CRED
Company History
CRED History: Founding, Growth & Key Milestones
Founded 2018 in Bengaluru, India
When was CRED founded?
CRED was founded in 2018 in Bengaluru, India by Kunal Shah, making it 8 years old.
- Founded
- 2018
- Founding place
- Bengaluru, India
- Founders
- Kunal Shah
- Headquarters today
- Bengaluru, Karnataka, India
- Milestones documented
- 8 (2018–2026)
- Current CEO
- Miten Sampat (interim CEO)
- Acquisitions
- 4
| Year | Event |
|---|---|
| 2018 | CRED launches with a $30M seed round |
| 2019 | $120M Series B led by Ribbit Capital |
| 2020 | IPL partnership and CRED Cash launch |
| 2021 | Unicorn status; Happay and HipBar deals |
| 2022 | Peak $6.4B valuation |
| 2024 | Kuvera acquisition; FY24 revenue ~$287M (₹2,473 Cr) |
| 2025 | $72M down round led by GIC |
| 2026 | Meta's $900M Series H; Kunal Shah exits |
- Where was CRED founded?
- CRED was founded in Bengaluru, India in 2018.
- Who founded CRED?
- CRED was founded by Kunal Shah.
- When did CRED start?
- CRED was founded in 2018.
- How old is CRED?
- CRED is 8 years old as of 2026.
Founding Story
After selling FreeCharge to Snapdeal in 2015, Kunal Shah kept returning to one idea: India's financial system punished late payers but offered nothing to people who paid on time. In 2018 he started Dreamplug Technologies in Bengaluru and built CRED as an invite-style club where a credit score of 750 or more was the entry ticket. The bet was that a trusted, creditworthy audience would be worth far more to lenders and brands than a large, unscreened one.
Founders
Kunal Shah
Kunal Shah founded CRED in 2018 with a highly contrarian premise: instead of building financial products for the unbanked masses, he focused exclusively on the top 1% of India's most creditworthy individuals. Shah observed that highly responsible consumers who consistently paid their credit card bills on time were virtually unrewarded by the financial system. CRED was built to fix this by offering an exclusive, gamified platform where high-credit-score users could pay their bills and earn 'CRED coins' redeemable for premium rewards. Shah's true vision for CRED was not just bill payment, but building a top, high-trust digital community that could be monetized through high-margin lending, e-commerce, and premium financial services. Leveraging his large influence in the Indian startup ecosystem, he secured venture funding at multi-billion-dollar valuations, positioning CRED as a premier lifestyle and financial brand, despite intense public debate over its long-term path to profitability. Kunal Shah was born in 1979.
Key Milestones
CRED launches with a $30M seed round
Kunal Shah starts Dreamplug Technologies in Bengaluru and launches CRED, raising a reported $30 million seed round.
Source: en.wikipedia.org$120M Series B led by Ribbit Capital
Raises a $120 million Series B led by Ribbit Capital.
Source: en.wikipedia.orgIPL partnership and CRED Cash launch
Becomes an official IPL partner and launches CRED Cash personal credit lines.
Source: en.wikipedia.orgUnicorn status; Happay and HipBar deals
Becomes a unicorn with a $215 million Series D at $2.2 billion, then a $251 million Series E at $4.01 billion; acquires HipBar and Happay.
Source: en.wikipedia.orgPeak $6.4B valuation
Raises $140 million Series F led by GIC at a $6.4 billion valuation; acquires CreditVidya and takes a minority stake in LiquiLoans.
Source: entrackr.comKuvera acquisition; FY24 revenue ~$287M (₹2,473 Cr)
Acquires wealth platform Kuvera in February; FY24 revenue rises 66% to ~$287 million (₹2,473 crore).
Source: m.economictimes.indiatimes.com$72M down round led by GIC
Raises $72 million led by GIC in May at about $3.5 billion, a down round from its 2022 peak.
Source: entrackr.comMeta's $900M Series H; Kunal Shah exits
Reports FY25 revenue of ~$317 million (₹2,735 crore); in June, Meta leads a $900 million Series H at about $4.5 billion, Kunal Shah joins Meta to lead WhatsApp and Miten Sampat becomes interim CEO.
Source: newsroom.cred.clubMajor Acquisitions
Kuvera (BaralMusk Technology)
2024Entry into wealth management via a direct mutual fund and financial planning platform, in a cash-and-stock deal.
CreditVidya
2022Alternative credit-scoring and underwriting data platform.
Happay
2021Corporate expense management and commercial card platform, acquired in a cash-and-stock deal reported at about $180 million.
HipBar
2021Prepaid payment instrument licence holder.
Keep researching CRED
CRED Company History FAQ
What were the major corporate milestones of CRED from 2018 to 2020?
Founded in 2018 by Kunal Shah, CRED launched its credit card bill payment app, raised a $120M Series B in 2019 at a $450M valuation, introduced CRED Cash (instant loans) and CRED Store in 2020, and signed a multi-year sponsorship deal with the Indian Premier League (IPL).
When did CRED achieve unicorn status and how rapidly did its valuation climb?
In April 2021, CRED reached unicorn status ($2.2 billion valuation) after raising a $215 million Series D round led by Falcon Edge and Coatue. By October 2021, its Series E raised valuation to $4.01 billion, and by June 2022, its Series F elevated valuation to $6.4 billion.
When did CRED launch its viral IPL advertising campaigns?
During the 2020 and 2021 IPL tournaments, CRED released its well-known commercials featuring well-known figures like Rahul Dravid, Jackie Shroff, and Venkatesh Prasad in hilarious, out-of-character roles, sparking large social media virality and driving millions of app downloads.
When did CRED acquire Happay and enter corporate expense management?
In November 2021 CRED acquired Happay, an expense management and corporate card platform, in a cash-and-stock deal reported at about $180 million. It followed the October 2021 purchase of HipBar.
What is CRED Garage?
CRED Garage is the vehicle section of the app where members register cars and two-wheelers to renew motor insurance, recharge FASTag, track traffic challans and get service reminders.
How did CRED expand into UPI payments across India?
In 2022 to 2023, CRED launched CRED UPI on the NPCI rails, enabling members to scan merchant QR codes, pay peers, and complete online checkout while earning cashback and CRED Coins on every transaction.
What were CRED's FY24 results?
In FY24 CRED's revenue grew 66% to ~$287 million (₹2,473 crore) and operating loss fell 41% to ~$70.6 million (₹609 crore). Net loss, including ESOP costs, rose 22% to ~$191 million (₹1,644 crore).
What happened at CRED in 2025 and 2026?
In May 2025 CRED raised $72 million led by GIC at about $3.5 billion, a down round. In January 2026 it reported FY25 revenue of ~$317 million (₹2,735 crore). In June 2026 Meta led a $900 million Series H at about $4.5 billion, Kunal Shah left to lead WhatsApp, and Miten Sampat became interim CEO.
How did CRED start?
CRED was founded in 2018 by Kunal Shah, a legendary Indian serial entrepreneur who previously founded and sold FreeCharge. He launched CRED with the highly unconventional idea of exclusively rewarding the top 1% of Indians who pay their credit card bills on time.
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