CRED, the fintech company helmed by founder Kunal Shah, has made its entry into the insurance sector with the introduction of motor insurance services on its vehicle management platform, Cred Garage. This initiative builds on CRED’s established ecosystem and seeks to provide a comprehensive suite of vehicle-related services. Cred Garage offers users functionalities such as tracking vehicle expenses, managing pending traffic challans, and monitoring renewal dates for insurance and pollution checks, while also providing support for roadside breakdowns.
CRED plans to leverage this platform by earning commissions from partnered insurance providers. To increase the platform’s appeal, CRED will tailor exclusive discounts based on users’ credit scores, incentivizing high-score users with more attractive deals. This strategic approach not only enhances customer value but also strengthens the company’s ability to generate revenue through diversified service offerings.
Since its launch in September 2023, Cred Garage has amassed an impressive 7 million registered vehicles across a user base of 4.4 million. This expansion into the insurance domain is part of CRED’s broader growth strategy, which aims to extend its capabilities beyond its foundational services of payments and lending. With a robust monthly user base of 13 million, 11 million of whom are active, CRED is positioned to harness this large audience to boost the adoption of its new insurance services, tapping into untapped market potential while enhancing user engagement.
