How did Kunal Shah make his first million?
Kunal Shah made his first million from a company he cofounded called FreeCharge in 2010. FreeCharge was an online mobile recharge platform that offered cashback and discounts to users for prepaid mobile recharges. The company became popular quickly due to its attractive cashback offers.
In 2015, Shah sold FreeCharge to Snapdeal for approximately $400 million, marking one of the largest tech deals in India at the time. While the exact details of Kunal’s exact earnings aren’t publicly available, it is believed that this sale made him a millionaire. After the success of FreeCharge, Kunal launched CRED in 2018. CRED provides a platform that rewards users for paying their credit card bills on time.
Kunal Shah is known for his deep understanding of consumer psychology and his ability to spot gaps in the market. His insightful interview with Farnam Street is worth watching to understand human motication.
He has been vocal about his belief in building products that add long-term value rather than chasing short-term gains. His philosophy of “solving for trust” can be seen in CRED. The platform prioritizes transparency, user experience, and financial responsibility. Shah’s entrepreneurial journey also includes a strong commitment to community building. He often meets with fellow entrepreneurs and shares insights on social media platforms like Twitter, where he is known for his business/life observations.
Beyond CRED, Kunal Shah has also become an active angel investor, supporting multiple startups in the Indian tech ecosystem. He has backed companies across various sectors, from fintech to education, helping young entrepreneurs with both capital and mentorship. His journey from a philosophy student to a successful entrepreneur who has built two major companies in India’s tech landscape is an inspiring story of perseverance, innovation, and vision. Shah’s focus on creating value through disruptive ideas continues to shape the future of Indian startups, and he remains one of the most influential voices in India’s entrepreneurial ecosystem.
Kunal Shah’s journey highlights the power of focusing on consumer needs and finding innovative ways to solve everyday problems. From FreeCharge, which simplified mobile recharges, to CRED, which encourages financial discipline through rewards, Shah has consistently leveraged his understanding of human behavior to build products that resonate with consumers.
Here is a video of Kunal talking about learning from Billionaires:
Image Attribution: Kaustubha Dahibhate, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia Commons
