Kunal Shah, the CEO of CRED, boasts a net worth of Rs ₹15,000 crore INR. Despite this staggering wealth, he disclosed during an Instagram Q&A that his monthly salary amounts to just Rs 15,000. Notably, Kunal Shah did not graduate from either IIT or IIM. The revelation came to light when a Twitter user named Ajeet Patel shared a screenshot of Kunal Shah’s Instagram story, sparking widespread surprise.

Kunal Shah’s Net Worth

As the CEO of CRED, Kunal Shah commands a net worth of Rs ₹15,000 crore INR. Despite his substantial wealth, he openly stated during an Instagram Q&A session that he draws a modest salary of Rs 15,000.

Ajeet Patel shared a screenshot from Kunal Shah’s Instagram story, where Shah addressed inquiries during an ‘Ask Me Anything’ session. When questioned about his seemingly low salary at CRED, Shah asserted that he doesn’t believe he merits a high salary until the company becomes profitable. He revealed that his monthly income is a mere Rs 15,000 and attributed his ability to manage to the sale of his previous company, FreeCharge. Patel captioned the post, “There are CEOs who take home crores in salary, then there’s Kunal Shah.” The tweet gained traction on Twitter, with users expressing their thoughts on Kunal Shah’s statement.

Kunal Shah: Background

Kunal Shah, the founder of both CRED and FreeCharge, operates as an angel investor incentivizing members to settle their credit card dues promptly. CRED, an exclusive platform rewarding timely bill payments, caters solely to its members.

Apart from founding these successful ventures, Shah has provided counsel at Sequoia Capital and served as a part-time partner at Y Combinator. He pursued a BA in Philosophy at Mumbai’s Wilson College and briefly attended Narsee Monjee Institute of Management Studies for an MBA before dropping out.

Journey from Struggling Student to CRED Founder

Kunal, the brains behind CRED, commenced working at the age of 15 to support his family amid financial hardships. He juggled work with his bachelor’s studies, taking up freelance design and programming gigs. His venture, PaisaBack, evolved into FreeCharge in 2010, a platform offering cash-back and promotional campaigns for retailers.

Following Snapdeal’s acquisition of FreeCharge in 2015, Kunal oversaw its operations until his departure in 2016. Subsequently, the firm was acquired by Axis Bank in 2017. In 2018, Kunal launched CRED, an app facilitating credit card payments with rewards. With over 5 million users, CRED processes approximately 20% of India’s credit card payments and secured unicorn status, valued at $1 billion or more, making it the second-fastest Indian startup to achieve this feat.

Kunal currently advises various companies, including Bennett Coleman and Co. Ltd. (Times Group) and AngelList, while also investing in numerous ventures, contributing to the entrepreneurial ecosystem.

Education

Kunal enrolled at Wilson College, Mumbai in 1994, graduating with a BA in Philosophy in 2000. Post-graduation, he founded and managed a BPO company.

MBA Dropout

In 2003, Kunal pursued a part-time MBA at Narsee Monjee Institute of Management Studies (NMIMS), Mumbai, before dropping out due to dissatisfaction with the curriculum’s emphasis on rote learning. Instead, he resorted to online resources to grasp MBA theories.

Despite leaving the program prematurely, Kunal’s MBA stint acquainted him with marketing and consumer behavior, furnishing him with invaluable knowledge.

Overcoming Adversities

At 15, Kunal’s family grappled with financial instability stemming from his father’s struggling pharmaceutical distribution business, necessitating a shift to a smaller apartment. To alleviate financial strain, Kunal secured a Data Entry Operator position to fund his education and alleviate his parents’ burden.

Life’s Hacks

During his 12th-grade year, Kunal discovered the internet, albeit its costly access. To circumvent this, he commenced teaching internet-related subjects at institutes, securing free internet access in return. Balancing part-time work with studies, Kunal’s exposure to the internet broadened his horizons, facilitating exchanges with academics from foreign universities.

Transitioning from a Data Entry Operator to full-time teaching at multiple internet institutes, Kunal immersed himself in online reading, cultivating a newfound passion for literature.