In 2018, Kunal established CRED in Bangalore. A members-only service from the fintech business CRED rewards customers for making on-time credit card payments by granting them access to exclusive offers and premium experiences.
Although the value of a college education cannot be undervalued, success and fulfillment aren't always guaranteed if you only have earned one. The world's billionaires, including Bill Gates and Mark Zuckerberg, have shown that, with determination and vision, dropouts may achieve their peak of success. Kunal Shah, the creator of CRED, is one such example from Bangalore.
Who is Kunal Shah?
After earning his bachelor's degree in philosophy from Wilson College, Kunal attended at NMIMS in 2003 for a management programme. He made the decision to stop studying after a year to follow his business goals. He started PaisaBack, a site for refund and special discount campaigns for shops, before experiencing success with CRED.
According to Kunal's LinkedIn, he made the decision to close it down in order to launch Freecharge, which Snapdeal purchased in 2015 for $450 million. After operating independently, Axis Bank purchased it in 2017.
In 2018, Kunal established CRED in Bangalore. A members-only service from the fintech business CRED rewards customers for making on-time credit card payments by granting them access to exclusive offers and premium experiences.
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This platform, which also offers a credit score evaluation, allows credit card users to manage several cards. Members with high Experian or CRIF scores can use the mobile application to pay their credit card bills and be eligible for exclusive rewards.
Kunal Shah's earnings and net worth
Shah, who earns a monthly salary of Rs 15,000, claimed in an Instagram story that he does not think he deserves to be paid well for his role as the creator until the venture gets money-making. Shah added that he was able to live off of this wage because he had successfully sold his prior business, FreeCharge, for a respectable sum.
Even though its revenue increased by about 340 percent from Rs 95 crore in 2021 to Rs 422 crore in 2022, fintech unicorn CRED suffered a net loss of 1279 crore in that year, according to Hindu Business Line. At the beginning of 2021, Kunal Shah had an estimated worth of Rs 15,000 crore.
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