What is CRED: Business/Revenue model of CRED - Quotesily

 Hyy guys, Welcome back again, hope you're doing well and enjoying yourself. So today we are discussing the Story of CRED, a billion dollar fastest Indian unicorn startup and Cred valuation around 2.2Billion dollar startup in this article we know about  "What is CRED: Business/Revenue Model of CRED" So let's Start…  

 

CRED: LOGO of CRED 


 

What is CRED: Business/Revenue model of CRED


CRED: Founder of CRED 

 



CRED was started by Kunal Shah in 2018, Kunal Shah who is also the founder of FreeCharge mobile recharge and bill payment service. Kunal Shah started FreeCharge in 2010.  Kunal Shah is a smart serial entrepreneur from India, but his story of becoming an entrepreneur is very  we will share very soon..



What does CRED really do.?

 



CRED is a platform to reduce the hassle of managing multiple credit cards and help in timely payment of credit card bills and pending payments. You know credit cards have some hidden charges so Kunal Shah created this huge problem in the market and then he started CRED to help and manage credit cards...


By using CRED, making timely payments with the CRED app earns users points that can be used to earn rewards and The CRED app is one of the best apps from the market, which offers rewards for paying your credit card bills through the app and now many apps with came with same features but CRED is leader of this sector.




CRED: Business/Revenue model of CRED.?



Currently CRED are focusing on building a user base so they are focusing to expending but that's why CRED don't have any big business plans yet but currently they are having two main money making ways…


 Product and Offer Listing Fees


 User's financial data 

 

 1. Product and Offer Listing Fees 

 

 CRED displays the products and offers from businesses that have paid a fee for their Discover platform.  There are offers from fashion retailers, to spas, to Amazon gift cards, and much more.


 These offers give their users a variety of rewards to pick from.  And in turn, it draws more user attention.


 Every time a user picks an offer by redeeming the CRED coins from the app, the business pays fees to CRED for sending the business to them. This is the main source of revenue for CRED at present.

 

 2. User Financial Data 

 

 As you continue to pay bills and use the app, CRED collects your financial data to offer you better offers in the future.  This is their second source of revenue.


 Financial institutions are always on the lookout for the most viable customers for their credit cards, loans, and other products.

 


CRED: Competitor's of CRED


Paytm


Phonepe


Amazon pay


Mobikwik 



Facts And Updates:


In FY20 CRED’s total expenses were around Rs.  378.39 crores which increased from INR 63.90 Cr in FY19.


 Also in FY20 the company reported a loss of INR 360.31 Cr which was INR 60.86 Cr in FY19.


 In 2020 CRED is currently valued at more than $800 million after its Series C round wherethey raised $80 million.



So i hope you'll understand "What is CRED: Business/Revenue model of CRED" and your all doubts are cleared if you have any query please comment below I'll help you.. Thanks for reading..!!


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