- Source: Cred (company)
Dreamplug Technologies Pvt. Ltd. d/b/a CRED is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. CRED also allows users to make house rent payments and provides short-term credit lines.
As of 2024, the company is valued at around $6.4 billion.
History
Cred was started in 2018 by Kunal Shah. By 2021, the company had grown to 5.9 million users. It became a popular platform for credit card users in India, handling around 20% of all credit card bill payments in the country.
Funding and financial results
= Funding
=Cred raised funding from DST Global, Sequoia Capital (India), and Tiger Global, among other investors, through the four rounds of private funding so far. Cred posted losses of ₹360.31 crore in the 2020 fiscal year (FY20), caused primarily due to high expenditure on marketing and advertising.
In October 2021, Cred started to seek new investors, reporting a $5.5 billion valuation, up from $2.2 billion recorded in April 2021.
Kunal Shah is also an investor in an AI led adtech influencer marketing platform Kofluence. The company had raised a pre-series funding of $4 Million as of 8 February 2022.
In June 2022, CRED raised $80 million in a Series F funding round led by Singapore's sovereign wealth fund, GIC. The Series F funding round will value the company at around $6.4 billion.
Marketing and reception
Cred became the official sponsor for the Indian Premier League for four years from 2020 to 2023. In 2021, Cred's advertising content and videos, made in-house featuring Indian celebrities, generated significant discourse in news and social media due to its peculiarity, which was both criticized and praised. Cred has received criticism for being overvalued and lacking a sound monetization strategy.
Mergers and acquisitions
In 2021, Cred acquired expense management startup Happay in December and a liquor delivery startup HipBar. In November 2024, the company sold Happay to MakeMyTrip for an undisclosed amount.
In December 2022, Cred acquired a 100% stake in CreditVidya that offers lending as a service. This is to allow Cred to expand its customer base and ecosystem as CreditVidya, which caters to customers who do not have a credit score.
In July 2023, Cred acquired savings and investment platform Spenny and expanded in the lending and wealthtech space further.
In February 2024, Cred acquired online wealth management startup Kuvera for an undisclosed amount. With this acquisition, Cred entered into the mutual funds market.
References
External links
Official website
Kata Kunci Pencarian:
- Juul
- Cred (company)
- Cred (disambiguation)
- Credibility
- Kunal Shah
- Selling out
- Home equity line of credit
- Kuvera.in
- Genesis Motor
- S. Kidman & Co
- Toyota
