Former Freecharge co-founder Kunal Shah has announced his new gig Cred on Facebook. According to Entrackr sources, Cred is meant for the top-tier working professional who has a yearly income of over Rs 15,00,000 and CIBIL score of 700-750.
“Cred wants users to pay their credit card bills through the app and in return they will get Cred Coins that can be redeemed while availing lifestyle services and products”, confirmed sources on condition of anonymity.
Shah announced his venture on Twitter and Facebook after Entrackr sent detailed queries to him earlier today. He is yet to respond to our queries.
Cred is currently having a team of about 50-60 people based out of Bengaluru. “Many Freecharge employees joined him along with several Chinese,” revealed sources.
According to sources, Cred will also have subscription model wherein users will have access to exclusive services and products. “Cred is also partnering with many lifestyle high-end brands and service providers to offer services to users,” added sources.
Shah already had raised $30 million from a group of investors led by venture capital firm Sequoia Capital for the new venture.
Shah has been a key startup figure for several years. His venture Freecharge sold out to horizontal e-commerce major Snapdeal in about $400 million cash and stock in April 2015.
After exiting Snapdeal, Shah had served IAMAI as Chairman and advisor to Sequoia Capital. Currently, he is serving board of advisors to Bennett and Coleman and Co Ltd and advisor to angel syndicate AngelList.
Besides, he has been an active angel investor in companies including Go-Jek, Zilingo, Unacademy, Shuttl, Tapzo, Runnr among 30 others.
Shah becomes the second popular entrepreneur to announce his new startup. Earlier this month, Ashish Kashyap, who led ibibo Group had made a comeback as an entrepreneur with full stack wealth management app IndWealth. The yet to be launched platform also raised $30 million from Steadview Capital.
Sources also indicate that Shah would be launching a VC fund soon. He already had LPs from India and China. We are waiting for Shah reply and update the post as he responds.