According to Kunal's LinkedIn, he decided to close it down in 2010 and launch Freecharge, which Snapdeal purchased in 2015 for $450 million. It was bought by Axis Bank in 2017 after operating on its own.
While a university education is undeniably valuable, it's not always the only route to success and goal achievement. The stories of billionaires like Bill Gates and Mark Zuckerberg, who reached the pinnacle of success despite being dropouts, are testament to this. Kunal Shah, the founder of CRED, is a shining example of this Bangalorean tale, showcasing the power of perseverance and hard work.
Following his graduation from Wilson College with a Bachelor of Philosophy, Kunal enrolled in an NMIMS management course in 2003. He chose to leave school after a year in order to follow his aspirations of becoming an entrepreneur. Before making a big splash with CRED, he started PaisaBack, a platform for cashback and promotional discount campaigns for retailers.
According to Kunal's LinkedIn, he decided to close it down in 2010 and launch Freecharge, which Snapdeal purchased in 2015 for $450 million. It was bought by Axis Bank in 2017 after operating on its own.
In Bangalore, Kunal started CRED in 2018. A fintech startup called CRED offers exclusive experiences and exclusive deals to members who pay their credit card bills on time. This portal, which also offers a credit score analysis, allows users to manage multiple credit cards. Members with CRIF score or Experian can use the app to pay their credit card bills and be eligible for exclusive rewards.
Shah reportedly disclosed on his Instagram story that he makes Rs 15,000 a month, citing his belief that he should not be compensated fairly for his founder role until the business profits. LiveMint reported this information. Shah added that he sold his prior business, FreeCharge, for a respectable sum, which allows him to live on this salary.
According to Hindu Business Line, fintech unicorn CRED experienced a net loss of 1279 crore in 2022 despite seeing a 340 percent increase in revenue from Rs 95 crore in 2021 to Rs 422 crore in 2022. Kunal Shah's estimated net worth at the start of 2021 was Rs 15,000 crore.
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