CRED Success Story: Know from where Kunal Shah came up with the idea of ​​making Cred App, how Unicorn company became

Kunal Shah got the idea of ​​Cred app from a foreign tour. He thought of rewarding people for their good habits. The idea of ​​business came to his mind on this theme. He was sure that credit card users would definitely like his idea.

In today's time, almost every working person has a credit card . With their help, they do shopping or online payment. There are many ways to pay credit card bills, but people pay through the CRED app and get handsome rewards. Its founder Kunal Shah has converted Cred App into one of the biggest unicorn companies of India today. Do you know where he got the idea to start this startup?

Idea of ​​CRED app came from foreign tour

Kunal Shah got the idea of ​​CRED from a foreign tour. There he saw that people encourage you to do better work. For this reason, he thought of giving rewards to people for their good habits. The idea of ​​business came to his mind on this theme.

He was sure that credit card users would definitely like his idea. Apart from this, he gave many more facilities to the users. Even before this, two of his startups were very popular and successful. PaisaBack was started in the year 2009 before Kunal Shah Credit App coming from Gujarat. This was a promotional discount campaign.

After this, in the year 2010, he formed a company with Sandeep Tandon, its name was Freecharge. People used to recharge gas, telephone and mobile through this app. In the year 2015, Snapdeal first bought it and in the year 2017, Axis Bank bought it.

CRED App is a fintech company

CRED is a fintech company based in Bangalore. Through this mobile app, the user manages multiple credit cards at one place. Apart from this, it tells the user his credit score in real time. In the year 2018, this company got its first success when it got funding of $ 30 million in November 2018. After this he did not look back.

In the next two years, Cred grew rapidly and raised $90 million in Series A and Series B funding. Today Cred's revenue is Rs 393 crore. At present 800 people work in this company. Kunal Shah holds a BA degree in Philosophy from Wilson College, Mumbai. After this he thought of pursuing MBA but left it midway. After this he took a vow to start his own business.

What is the specialty of CRED

Talking about Cred app, more than one crore people use Cred at this time. About 20 percent of people across India make credit card payments through the Cred app. Was the official sponsor of IPL during the year 2020-22. Credit App has a specialty that only that person can become its member, whose credit score is above 750.