Success and happiness aren’t always certain if you are a degree holder. World’s billionaires, including Bill Gates and Mark Zuckerberg, have demonstrated that dropouts may reach their pinnacle of success with drive and vision. One such Bangalorean is Kunal Shah, the founder of CRED.
Kunal Shah’s recent Q&A on Instagram created quite a buzz. While some called him humble, others thought it was a manoeuvre to get media attention.
Well, let’s dig in to read more.
Who is Kunal Shah for real?
After graduating in philosophy from Wilson College, Kunal Shah got himself enrolled at NNIMS for a management program. A year later, he dropped out to pursue his business goals. Before tasting success with Cred, Shah started a website named Paisaback. The site extended discount campaigns to shops. Kunal, however, closed it down to launch an app called Freecharge. Freecharge was later purchased by Snapdeal for $450 million in 2015. It was in the year 2018 that Kunal founded CRED. It is a Bangalore-based members-only platform that rewards its members for paying credit card bills on time. The app has even been eventually approved by the Reserve Bank of India (RBI).
What’s the hype about his net worth and salary?
Shah, the creator and founder of Cred, makes only Rs 15,000 per month. Recently, in an Instagram post, he mentioned that he doesn’t deserve a lump sum remuneration until the brand generates income. Although the company witnessed a steady boost of 340%, fintech CRED incurred a loss of 1279 crore last year (2022), as stated by Hindu Business Line.Kunal Shah’s estimated net worth at the dawn of 2021 was Rs 15,000 crore. According to Kunal Shah, he is able to support himself with a meagre salary as he has successfully sold off Freecharge for a respectable sum.
His post on Instagram received mixed reviews from both Twitter and Instagram users. Some claimed that this was a common tactic that the CEOs follow whereas others praised him for being humble.