Current Valuation: $6.4 billion (June 2022)

Funding Raised: $1.04 billion

Funding Rounds: 10

No. of investors: 69

Loss: ₹1,279 crore (FY22)

Revenue: ₹422 crore in FY22

Did you know CRED, India’s 44th unicorn was founded by the former founder of FreeCharge?

Founded in 2018 by Kunal Shah, the Bengaluru-based fintech company aimed to simplify credit card management and revolutionize the way people viewed credit.

With a range of services such as credit card payments, rent pay, flexible credit lines, and a unique feature called Cred Mint, designed specifically for borrowers with decent credit scores, Cred gradually found its place in the Indian finance space.

The company’s user-friendly interface and commitment to simplifying credit card management made them a favourite among users.

The founder, Kunal's journey as an entrepreneur began with FreeCharge, mobile payments platform founded in 2010. Axis Bank acquired “Freecharge” for $60 million in July 2017.

Cred's primary objective was to address the trust issues prevalent in Indian society, which Kunal believed were crucial for driving economic growth. Their tagline, "Suraksha Aur Bharosa Dono" (both safety and trust), showcase their mission perfectly.

For the same reason, Kunal describes Cred as a TrustTech company and not a FinTech. With over one million members, Cred has become one of the top fintech firms in the country.