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CRED | |
Company type | Private |
Industry |
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Founded | 2018 |
Founder | Kunal Shah (Founder & CEO) |
Headquarters | Bangalore, Karnataka, India |
Revenue | ![]() |
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Number of employees | 800 |
Website | cred |
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]
As of 2022, the company was valued at around $6.4 billion. [10]
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]
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 | ![]() |
DST Global, Tiger Global Management, and seven others | Series C | $81 million | ![]() |
Coatue, Insight Partners, and nine others | Series D | $215 million | ![]() |
Tiger Global Management, Marshall Wace, and eight others | Series E | $251 million | ![]() |
GIC Singapore, Tiger Global Management, and three others | Series F | $80 million | ![]() |
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]