Q: What inspired you to start CRED, especially after your success with FreeCharge?
Kunal Shah: After FreeCharge, I spent a lot of time observing consumer behavior in India. One thing that stood out was how the most creditworthy people – those with high credit scores – weren’t rewarded for their financial discipline. In contrast, in developed economies, good behavior is incentivized. I wanted to change that – to create a system where trust and financial responsibility are assets, not invisible traits.
Q: CRED targets a niche segment – creditworthy Indians. Why not go after a mass market?
Kunal Shah: India is not one country – it’s multiple economies coexisting. Building for the top 1% may seem counterintuitive in a country of 1.4 billion, but that 1% still represents over 10 million people. These are consumers with spending power and digital fluency. If you solve for them, you can build high-trust, high-margin businesses and then expand. It’s about depth before breadth.
Q: Many critics say CRED burns too much cash. How do you respond?
Kunal Shah: If you’re building a brand or trust layer in a new category, you’re not just selling a product — you’re educating a market. That requires investment. Amazon, Uber, and others were questioned early on too. Our focus is on lifetime value and trust, not immediate profits.
Q: You’ve spoken a lot about “trust” and “signal” economies. Can you elaborate?
Kunal Shah: In India, we often rely on jugaad or shortcuts, but societies that signal trust — like paying taxes, using credit responsibly – tend to prosper in the long term. CRED is about creating a club of trustworthy individuals and rewarding that behavior. In a trust-deficit society, the one who can signal credibility wins.
Q: What do you look for when hiring someone at CRED?
Kunal Shah: Curiosity, ownership, and the ability to handle ambiguity. I don’t care much for degrees. I care about how people think, how they solve problems, and whether they can grow faster than the problems they face.
Q: What’s your take on failure? How do you handle it?
Kunal Shah: Failure is a great teacher, but only if you reflect. I often say – don’t glorify failure, but don’t fear it either. At CRED, we encourage calculated risks. If you’re not failing occasionally, you’re probably not innovating enough.
Q: What’s your long-term vision for CRED?
Kunal Shah: CRED is more than a bill-payment app. It’s a trust platform. In the future, we want to power credit, commerce, and community – all anchored around responsible behavior. I envision CRED being a symbol of trust – if you’re on CRED, it should signal that you’re someone others can do business with.
Q: What’s one piece of advice you’d give young entrepreneurs in India?
Kunal Shah: Don’t chase valuations. Chase real problems. India needs fewer “app builders” and more “problem solvers.” Understand human behavior deeply. If you build for trust and solve something truly painful, the money will follow.
