CRED launches RuPay credit card with IndusInd Bank

Fintech unicorn CRED has expanded its financial offerings with the launch of a RuPay co-branded credit card in partnership with IndusInd Bank, while also unveiling Sovereign, an invite-only membership society anchored by an 18K gold credential.

The CRED IndusInd Bank RuPay Credit Card is designed as a mass-affluent lifestyle product, offering 5% rewards across all e-commerce spends and 1% on offline transactions, with instant redemption on flights, hotels, 500+ merchants, and the broader CRED ecosystem.

CRED Sovereign, on the other hand, is positioned as a membership society for India’s most influential individuals. Each invitee receives a bespoke 18K gold-etched credential card, unlocking privileges such as syndicated access to startup investments, rare global assets, elite travel programs, and curated cultural and sporting experiences , even extending to civilian spaceflight.

Entrackr had exclusively reported in August that the Kunal Shah-led company was working with IndusInd Bank on a co-branded product. The twin moves , a rewards-heavy RuPay card and a high-profile membership society, mark CRED’s deeper pivot into financial lifestyle products.

CRED counts over 13 million monthly active users as of June 2024. According to TheKredible, it has raised more than $1 billion across nine funding rounds, including a $75 million down round led by GIC in May 2025 that cut its valuation to $3.64 billion from $6.4 billion in 2022. The company is eyeing profitability in FY26, though its FY24 net loss widened 22% to Rs 1,644 crore even as revenue grew 66% to Rs 2,473 crore.

In repeating its initial ‘invite only’ approach with Sovereign, CRED might be exhibiting the first signs of being anchored in the past rather than forging its own way ahead. The reason is simple. Indusind bank doesn't have the kind of premium aura to go with such a pitch. While it will be interesting to see the kind of benefits Sovereign offers to drive desire, it faces a very cluttered and competitive market for sure. Forget the heavyweights already in the ring, the markets today have a unique situation of influencers who help people decide on the right picks even in the super premium category. Suffice to say, this search for value has raised the cost of acquisition as well, a road CRED has travelled long enough by now to realise that the returns are volatile, to say the least.