CRED Club

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CRED
Type of businessPrivate
FoundedNovember 2018; 3 years ago (2018-11)
HeadquartersBengaluru, India
Area servedIndia
Founder(s)Kunal Shah
CEOKunal Shah
Industry
  • Lifestyle
  • Finance
ServicesCredit Card Bills, Loans, Rent
Websitecred.club
Current statusActive
Native client(s) oniOS, Android (operating system)

CRED is an Indian credit card bill payments app based out of Bangalore, India. In June 2020, CB Insights listed CRED as one of the 50 future unicorns.[1]

History

CRED was started[2] in November 2018 by Kunal Shah[3], after getting seed capital investment of $1M.

In April 2019, CRED bagged Series A funding [4] of $25 million from Sequoia Capital, Ribbit Capital, RTP Global, Morningside VC along with participation from angels like Max Levchin, Jitendra Gupta, Koh Boon Hwee, Mukesh Bansal, Amrish Rau, Gokul Rajaram, Sriram Krishnan, Sriharsha Majety etc. [1]

In August 2019, CRED received $120 Million Series B[5] Funding from Sequoia Capital, Ribbit Capital, Tiger Global, Hillhouse Capital Group, Greenoaks Capital & General Catalyst.

In July 2020, the company claimed to be having 3 million CRED members [6] actively using CRED payments platform

Sponsorships

In Sep 2020, BCCI announced that CRED had acquired official sponsorship rights for the 13th season of Indian Premier League .[7]

Donations

During the COVID-19 pandemic in India, more than 15,000 CRED members came together and decided to distribute surgical masks to healthcare workers at primary health centres (PHCs), pharmacists, ASHA workers, among others who are the first line of defence for the vulnerable sections of society. This has helped over 300,000 frontline professionals.[8]

References

  1. 1.0 1.1 Agarwal, Palak (2020-06-17). "3 Indian startups on CB Insights list of 50 future unicorns". Retrieved 2020-09-17.
  2. Gooptu, Biswaroop (2018-11-26). "FreeCharge's Kunal Shah is back with Fintech firm Cred".
  3. Patwa, Prasannata (2018-11-27). "Cred to launch product for credit card users".
  4. "Cred to roll out publicly by Dec-end, raises $25 mn from Sequoia, others". PTI. 2018-11-25.
  5. Singh, Manish (2019-08-27). "India's 9-month-old CRED raises $120M to help people improve their financial behavior".
  6. Ishwar, Sai (2020-08-10). "Kunal Shah's CRED aims for revenue through new product launches".
  7. Dash, Sanchitha (2020-08-02). "IPL 2020 gets another startup sponsor – Kunal Shah's CRED is now an official partner". Retrieved 2020-09-17.
  8. "Masks for three lakh frontline workers in fight against coronavirus". Express News Service. 2020-05-05. Retrieved 2020-09-17.

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