CRED launches credit card ‘Sovereign’ with IndusInd Bank

Fintech unicorn CRED has officially rolled out its much-anticipated co-branded credit card with IndusInd Bank, a high-profile entry into the premium cards space. Named Sovereign, the card is crafted in 18K gold and will be available strictly on an invite-only basis.

Entrackr was the first to report in August that the Kunal Shah-led company was working with IndusInd Bank to launch a co-branded card. The announcement confirms the development, positioning CRED among a growing lineup of fintechs tapping into this segment.

This launch takes CRED beyond its usual services like bill payments, lending, and commerce. The company has also added features like credit score tracking, shopping, travel, and insurance management, garage etc, paving the way for a premium card like Sovereign.

CRED has over 13 million monthly active users as of June 2024. According to startup data platform TheKredible, the fintech has raised more than $1 billion across nine funding rounds, including a $75 million down round led by GIC in May 2025 that valued the company at $3.64 billion, a 45% drop from its $6.4 billion valuation during the $140 million Series F round in 2022.

CRED is aiming for full-year profitability in FY26, but in FY24 its net loss widened by 22% to Rs 1,644 crore, which also included ESOP-related costs and taxes. In the same fiscal, the company’s revenue grew 66% year-on-year to Rs 2,473 crore. The FY25 annual report is yet to be filed.

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.