Fintech platform Cred is sharpening its push into wealth management with a fresh update to Kuvera, the direct mutual fund investment platform it acquired in 2024. It has updated the app to launch a new feature, Surplus, which is aimed at the idle capital available with 'affluent' investors.
The Surplus feature deploys these idle funds into a basket of liquid mutual funds managed by four SEBI-registered asset management companies (AMCs) - DSP Asset Managers, ICICI Prudential, Aditya Birla Sun Life, and HDFC Asset Management. Cred plans to work with more AMCs in the future for this product. In 2024, Cred acquired Kuvera, but at the time, it was still unclear how the company planned to monetise the acquisition. Around the same period, Cred also applied for an Investment Adviser (IA) licence, despite already gaining access to one through Kuvera, media reports said.
For context, an IA licence is mandatory in India for entities offering personalised investment advice across instruments such as stocks and mutual funds, typically for a fee. Kuvera's app has also been upgraded with the launch of Surplus, and it will continue to run separately. While Cred's primary use case has been payments, including credit card bill payments, besides offering unsecured loans, Kuvera is positioned more towards investments. Another reason for keeping the investment app separate is that Cred - which announced last year that it has 12.6 million monthly transacting users (MTUs) - believes Kuvera can serve a different customer cohort. "Among the affluent users targeted by Cred, around 70% are credit card users, but there are still 30% who do not use them," Cred's founder and CEO, Kunal Shah, told The Arc.
Kuvera, operated by Arevuk Advisory Services Private Limited, was founded in 2017 by Gaurav Rastogi, a former Morgan Stanley executive, and Neelabh Sanyal, previously with Axis Capital, and is backed by investors such as Fidelity and Eight Roads Ventures. Rastogi continues to lead Kuvera. Currently, Kuvera is a free investment management platform, and it competes with brands like Groww, Zerodha's Coin, ZFunds, Scripbox, and Powerup Money, among others. The platform currently manages around Rs 35,000 crore in assets and has over 2 lakh app users, with an average assets under management of Rs 22 lakh.
Kuvera offers stock insights and allows users to import their portfolios, but it is not a stockbroker and does not hold the required licences to operate as one. As of late 2025, a report by Mercedes-Benz showed that India has approximately 8.71 lakh (871,000) to 1.5 million households worth over $1 million, with most of them based in Delhi and Mumbai. This cohort is potentially the target audience for this app, similar to Cred's premium users, all of whom must have a credit score of 750 and above to access the app. Last year, Cred also launched "Sovereign," an 18K gold-etched credit card along with IndusInd Bank, specifically designed for high-net-worth individuals, offering access to startup investments, global assets, and curated luxury travel experiences.
It also launched an entry-level card. Financials: Kuvera reported revenue from operations of Rs 6.2 crore in FY25, up around 343% from Rs 1.4 crore in FY24. The company's losses also narrowed to Rs 20.7 crore in FY25, compared to Rs 27 crore in the previous fiscal year. Before acquiring Kuvera, Cred had explored acquiring the stock and mutual fund investing app Smallcase, but the deal fell through over valuation differences.
For FY25, Cred reported operating revenue of Rs 2,735 crore, up 16% year-on-year, while its operating losses narrowed 51% to Rs 298 crore, according to media reports. The company's gross margins stood at around 70% during the year. Cred remained loss-making, with total losses declining 11.5% year-on-year to Rs 1,457 crore, primarily due to non-cash expenses like depreciation and ESOP costs. Cred's monthly transacting users (MTUs) grew 14.5% to 1.26 crore, while transaction frequency rose 34% to 14.4 transactions per user per month. As of March 2026, Cred has received final authorisation from the Reserve Bank of India to operate as a payment aggregator.
This licence enables it to directly onboard merchants and process payments via UPI, cards, and net banking without relying on third-party gateways. According to TheKredible, to date, Cred has raised over $1 billion across nine funding rounds, including a $72 million down round led by GIC in May 2025, which cut its valuation to $3.64 billion from $6.4 billion in 2022. The company is now targeting full profitability in FY26. Recently, media reports indicated that fantasy sports platform Dream11's parent, Dream Sports, is set to enter India's competitive stockbroking industry with Dream Street, focusing on investors from Tier-2 and Tier-3 cities. The stockbroking industry in India has become intensely competitive, with established players like Zerodha, Groww, and Angel One facing growing competition. Media reports also suggest that companies such as MobiKwik and Flipkart-owned Super.money are exploring the launch of their own stockbroking apps. Also read Cred's Kunal Shah: Secured loans can surpass unsecured in portfolio sizeKunal Shah invests $19 mn in Cred's downround at $3.5 bn valuation