Brand Saga: CRED’s blend of nostalgia and modern marketing

CRED, a fintech unicorn founded by Kunal Shah in 2018, was born out of a vision to revolutionise credit card usage in India. Shah, who previously founded FreeCharge in 2010 and later sold it to Snapdeal for $450 million in 2015, aimed to create a platform that rewarded users for paying their credit card bills on time, thereby promoting financial discipline. 

In its early days, CRED focused on building a community of credit card users by offering rewards for timely bill payments. The initial marketing strategy emphasised the benefits of using the platform, such as earning CRED Coins that could be redeemed for discounts and cashbacks. The brand's messaging was simple yet compelling: paying bills on time could be both rewarding and enjoyable.

However, CRED’s marketing journey was not without its missteps. Its first print ad in January 2019 was widely criticised for being illegible. This led founder Kunal Shah to 

publicly acknowledge the mistake, assuring audiences that the brand would improve its efforts. 

Around the same time, Shah had expressed a belief that a great product could succeed without heavy reliance on marketing.

This stance was later reconsidered.

CRED’s initial foray into video advertising also faced challenges. In April 2019, the brand released an explainer video featuring actor Jim Sarbh. Despite the attempt to simplify the platform's concept, the ad received a lukewarm response, signaling the need for a more impactful approach to advertising.

By 2020, CRED took a significant leap to expand its presence, investing approximately Rs. 120 crore in a three-year partnership with the Indian Premier League (IPL). The platform joined as an official league sponsor with the BCCI and became the official broadcast associate sponsor, leveraging the tournament’s massive viewership to connect with a wider audience. This marked a turning point in CRED's marketing journey as it began to focus on creating memorable and unconventional campaigns that resonated with a broader audience.

CRED and IPL: A ‘rewarding’ alliance

CRED's breakthrough came with its association with the Indian Premier League (IPL), one of the most-watched sports events in India. 

In 2020, CRED debuted its first IPL campaign featuring Bollywood icons like Anil Kapoor, Madhuri Dixit, and Bappi Lahiri auditioning for CRED ad. It was anchored by the witty tagline ‘Not Everyone Gets It.’ The campaign struck a chord with audiences, combining humor and star power to deliver a refreshing twist. Its popularity stemmed from a unique approach where celebrities were seen playfully poking fun at themselves, breaking away from their usual serious personas. Moreover, unlike most IPL ads featuring cricketing stars, these celebrities brought a fresh perspective, helping the series stand out from the clutter. It quickly became one of the most talked-about campaigns of the tournament.

By October 2021, CRED reported a 700% increase in app downloads after the launch of the audition campaign.

At the time, CRED was relatively unknown to Indian audiences, so the campaign's main message was simple: encouraging people to download the app. It also emphasised that only those who became members of CRED could access its exclusive benefits, creating a sense of exclusivity and intrigue.

Building on its innovative IPL campaigns, CRED raised the bar in 2021 with a series of standout ads. One of the most iconic ads featured Rahul Dravid in an unexpected avatar as ‘Indiranagar ka Gunda,’ portraying the usually calm cricketer losing his temper in traffic.  It stood out by its choice of celebrity when it partnered with a retired cricketer Rahul Dravid and its sprinkle of storytelling on the campaign made for a perfect mix. 

CRED's decision to create the ‘Indiranagar ka Gunda’ campaign was a move to break the mold of traditional advertising and create a buzz. By casting Dravid, known for his calm demeanor, in an unexpected and humorous role, CRED aimed to capture attention.

The campaign quickly became a viral sensation, sparking a flurry of memes and dominating social media conversations. In four days of its release, the ad garnered over 4 million views on YouTube. As per a report by Indian Institute of Human Brands, the CRED ad for Rahul Dravid was spontaneously recalled by 17% respondents.

Another standout ad from 2021 introduced the ‘Venkaboys,’ featuring former cricketers like Javagal Srinath, Venkatesh Prasad, Maninder Singh, and Saba Karim. Styled as a retro boy band, the ad paid tribute to the early days of music bands and featured a catchy song celebrating the cricketers as the ‘OGs’ of the 1990s. It garnered over 1.5 million views on Twitter.

CRED's campaign lineup also included quirky ads featuring actor Jackie Shroff doing Zumba and Kumar Sanu selling insurance.

With these 2021 ad films, the brand aimed to instil its message of the importance of financial literacy and educating viewers on the rewarding benefits of practising responsible financial behaviour.

The common thread running through all these campaigns also was their ability to break the clutter by combining nostalgia with unexpected depictions of iconic personalities. This strategy not only captured attention but also created a unique space for CRED in the crowded advertising landscape.

CRED reported a revenue of Rs 95.5 crore for FY21, a significant jump from Rs 18.14 crore in FY20. Revenue from operations surged to Rs 88.6 crore, up from Rs 52 lakh. 

The increased losses were attributed to employee expenses, which rose to Rs 134.7 crore from Rs 72.8 crore, and a 43% increase in other expenses, including marketing, which reached Rs 418 crore due to heavy IPL and ad campaign spending.

In 2022, CRED took a fresh approach by highlighting the exclusivity of its user base, with ads that underscored the prestige of being a CRED member. True to its innovative spirit, CRED returned with more nostalgia-driven campaigns, this time parodying iconic ads and cultural moments many of us grew up with, such as the Nirma detergent commercial and Antakshari. These playful reimaginings were part of CRED’s ‘Play it Different’ ad series, which continued to blend humor with a sense of familiarity.

With the 2022 IPL campaign, CRED wanted to encourage its members to invite their friends & family to win big with CRED. 

In 2023, CRED took a different approach during the IPL season by opting for an Out-of-Home (OOH) campaign that certainly caught attention. This time, the absence of its usual ad presence was part of the strategy. Placed in Bangalore, Gurgaon, and Delhi, the ad read: ‘Our Only Ad This Year,’ with the message beneath it offering, ‘Send money to anyone via CRED UPI and earn assured cashback.’

The campaign generated significant buzz, due to CRED's strategic use of cricketers to engage the audience. After his standout performance in a Kolkata Knight Riders match against Gujarat Titans, Rinku Singh humorously referenced his achievement, suggesting it might land him in CRED's ad this year. Shubman Gill also joined in, tweeting about how he expected to feature in a CRED ad, reacting to the growing rumors surrounding the brand. The engagement was further amplified by playful interactions from other cricketers like Yuzvendra Chahal and Ravichandran Ashwin, who kept the conversation going and fueled anticipation, all part of CRED's campaign to keep fans intrigued and involved.

Mujhe laga tha us din ke 6s dekh kar call karne vale ye log..... :P kidding ...🙏 https://t.co/6uNJaqklMt

— Rinku Singh (@rinkusingh235) April 17, 2023

I have an ad idea @kunalb11 - Me, Zak, Nehra ji and Bhajji in a band. Call it - Runs 'n' Poses. https://t.co/Et2XS8HdbQ

— DK (@DineshKarthik) April 18, 2023

Despite the buzz and viral success of CRED’s campaigns, the company faced challenges in FY23. User growth stagnated, customer dissatisfaction increased, and losses widened by 5.3%, rising to ₹1,347 crore from ₹1,279.5 crore in FY22. However, its operating revenue soared 3.5X to ₹1,400.6 crore, up from ₹393.5 crore the previous year, as per the company’s press release.

This growth came at the cost of rising expenses. Total expenditure jumped 66.4% to ₹2,832 crore, driven by higher costs in payment processing, marketing, IT, legal, and professional fees, compared to ₹1,702 crore in FY22. 

CRED has been striving to generate more revenue from its existing user base. In October 2022, it launched a Scan&Pay UPI product, albeit late to the game. This was followed by ventures into the BNPL (Buy Now, Pay Later) space, tap-to-pay for credit cards, UPI-based peer-to-peer payments in April, and luxury travel offerings under CRED Escapes.

However, the UPI push has yielded limited success. According to NPCI data, UPI processed 868.5 crore transactions in March 2023, of which CRED accounted for just 4.2 crore—less than 1% of the total.

While CRED's campaigns continued to garner acclaim, the financial strain highlighted the challenges of sustaining high-impact marketing alongside profitability.

In 2024, CRED's IPL ads took a creative turn by promoting its upgraded UPI transaction platform in a way that felt distinctly aligned with the brand's quirky and unconventional identity. With an emphasis on humorous scenarios, these ads were designed to entertain and highlight the new experience of using CRED's UPI feature.

In the 'Buzzkill' ad, tennis star Leander Paes is presented with a choice: use the CRED app to get a restaurant discount, or face the absurd consequence of smashing mosquitoes with an electrified tennis racquet. The humor here lies in the extreme contrast between the mundane decision of using an app and the outlandish consequence of not doing so, underscoring CRED’s message of convenience with a comedic twist.

In the 'Director’s Cut' ad, cricketer David Warner, in a surprising cinematic twist, negotiates a film role with the renowned director S.S. Rajamouli in exchange for discounted match tickets. The ad takes a comedic leap as Rajamouli, lacking CRED UPI, requests Warner’s help to complete the transaction, only for the director to realise that, while the discount is appealing, starring Warner in a film is probably not the best idea. 

Over the years, CRED has focused its ads on targeting Generation Y, individuals aged 25 to 40, who are not only more likely to use credit cards but also represent a demographic with high disposable income and regular credit card usage. 

According to CRIF Bureau data, the largest share of credit card holders falls within the age group of 36-50 years (37.1%), followed closely by those aged 26-35 years (35.8%). This demographic is crucial for brands like CRED, as they are both financially savvy and accustomed to credit card usage.

What sets CRED apart is its unique ability to tap into the nostalgia of its target audience, featuring iconic yesteryear celebrities in unconventional and memorable roles. For many consumers, the 90s evoke strong emotional and cultural significance. These campaigns resonate deeply with this demographic, invoking a sense of familiarity and connection.

But CRED’s content doesn’t stop there. It also manages to capture the attention of younger audiences, who may not have lived through the 90s but are drawn to the entertainment value of these nostalgic ads.

Despite these creative efforts, CRED’s expansion into wealth management, e-commerce, travel, and automotive services has not significantly accelerated user growth. The platform has plateaued at 13 million monthly active users (MAUs), a figure it reached in November 2022 and has not surpassed since, with February 2024 showing similar numbers.

CRED’s IPL campaigns, crafted by Moonshot, exemplify its knack for blending nostalgia, celebrity power, and humor to shape a distinct brand identity. However, there’s ongoing chatter about its approach, with some praising its creative brilliance, while others question its clarity. Though the entertainment factor has remained strong, the brand’s core proposition still feels unclear to many. The challenge now lies in converting this buzz into sustained user growth and long-term profitability.

From humor to financial education

CRED’s social media success is rooted in its ability to blend wit with relatability, creating content that feels fresh, fun, and highly engaging. The brand has effectively tapped into the power of platforms like Twitter (97.7K followers), Instagram (271K followers), and YouTube (329K subscribers) to foster conversations that resonate with its diverse audience. 

What stands out in CRED's social media strategy is its consistent use of humor, pop culture references, and shareable content that seamlessly integrates financial insights into a lighthearted, digestible format. This unique approach has made CRED a topic of conversation, both online and offline.

Behind the playful, visually appealing posts lies a wealth of finance-related content that cleverly camouflages financial education within its creative narrative. Instagram and YouTube remain CRED’s primary focus channels, where they combine aesthetics with substance to create content that sticks with viewers.

To amplify its reach, CRED collaborated with influential social media personalities and celebrities, harnessing their established follower bases to build credibility and relatability. By strategically partnering with creators like Viraj Ghelani, Pulkit Kochar, Rrajesh Yadav, RJ Karishma, and stand-up comics Mallika Dua and Rahul Dua, CRED introduced the campaign #PutInARequest, where influencers humorously speculated why the brand had chosen to go private on Instagram. This move generated significant buzz, with videos sparking curiosity.

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A post shared by Viraj Ghelani (@viraj_ghelani)

Running contests and giveaways has always been another integral part of CRED’s approach, particularly on Instagram, where they actively engage users and encourage interaction. Tapping into the excitement of major events like the IPL, CRED ensures its presence remains relevant and top-of-mind, further boosting its engagement metrics.

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A post shared by CRED (@cred_club)

CRED’s content strategy also goes beyond just entertaining. It's designed to educate its niche audience of credit card users about the world of finance. 

In CRED’s long-form video series, The Long Game, CRED connects the world of sports with personal finance, using the journeys of iconic athletes like Mary Kom, Rahul Dravid, Anil Kumble, Vishwanathan Anand, Mithali Raj, Jhulan Goswami, and Kapil Dev to emphasise the importance of patience, persistence, and the power of compounding in building long-term wealth.

Another key part of CRED’s educational content is the video series On The Money, created in collaboration with the content creator Vishnu Kaushal. The series delves into topics such as the creator economy, cryptocurrency, NFTs, sports economics, gaming, and big data, subjects that are increasingly relevant to the financial world and resonate with a younger audience.

Additionally, My Two Cents, a series that explores how creators and entrepreneurs manage their finances, provides an up-close look into the spending habits and philosophies of well-known figures like Ranveer Brar, Sunil Grover, Anand Gandhi, Guneet Monga, and the Suta Sisters. This series gives audiences personal insights into how money impacts lives and lifestyles.

Finally, CRED's podcast, CRED Curious, hosted by Kunal Shah, takes the brand’s educational efforts a step further by bringing in thought leaders and experts to share their insights across a range of industries. This podcast enriches CRED’s content ecosystem, providing deep dives into the minds of some of the best thinkers in their fields.

Through this diverse and engaging content and social medi strategy, CRED has created a unique and well-rounded social media presence that not only entertains but also empowers its audience with financial knowledge.

The brand's ability to blend humor, star power, and relatable content has set it apart in the competitive fintech landscape. As CRED continues to evolve, its advertising strategies will undoubtedly remain a key factor in its success.