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

EntrackrEntrackr · 7m ago
Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm
Medial

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.

CRED launches credit card ‘Sovereign’ with IndusInd Bank

EntrackrEntrackr · 16d ago
CRED launches credit card ‘Sovereign’ with IndusInd Bank
Medial

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.

CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 8m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

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