'₹5,215 Cr losses in 15 years —So remind me again why we celebrate Kunal Shah?' asks Deloitte Consultant

While Kunal Shah's entrepreneurial journey is being celebrated on news portals, Deloitte Senior Consultant Adarsh Samalopanan, in a recent post on LinkedIn, pointed out losses incurred by Shah and zero profitability over 15 years.

Deloitte Consultant criticises Kunal Shah 

“Kunal Shah co-founded Freecharge in 2010,” Samalopanan wrote on LinkedIn. “By 2015, the company earned ₹35 crore in revenue but ran up cashback-fuelled losses of ₹269 crore.”

Next, the consultant shared that Snapdeal bought Freecharge for ₹2,800 crore in 2015, then sold it to Axis Bank two years later for ₹370 crore. “Just 14 % of its earlier valuation,” he mentioned.

Shah launched CRED in 2018, and over the past seven years, the startup has posted a cumulative ₹4,493 crore in revenue against net losses of ₹5,215 crore, as shared by Adarsh Samalopanan.

“Fifteen years into entrepreneurship, he has yet to record a single profitable financial year—so remind me again why we celebrate him?” Samalopanan questioned.

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Netizens react

The post got mixed reactions, with some LinkedIn users defending Shah’s long-term vision and impact, lauding his role in revolutionising digital payments before UPI’s dominance.

Some supported Samalopanan and talked about inflated valuations and the celebration of unprofitable ventures.

"Absolute true. While still I wonder on how such valuations been calculated in 2015.. Something hidden which we may not know..," a user wrote.

"He is celebrated because he doesn't just build companies—he changes markets. FreeCharge revolutionized digital payments before UPI even existed. CRED turned credit card bills into a premium experience for millions. Profitability? Not yet. But in startups, real success isn't just about black ink—it's about who dares to redefine the rules first," another individual commented. 

Incidentally, CRED founder Kunal Shah recently shared that Indians keep wasting money to save even a little bit of money. In an interview with Forbes India, Shah remarked that while in the US, even teenagers know their hourly worth, most Indians are clueless about the value of time.

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