In his latest venture, Cred, Kunal Shah will turn reward credit card users every time they make a credit card bill payment.
Earlier this month, Kunal Shah, the Founder of Freecharge, which was acquired by Snapdeal in 2015 for $400 million in the then largest internet deal, put out a teaser for his new venture: Cred. Earlier this month, after three years 'on the sidelines', Kunal said his platform would celebrate and reward the most creditworthy people of India.
Today, Ashray Iyengar, one of Cred’s team members took to LinkedIn and announced that the early access programme for Cred was now open. He said Cred would “turn credit card bills to rewards” every time you made a bill payment. Ashray was earlier with the Nexus Venture Partners investment team.
While Kunal is silent about his new venture and maintains “Will talk when the time is right”, Cred is believed to focus on the lending and ecommerce space.
Ashray’s LinkedIn post states: “Give the app a spin and message me your feedback here. I will ensure that we listen to you and make Cred the best credit card bill payment experience, ever.”
Two days back, Kunal Shah had also taken to Twitter for a voting poll, asking if one was ever incentivised or received any benefits for paying their credit card bills on time.
“Did you ever get an incentive or benefit for paying your credit card bills on time?”
— Kunal Shah (@kunalb11) November 20, 2018
Earlier this year, Kunal Shah raised $30 million for his new venture from a group of investors led by Sequoia Capital. At the time, media reports suggested that Russian fund Ru-Net, fintech-focused fund Ribbit Capital, and a few other investors were looking to participate in the funding round for Kunal’s latest venture.
During his three-year gap, he also served as Chairman for the Internet and Mobile Association of India (IAMAI) and an advisor to Sequoia Capital.
It is the time of serial entrepreneurs. Aprameya Radhakrisha, the Co-founder of TaxiForSure, started Vokal, a peer-to-peer content platform; Satyen Kothari turned entrepreneur for the fifth time with the launch of his wealth management platform, Cube Wealth. The platform has raised $2 million in Series A funding. Ibibo Group’s Founder Ashish Kashyap started INDWealth, a wealth management platform, which has raised $30 million.