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Kunal Shah is one of the best entrepreneurs in India. Even he is the most strategic and innovative entrepreneur. But now his act sets an example in the Indian startup ecosystem where founders take a handsome salary from their startup. On the other side, Kunal Shah takes a salary of 15,000 per month in Cred.
Cred Founder Kunal Shah
Kunal Shah started Cred in 2018. This startup targeted credit card holders and gave them handsome rewards after they paid their credit card bills in cred. Then the Cread users will be given Cred coins. So, that the users can get massive discounts on the products available in Cred app.
But this innovative idea still takes more time to get users on board. So, Cred startup is far away from profitability. Yes, Cred losses in 2021-2022 stand out at 1200 crores. Even in 2020-2021 also Cred’s total losses were around 600 crores.
Cred losses are climbing sky-high. So, it is a tough situation for the Cred founder Kunal Shah. As the founder, Kunal Shah takes all the responsibility on his shoulder. Even he draws only 15,000 as a monthly salary from cred.
So, that company’s expenses can reduce marginally. Nevertheless, the startup has the potential to make million of revenue in the future. In India, the credit card pentration rate is increasing steadily.
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In 2023, as per Statista, there are over 9 crore credit card users in India. By 2026, Indian credit card users’ growth could stand at 20 crores. Since it is a growing market, Cred startup is definitely making a difference in the Indian market.
Cred startup is trying to build trustworthy credit card users on their platforms. So, the Cred platform in the future can also expand their business in banking as well. It could act as NBFC. As this platform would have millions of people’s data.
Kunal Shah founder of Cred builds an exemplary business model. This startup could make great positive cash flow in the future.
As of now, Kunal Shah takes a salary of 15,000 per month in Cred.
About Kunal Shah
As Kunal Shah is not new to entrepreneurship. In fact, he had experienced entrepreneurship in his early teens. Where Kunal Shah’s family situation urges him to work and make some money.
So, Kunal Shah did odd jobs like selling mixed CDs and working in a Cybercafe. Even he was also teaching software like excel and PowerPoint to the children. So, that he could earn some money.
Then Kunal at the age of 17 or 18 sold and Mehandi business. As he builds that business from scratch. Even he hated the Indian education system where every kid is ranked on the grades. So, he did not complete MBA from Narsee Monjee Institute of Management Studies. Kunal Shah is an MBA dropout.
In 2010 Kunal Shah and Sandeep Tandon build Freecharge. It is a platform where mobile recharge and TV bills can be done in the platform.
In 2017, Freecharge got acquired by Axis bank for whopping 400 crores. So, Kunal Shah got a great exit from the first startup.
Meanwhile, Kunal Shah also became an angel investor and also invested in more than 150 startups. Even in 2022 alone, Cred founder Kunal shah made investments in more than 50 Indian startups.
Even Kunal Shah is one of the best angel investors in the Indian startup ecosystem. He made investments in
- Mensa Brands
These all are one of the best startups in India.
Kunal Shah till now exited from 11 startups. Every extent of Kunal Shah got plenty of returns. Here are some of Kunal Shah’s great exits in startups like
- Avail Finance ( acquired by Ola)
- Flyroge (acquired by Rent It Bae)
- DailyNinja (acquired by BigBasket )