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What is CRED App? Wikipedia, Details, Information

 

What is CRED?

CRED is a mobile application that offers rewards to users for paying their bills with credit cards in time.

How does it work?

CRED is a reward-based business model on credit card payments. It has partnered with several top brands and supported by all the top banks in India to bring rewards for the users on the payment.

Foundation

CRED was launched in November 2018, and it’s based in Bangalore, India. 

Kunal Shah is the founder and CEO of CRED, who was also the founder of FreeCharge which now is a part of Axis Bank.

FreeCharge was founded in August 2010, and sold to Snapdeal for Rs. 2,800 crores in April of 2015.

CRED - IPL 2020

In September 2020, CRED was announced as the official partner in the Dream11 IPL 2020 by BCCI and would be the partner for the next three years till 2022. The company didn’t disclose the amount paid for being the IPL partner but according to some reports, it could be over Rs. 100 crore.

CRED Powerplay: The CRED users can get 100% cashback if they pay their credit card bills during the powerplay (1-6 overs) of any IPL match.

Anil Kapoor, Bappi Lahiri, and Madhuri Dixit are associated with the CRED advertisement campaign seen between IPL match breaks.

Financials

The latest valuation from 2019 has shown the valuation of the company is over $450 million. The company has 20 total number of investors.