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Cred enters new business segment, launches vehicle management service

Money Control

Money Control · 1y ago

Cred enters new business segment, launches vehicle management service

Cred, the credit card and bill payments fintech unicorn, has introduced 'Cred Garage', a vehicle management service within its app. This new feature offers concierge services, parking services, document management, and spending insights to Cred members. It aims to cater to the high-spending individuals who possess both credit cards and cars. Cred Garage also integrates DigiLocker for easy access to essential documents. This expansion comes as Cred faces challenges with a decline in average UPI transaction value and a shrinking share of the credit card bill payment market.

Related News

Cred launches vehicle management platform Garage

Economic Times

Economic Times · 1y ago

Cred launches vehicle management platform Garage

Cred, a Bangalore-based fintech startup, has launched a new vehicle management platform called Garage, which aims to help users manage the maintenance, insurance, and resale of their vehicles. Garage will provide users with alerts about upcoming vehicle service and insurance renewal deadlines, as well as offer assistance with selling or exchanging their cars. The platform also plans to introduce features like car sanitization and doorstep vehicle pickup and drop-off for service appointments.

Cred to help customers track bank accounts

Economic Times

Economic Times · 1y ago

Cred to help customers track bank accounts

Indian fintech company Cred is launching Cred Money, a new service that helps users manage their bank accounts. This offering provides a unified view of all bank account balances, transaction tracking, spending behavior insights, and inbuilt UPI payment capabilities. Cred has partnered with account aggregators Finvu and CAMS to provide these services. The company has been expanding its financial services portfolio, including acquisitions in credit, vehicle management, insurance, wealth management, and online wealth management platform Kuvera. Cred's revenue for fiscal 2023 was INR 1,484 crore, while its loss widened to INR 1,347 crore.

Euler Motors enters small commercial vehicle segment

YourStory

YourStory · 1y ago

Euler Motors enters small commercial vehicle segment

Indian electric vehicle manufacturer Euler Motors has announced its entry into the small commercial vehicle (SCV) segment. The company plans to launch its first four-wheeler with a payload of over 1,000 kg during the upcoming festive season. Euler Motors aims to meet the rising demand for cost-effective and high-performance inter- and intra-city transportation solutions. The company's new SCV will offer a long driving range, high payload capacity, and advanced real-time fleet management features. The Indian SCV market is expected to reach a value of INR 34,900 crore by FY27, with EVs projected to have the highest growth rate.

CRED’s Super App Revenue Stack

Inc42 · 1y ago

CRED’s Super App Revenue Stack

CRED has been adding new services, such as Kuvera and CRED Money, to expand its revenue stream. The company has also entered the UPI payments, vehicle management, and travel bookings market. However, the challenge lies in scaling these offerings in a competitive market as CRED aims to become a super app.

CRED's Kunal Shah launches platform to track and manage finances

Inshorts · 1y ago

CRED's Kunal Shah launches platform to track and manage finances

Cred founder Kunal Shah has launched Cred Money, a unified dashboard for financial management. The app aggregates financial data, helping affluent users manage their finances more easily. Despite stagnating user growth at 13 million, Cred is refocusing on high-credit-score customers, launching a luxury rewards program, and expanding UPI payments.

Cred rolls into insurance space via Garage platform

Economic Times

Economic Times · 10m ago

Cred rolls into insurance space via Garage platform

Fintech unicorn Cred has expanded its services to include insurance products, starting with motor insurance. The company is utilizing its vehicle management platform, Cred Garage, to offer insurance to its users. Depending on a user's credit score, additional discounts are available to make the product more appealing. Cred Garage allows users to track vehicle expenses, view insurance and pollution renewal dates, and receive roadside assistance. Through partnerships with insurance companies, Cred aims to generate revenue from commissions. The platform has 7 million registered vehicles and 4.4 million users, with plans to expand partnerships with more insurance companies.

CRED’s Next Big Play, MyPickup Shuts Shop & More

Inc42 · 1d ago

CRED’s Next Big Play, MyPickup Shuts Shop & More

CRED has unveiled new offerings, including a cobranded credit card and a concierge service, Sovereign, aiming to redefine personal finance. Sovereign, an invite-only membership, offers exclusive benefits like civilian spaceflight access, art auctions, and early-stage investment opportunities. Alongside these, CRED enhances its wealthtech portfolio with gold investments, fixed deposits, and comprehensive portfolio management services, marking its ambitious expansion in the fintech landscape.

Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm

Entrackr

Entrackr · 7m ago

Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm

Non-banking financial company Newtap Finance Private Limited is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term. CRED founder Kunal Shah’s Newtap Technologies is the majority shareholder in Newtap Finance (formerly Parfait). According to a press release by India Ratings and Research, during FY22-24, promoters have invested Rs 149 crore in Newtap Finance, with CRED contributing a primary infusion of Rs 35.7 crore to date. Newtap Finance (NFPL) offers personal loans to individuals, with CRED serving as the loan service provider. CRED has a monthly active user base of 12 million and provides a range of services, including credit card payments, UPI transactions, vehicle management, lending, insurance, personal finance management via account aggregator rails, and rewards/deals. Newtap Finance’s loan book lacks seasoning, but CRED pre-approves loans for select users based on their financial behavior. All CRED members qualify with high credit scores, which is a key eligibility criterion for the app. Kunal Shah indirectly owns 76% of Newtap Finance through his fully owned entity, Newtap Technologies, while CRED holds a 23.6% stake. Shah and CRED gained control of Newtap in 2022, but the RBI blocked CRED's bid to raise its stake in 2023. Since then, Newtap has worked to establish itself as an independent NBFC. At the end of December 2024, the total AUM outstanding on Newtap Finance’s platform was Rs 1,141.6 crore, of which Rs 632 crore was on NFPL’s books. NFPL has also partnered with two large lenders—a bank and an NBFC—for co-lending and plans to scale up co-lending in the near term. As of December 2024, CRED had an AUM (assets under management) of Rs 19,000 crore, with an NPA (non-performing asset) of 1.1%, the press release added. During the fiscal year that ended in March 2024, CRED reported a 66% year-on-year growth in its operating revenue to Rs 2,473 crore. Moreover, the operating losses for the Tiger Global-backed company reduced by 41% in the same period.

Angel One enters mutual fund market with SEBI approval

YourStory

YourStory · 9m ago

Angel One enters mutual fund market with SEBI approval

Angel One has received approval from the Securities and Exchange Board of India (SEBI) to begin mutual fund operations. Its subsidiary, Angel One Asset Management Company, will act as the asset management company for Angel One Mutual Fund. The mutual fund will focus on passive investment solutions, offering low-cost and transparent products such as index funds and ETFs. Angel One aims to make financial products more accessible and affordable for a new generation of investors in India. The company is a leading retail full-service broking house in the country.

CRED launches credit card ‘Sovereign’ with IndusInd Bank

Entrackr

Entrackr · 2d ago

CRED launches credit card ‘Sovereign’ with IndusInd Bank

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, 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.

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