CRED is an Indian Credit Card bill payments app and it’s known in every household due to its smart advertisements techniques.
Recently a new round of funding gave CRED a post-money evaluation of around $800 million. Last year the company had a valuation of about $450 million, thanks to the $120 million Series B funding.
Some of the features or services provided by CRED include the ability to properly track their spending over various credit cards, and get warnings. CRED also motivates or rather reminds the customers to pay their bill on time by rewarding them some points. Which can be later used to subscribe to a wide range of top-class services and also get a discount on the purchase of high-quality items.
A small disadvantage is that the platform is not available to all credit cardholders in India. The owner must have a certain credit score of about 750 to be able to sign up for the services. Hence CRED has built a consumer setup that comprises mostly sought-after or rich people in India.
CRED offers a number of new services, including enabling consumers to pay their rent using their credit card and bulked up its e-commerce market. These services were introduced in this quarter of the year.
“CRED has the richest Indians as customers already,” wrote Anmol Maini, a San Francisco-based engineer, who closely tracks the Indian startup ecosystem. “Kunal Shah has the luxury of time for building CRED into the company he envisions it to be. He has that luxury because he has access to capital and talent, knows how to build and scale companies and he definitely knows how to generate returns for his investors.”
The new funds came at a time when many people were asking a question that “What is this CRED”. The question came into the picture because recently they were one of the sponsors of IPL which has one the highest audience base in the Indian ecosystem. At the same time, their advertisements consisted of great Indian legends from all fields of Bollywood. Hence catching the eye of many people.