Kunal Shah’s Net Worth in 2025: CRED’s ₹5,215 Cr Losses Spark Viral Debate on Freecharge, Startup Success & Profitability

July-6, 2025: Kunal Shah, one of India’s most well-known startup founders, is back in the limelight—but this time, not for raising funds or launching a new fintech idea. A viral LinkedIn post by Adarsh Samalopanan, a Senior Consultant at Deloitte, has triggered fresh debate over the financial health of Shah’s ventures—Freecharge and CRED.

The Post That Sparked the Conversation

In his detailed post, Samalopanan pointed out that Freecharge, which Shah started in 2010, had clocked in around ₹35 crore in revenue by 2015. However, the company also suffered massive losses—₹269 crore—due to aggressive cashback offers and marketing spends.

Despite this, Freecharge was acquired by Snapdeal in 2015 for a whopping ₹2,800 crore. But just two years later, in 2017, Axis Bank bought it for only ₹370 crore. This steep fall in valuation raised eyebrows in the startup and investment circles, sparking discussions about overvaluation, sustainability, and long-term vision.

All Eyes on CRED: ₹5,215 Cr in Losses

Currently, Shah is leading CRED, a members-only platform he launched in 2018 that rewards users for paying credit card bills on time. While CRED has created massive brand awareness and user engagement, its financials have come under scrutiny.

According to Samalopanan’s post, CRED has reported ₹4,493 crore in revenue since its inception, but also a total loss of ₹5,215 crore. The criticism mainly revolves around the fact that the company has not posted a profit in any financial year so far.

Kunal Shah’s Honest Response

Interestingly, Kunal Shah didn’t shy away from the criticism. In a rare and humble reply, he commented:

“Absolutely correct. We should be celebrating thousands of entrepreneurs who have created very profitable companies without external capital.”

He also pointed out that entrepreneurship is a high-risk journey, especially in a rapidly changing economy, and that job creators should be celebrated, even when the path isn’t always profitable.

So, What Is Kunal Shah’s Net Worth in 2025?

As of 2025, Kunal Shah’s net worth is estimated to be around ₹5,000 crore (approximately $600 million). This figure is mainly based on the valuation of CRED and his earlier exit from Freecharge. However, like most startup founders, his net worth is tied closely to private equity stakes and fluctuates based on investor sentiment, funding rounds, and market conditions.

Why Does Kunal Shah Still Matter?

Despite the criticism, Shah remains a key influencer in India’s startup ecosystem. His ventures may not be profitable yet, but he’s often credited for changing how Indians engage with fintech platforms. From building one of the first cashback models with Freecharge to positioning CRED as a premium brand for creditworthy Indians, his ability to build user trust and brand visibility is undeniable.