FreeCharge Co-Founder Kunal Shah unveils new venture ‘Cred’

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

After working on his new venture for more than three years, FreeCharge Co-Founder Kunal Shah has unveiled his new venture ‘Cred’.

While the details regarding the venture are yet to be disclosed, in a LinkedIn post, Shah called it “a platform to celebrate and reward the most creditworthy people of India.”

According to a report by Entrakr, Cred is expected to be targeted at top-tier working professionals with yearly income of over ₹15,00,000 and a CIBIL score of 700-750.

It further quotes a source, who explains Cred as a platform that enables users to pay their credit card bills through the app and in return they will get Cred Coins that can be redeemed while availing lifestyle services and products.

Earlier in April this year, Shah raised $30 million for his new venture from a group of investors led by Sequoia Capital.

The latest venture will mark Shah’s second attempt as an entrepreneur, after successfully co-founding and selling FreeCharge, to Indian e-commerce startup Snapdeal, in a deal worth $450 million, in 2015.

Kunal Shah, a dropout of Narsee Monjee Insitute of Management Studies’ dropout, then went on to serve as the chairman of Internet and Mobile Association of India (IAMAI) and later an Advisor to Sequoia Capital.

Shah has continued to be an active investor in the Indian startup ecosystem, post his exit from FreeCharge. Some of his notable investments include Razorpay, Unacademy, Innov8, Voonik, LifCare, and TVF.

Apart from Shah, other veteran Indian entrepreneurs who have recently started their new ventures are Ibibo co-founder Ashish Kashyap and Citrus Pay Co-Founder Satyen Kothari.

Last month, it was reported that Ashish Kashyap’s new fintech startup INDwealth raised $30 million as seed capital from Steadview Capital, an India dedicated investment fund.

Also, Satyen Kothari’s wealth management startup Cube Wealth raised ₹14.6 crores in series A funding from Singapore-based Beenext, Japan-based Asuka Holding, and Silicon Valley-based 500 Startups.

It is worth noting that Indian fintech industry is witnessing a rapid growth and the involvement of the Indian veterans is further expected to strengthen the industry.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Erica Fernandes looks sublime in her Bikini on a beach, Check out the photo

Erica Fernandes is a well known TV actress who is known for her roles like Dr. Sonakshi Bose in...

OnePlus 7, OnePlus 7T To get Android 10 based OxygenOS Open Beta 2 Update

A few days back OnePlus has release Oxygen OS-based Android 10 Open Beta 1 for its flagship phones now OnePlus 7 and OnePlus 7 Pro...

Marketing tech company Silverpush acqui-hires recipe-sharing platform BetterButter

BetterButter, an Indian recipe-sharing platform, has been acquired by Silverpush, a Singapore-based marketing technology company. Silverpush said that the acquisition will strengthen the advertising business...

Mamata Banerjee calls for conservation of water; wishes on World Water Monitoring Day

On the eve of World Water Monitoring Day, West Bengal Chief Minister Mamata Banerjee called for the need for conservation of water. She emphasized...

Israel Elections: Exit poles predict Netanyahu trailing opponent

After Israel had cast its vote on Tuesday, the initial prediction poll was not good news for incumbent Benjamin Netanyahu. Benjamin Netanyahu is the...
- Advertisement -

More Articles Like This