Wallets/cred
CRED
0 standards supported
Overview
CRED is India's premium credit-card-bill-payment + rewards super-app, operated by Dreamplug Technologies Private Limited — founded September 2018 by Kunal Shah [1, 2]. CRED uniquely targets only Indian users with credit scores ≥750 (premium-credit-tier-focused), reaching 12+ million members + 13M monthly active users. FY25 revenue Rs 2,735 Cr (+16% YoY) with operating losses falling 51% to Rs 298 Cr + total losses declining 11.5% to Rs 1,457 Cr — narrowing-loss trajectory.
Major 2025 metrics:
- UPI transactions: 144-147 million monthly — 4th-largest UPI player (Mar-Aug 2025).
- Total payment value (FY25): ₹8.5 lakh crore (+23% YoY).
- Transaction frequency: 14.4 transactions per user per month (+34% YoY).
- ARPU: ~₹2,000 — highest in India's payments ecosystem.
- 45% of active members use 3+ products — substantial product-engagement.
History
September 2018 — CRED founded [2] by Kunal Shah (previously founded FreeCharge, sold to Snapdeal).
2019-2022 — Premium-tier-focused UX + iconic celebrity marketing campaigns [wiki-cred]: IPL sponsorship, Rahul Dravid + Bollywood-icon ads.
2022-2024 — Multi-product expansion: CRED Pay (UPI), CRED Mint (P2P lending), CRED Travel, CRED Cash, CRED Mutual Funds, CRED Store, etc.
FY25 — Revenue ₹2,735 Cr (+16% YoY); operating losses -51%; total losses -11.5% [3]: Narrowing-loss trajectory.
Mar-Aug 2025 — 4th-largest UPI player with 144-147M monthly transactions [3].
Ownership & operator
Operating entity: Dreamplug Technologies Private Limited (CRED brand).
Founder + CEO: Kunal Shah (Indian fintech entrepreneur; founded FreeCharge in 2010, sold to Snapdeal 2015 for $400M).
Major investors: Sequoia (now Peak XV), Tiger Global, DST Global, Ribbit Capital, GIC, Coatue, Sofina, Greenoaks Capital. Valuation peaked $6.4B in 2022; subsequent down-rounds reflecting fintech revaluation.
Regulator: RBI (Payment Aggregator) + NPCI for UPI.
Technical integration
| Layer | Description |
|---|---|
| Channel | CRED mobile app (iOS + Android) |
| Identifiers | Phone number + VPA + card number + QR code |
| Eligibility | Credit score ≥750 (CIBIL) required — premium-tier-focused |
| Core products | CRED Pay (UPI bill payments + merchant payments) + CRED Mint (P2P lending) + CRED Travel + CRED Cash (loans) + CRED Mutual Funds + CRED Store (premium e-commerce) + CRED Garage (vehicle services) |
| UPI | [[unified-payments-interface]] — 4th-largest UPI player (Mar-Aug 2025) |
| Rewards | CRED Coins (loyalty currency) |
Users & growth
- Total members: 12+ million (premium credit-score-≥750)
- Monthly active users: 13 million (June 2024 baseline)
- Monthly UPI transactions: 144-147 million (Mar-Aug 2025) — 4th-largest UPI player
- Total payment value (FY25): ₹8.5 lakh crore (+23% YoY)
- Transaction frequency: 14.4 tx/user/month (+34% YoY)
- ARPU: ~₹2,000 — highest in India's payments ecosystem
Financial (FY25) [3]:
- Revenue: ₹2,735 Cr (+16% YoY)
- Gross margins: ~70%
- Operating losses: ₹298 Cr (-51% YoY)
- Total losses: ₹1,457 Cr (-11.5% YoY)
Use cases
Credit-card bill payment (cardinal CRED use); CRED Pay UPI (merchant + P2P); CRED Mint (P2P lending); CRED Cash (loans); CRED Travel; CRED Mutual Funds; CRED Store premium e-commerce; CRED Coins rewards; vehicle-services (CRED Garage).
Implementations & partners
Operator: Dreamplug Technologies Private Limited.
Founder + CEO: Kunal Shah.
Major Indian competitors: [[phonepe]] + [[google-pay]] + [[paytm]] (UPI dominance), [[bharatpe]] (merchant focus), Jupiter Money + Niyo + Fi Money (Indian neobanks).
Regulator: RBI + NPCI.
Fun facts
- September 2018 founded by Kunal Shah — Indian fintech serial entrepreneur (previously FreeCharge, sold to Snapdeal 2015 for $400M).
- Premium-tier exclusivity: CRED requires CIBIL credit-score ≥750.
- 12M members + 13M MAU.
- Iconic celebrity marketing: IPL sponsorship + Rahul Dravid "Indiranagar ka gunda" + Bollywood-icon ads — defined CRED brand recognition.
- 4th-largest UPI player (Mar-Aug 2025) with 144-147M monthly transactions.
- ~₹2,000 ARPU — highest in India's payments ecosystem.
- 45% of active members use 3+ CRED products — deep engagement.
- FY25 revenue ₹2,735 Cr (+16% YoY) + operating losses -51% — narrowing-loss trajectory.
- Peak $6.4B valuation (2022); subsequent down-rounds.
Comparison
| Feature | CRED | [[phonepe]] | [[paytm]] | [[bharatpe]] | Jupiter Money (IN neobank) |
|---|---|---|---|---|---|
| Operator | Dreamplug Technologies (CRED) | PhonePe Limited (Walmart-majority) | One97 Communications | Resilient Innovations | Jupiter Money |
| Type | Premium credit-card bill-payment + rewards super-app | Consumer + merchant UPI super-app | Super-app + UPI TPAP | SMB merchant UPI + POS + lending | Neobank |
| Eligibility | CIBIL ≥750 required | Open | Open | Merchants | Open |
| UPI market position | 4th-largest (Mar-Aug 2025; 144-147M monthly) | 1st (47.99%) | ~3rd (~7%) | Merchant-side focused | Smaller |
| FY25 revenue | ₹2,735 Cr (+16% YoY) | n/a | n/a | ₹1,734 Cr | Smaller |
| Distinctive | Premium credit-score gating + iconic marketing + ~₹2K ARPU | Walmart-backed dominant | Super-app legacy | SMB-merchant focus | Federal Bank partnership |
Status
Active, premium credit-card-bill-payment leader with growing UPI presence [1, 3]:
- Dreamplug Technologies Private Limited (CRED) since September 2018.
- 12M+ members + 13M MAU + 4th-largest UPI player (Mar-Aug 2025).
- FY25 ₹2,735 Cr revenue (+16% YoY); narrowing losses (-51% operating).
- Premium credit-score gating (CIBIL ≥750) + ~₹2K ARPU highest in India.
Sources
- 1 What Is CRED — Miracuves
- 2 CRED — official
- 3 CRED FY25 revenue + narrowing losses — YourStory
- 4 CRED business model — TheFinthusiastic
- wiki-cred CRED — Wikipedia
Source
Biography extracted from cred.md. See matrix.md for standards-support matrix if present.