Kunal Shah Cred responded on Saturday to LinkedIn, which challenged “why we celebrate entrepreneurs”, although his startups caused losses and zero profit for 15 years.
Shah, known for the co -founder of Freecharge and later CRED, gave his information about the ongoing debate on the metrics of business success, especially in the growing Indian starting ecosystem.
What caused the discussion?
The discussion began after LinkedIn Adarsh Samalopanan, who identified himself as a senior consultant Deloitte, pointed out the poor financial performance of Shah’s Ventures.
The post of consultant stressed that Freecharge, founded in 2010, gained £35 crore by 2015 but a significant loss arose £269 crore.
Snapdeal later acquired freecharge for £2 800 crore, only for Axis Bank to buy it £370 Crore, which is only 14% of its earlier award.
Similarly, the post was noted that the credit launched in 2018 was acquired £4 439 crore after nearly seven years in business, however, still showed a loss £5 215 crore.
The main question of the consultant was: “Fifteen years in business, he still has to notice a single profitable financial year – so remind me why we celebrate it?”
Shah’s reaction to criticism
In response to the place, Kunal Shah, he agreed with the assumption that profitability was important, and said: “Absolutely right. We should celebrate 1000s of entrepreneurs who have created very profitable companies without external capital.”
However, he quickly moved to a wider definition of business success and stressed that “we should celebrate anyone who risks and to be a business cause in Post AI that a job applicant will be more risky.
Reaction Kunala Shaha to post
Furthermore, he claimed that “we need more work creators.”
After the introduction of CRED in 2018, since then he has become one of the most spoken FINTECH STARTUPS OF INDIA. The company is known for its unique approach to financial management, specifically for remuneration of users for paying accounts for credit cards in time.
Netizens shows mixed reactions
The post launched mixed reactions between LinkedIn users, with a certain defense of Shah’s long -term vision and the impact of the company on people’s financial decisions. They also noticed his role in the revolution of digital payments before UPI dominance.
Bhan Pratap Singh, CACRRY CEO, said, “Kunal Shah has built platforms that moved Indian digital payments and credit culture. He created wealth for investors, created jobs and inspired the whole generation to dare more.”
Another was defended by Shah by saying, “Company like Amazon and Uber Bled Money for years before they become profitable – his businesses could follow a similar arch.”
Along with praise, Kunal Shah was also criticized in the post, because some users raised concerns about celebrating unprofitable businesses.
Linkedin said, “Founders’ celebration only for appreciating games without sustainable gains creates a dangerous precedent.”
Another person reflected this idea and claimed: “The Indian starting ecosystem is not as healthy as it is assumed and talked about, most of the recent records of Indian startups went to the stock market.”
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