CRED, a fintech unicorn, has expanded its financial offerings by launching a RuPay co-branded credit card in partnership with IndusInd Bank, as well as Sovereign, an invite-only membership society anchored by an 18K gold credential.

The CRED IndusInd Bank RuPay Credit Card is designed for the mass-affluent lifestyle, with 5% rewards on all e-commerce purchases and 1% on offline transactions, as well as instant redemption on flights, hotels, 500+ merchants, and the broader CRED ecosystem.

Key Highlights

• CRED and IndusInd launch RuPay credit card offering 5% online rewards, lifestyle and travel privileges.
• Card has no joining fee; points redeemable at 500+ merchants, flights, hotels, and features digital gold.

CRED Sovereign, on the other hand, is marketed as a membership organization for India's most influential people. Each invitee receives a bespoke 18K gold-etched credential card that grants access to syndicated startup investments, rare global assets, elite travel programs, and curated cultural and sporting experiences, as well as civilian spaceflight.

It was reported exclusively in August that the Kunal Shah-led company was collaborating with IndusInd Bank on a co-branded product. The twin moves, a rewards-heavy RuPay card and a high-profile membership society, represent CRED's deeper foray into financial lifestyle products.

CRED has more than 13 million monthly active users as of June 2024. According to TheKredible, it has raised more than $1 billion in nine funding rounds, including a $75 million down round led by GIC in May 2025, bringing its valuation down to $3.64 billion from $6.4 billion in 2022. The company expects to be profitable in FY26, despite the fact that its FY24 net loss increased 22% to Rs 1,644 crore while revenue increased 66% to Rs 2,473 crore.

Also Read: IndusInd Bank Appoints Rajiv Anand as MD, CEO on a 3 Year Tenure

In repeating its initial 'invite only' approach with Sovereign, CRED may be demonstrating the first signs of being stuck in the past rather than forging its own path forward. The reasoning is simple. Indusind Bank lacks the premium aura that would accompany such a pitch. While it will be interesting to see what benefits Sovereign provides to pique interest, the company will undoubtedly face a crowded and competitive market. Forget the heavyweights already in the ring; today's markets have a unique situation of influencers who help people make the right decisions, even in the super premium category. It goes without saying that this search for value has increased the cost of acquisition, a road CRED has travelled long enough to understand that the returns are volatile to say the least.