 2018 by Kunal Shah,[5][6] it is a reward-based credit card payments app.[7] CRED also allows users to make house rent payments[8] and provides short-term credit lines.[9]
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| CRED | |
| Company type | Private |
| Industry |
|
| Founded | 2018 |
| Founder | Kunal Shah (Founder & CEO) |
| Headquarters | Bangalore, Karnataka, India |
| Revenue | ₹2,473 crore (US$290 million) (FY24)[1] |
| ₹−1,644 crore (US$−190 million) (FY24)[1] | |
Number of employees | 800 |
| Website | cred |
As of 2022, the company was valued at around $6.4 billion.[10]
History
Cred was started in 2018 by Kunal Shah. Cred posted losses of ₹360.31 crore in fiscal year 2020,[11] caused primarily due to high expenditure on marketing and advertising.[12] By 2021, the company reported having 5.9 million users.[13]
In 2021, Cred acquired expense management startup Happay and a liquor delivery startup HipBar.[14] In December 2022, Cred acquired a 100% stake in CreditVidya that offers lending as a service to customers who do not have a credit score.[14]
In July 2023, Cred acquired savings and investment platform Spenny.[15] In February 2024, Cred acquired online wealth management and mutual funds startup Kuvera for an undisclosed amount.[16]
In June 2024, Cred reported having 13 million monthly active users (MAUs). Its market share in UPI transaction volume was 1% in 2024.[13]
In November 2024, the company sold Happay to MakeMyTrip for an undisclosed amount.[17]
Funding
Cred raised funding from DST Global,[18] Sequoia Capital (India),[19][20] and Tiger Global,[21] among other investors, through the four rounds of private funding so far.[22]
In October 2021, Cred started to seek new investors, reporting a $5.5 billion valuation, up from $2.2 billion recorded in April 2021.[23][24]
In June 2022, CRED raised $80 million in a Series F funding round led by Singapore's sovereign wealth fund, GIC, valuing the company at around $6.4 billion.[25]
| Investor | Transaction name | Fund raised[26] | Valuation |
|---|---|---|---|
| Sequoia Capital India | Seed | $30 million | Undisclosed |
| Sequoia Capital, RTP Ventures, and 25 others | Series A | $636,000 | |
| Sequoia Capital, Ribbit Capital, and seven others | Series B | $120 million |  $450 million |
| DST Global, Tiger Global Management, and seven others | Series C | $81 million | $806 million |
| Coatue, Insight Partners, and nine others | Series D | $215 million | $2.2 billion |
| Tiger Global Management, Marshall Wace, and eight others | Series E | $251 million | $4.01 billion |
| GIC Singapore, Tiger Global Management, and three others | Series F | $80 million | $6.4 billion |
Marketing and reception
Cred became the official sponsor for the Indian Premier League for four years from 2020 to 2023.[27] In 2021, Cred's advertising content and videos, made in-house featuring Indian celebrities,[28][29][30] generated significant discourse in news and social media[31][32][33][34] due to its peculiarity, which was both criticized[35] and praised.[36] Cred has received criticism for being overvalued and lacking a sound monetization strategy.[37][38]
References
External links
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