The Success of CRED's Controversial Digital Campaign Strategy During IPL

Executive Summary

CRED, a members-only credit card bill payment and rewards platform founded by Kunal Shah, executed a distinctive advertising strategy during the Indian Premier League (IPL) from 2020 onwards that generated significant debate in marketing circles. The campaigns featured absurdist humor, nostalgic celebrity appearances, and deliberately unconventional creative approaches that defied traditional direct-response advertising norms. This case examines the publicly documented elements of CRED's IPL campaign strategy, the measurable outcomes available in public domain, and the strategic rationale articulated by company leadership.

Company Background

CRED: Platform Overview

Founded: November 2018 Founder: Kunal Shah (previously founded FreeCharge, sold to Snapdeal in 2015) Core Business Model: Members-only platform for credit card bill payments with rewards program

Membership criteria (as stated on platform and in public communications):

• Minimum credit score requirement: 750+ (per CRED website and founder statements)

• Invitation-based access initially; later opened to all qualifying users

Value proposition:

• Streamlined credit card bill payment

• Rewards points (CRED coins) for timely payments

• Access to exclusive deals and offers

• Premium brand partnerships

Funding & Valuation

According to publicly reported funding rounds (Crunchbase, VCCCircle, Economic Times, Mint):

Key funding milestones:

• January 2019: $25 million Series A (led by Sequoia Capital)

• June 2020: $80 million Series B (led by DST Global) - valuation: ~$450 million

• April 2021: $215 million Series D (led by Falcon Edge Capital) - valuation: $2.2 billion (unicorn status)

• October 2021: $251 million Series E - valuation: $4 billion

• April 2022: $80 million Series F - valuation: $6.4 billion

Total funding raised: Over $1 billion across multiple rounds (as reported in financial media)

Market Context (2020)

Credit card penetration in India:

According to RBI data cited in business publications (2020):

• Approximately 60 million credit cards in circulation in India (2020)

• Credit card user base represents ~4-5% of adult population

• Urban, affluent demographic concentration

Competitive landscape:

• Traditional bank payment channels

• Payment wallets (Paytm, PhonePe, Google Pay)

• Credit card aggregator platforms

• CRED positioned in premium segment with exclusivity approach

Strategic Context for IPL Advertising

IPL as Marketing Platform

IPL viewership and reach:

According to BARC India and Star Sports data reported in media (2020-2024):

• IPL 2020: 400+ million viewers reached (per Star Sports announcements)

• IPL 2021: 410+ million viewers

• IPL 2022: 505+ million viewers (per Disney+ Hotstar and Star Sports)

• IPL 2023: 505+ million viewers

• Premium urban audience demographic alignment

Advertising costs:

According to media reports (Economic Times, Brand Equity, Mint):

• IPL ad inventory among most expensive in Indian television

• 10-second spot prices reportedly ranged from ₹12-20 lakh+ (2020-2023, varying by match type and timing)

No verified information publicly available on:

• CRED's specific ad spend amounts

• Number of spots purchased

• Exact pricing negotiated

• Media buying strategy details

CRED's Strategic Challenge (2020)

According to Kunal Shah's statements in media interviews (Economic Times, Ken, Mint, 2020-2022):

Challenges identified:

1. Limited awareness: Despite unicorn valuation, low consumer awareness outside tech/startup circles

2. Complex value proposition: Credit card bill payment platform not immediately understood

3. Narrow target audience: Only 4-5% of Indians qualify (credit score 750+)

4. Category creation: No established mental model for "premium credit card payment app"

5. Investor expectations: Pressure to demonstrate growth and market presence

Strategic decision: According to Shah's interviews, CRED chose to advertise during IPL 2020 despite the product's narrow eligible user base.

Campaign Strategy & Creative Approach

IPL 2020: The Indiranagar Ka Gunda Campaign

Launch: April-May 2020 (IPL 2020, held in UAE due to COVID-19)

Creative concept:

According to Campaign India, Pitch, and Brand Equity coverage (April-May 2020):

The campaign featured Rahul Dravid, known for his calm, gentleman-like personality, depicted in an uncharacteristic angry outburst scenario.

Advertisement narrative:

• Rahul Dravid stuck in traffic in Bangalore's Indiranagar area

• Uncharacteristic angry reaction to traffic situation

• Absurdist humor playing against Dravid's established public persona

• Tagline: "CRED makes you feel special"

Creative agency: Early Man Film (production), involving Ayappa KM (creative)

No verified information on:

• Creative development process

• Testing or research conducted

• Approval timelines

• Production costs

Campaign Reception & Virality

According to media reports and social media analytics cited in publications (Economic Times, Mint, Campaign India, May 2020):

Observable outcomes:

• High social media conversation volume (specific numbers not independently verified across sources)

• Meme generation and sharing

• Media coverage beyond advertising industry publications

• Debate about campaign effectiveness in marketing circles

Polarized industry reaction:

According to marketing commentators quoted in Brand Equity, Campaign India, and business publications:

Supporters argued:

• Breakthrough creative in cluttered IPL environment

• High recall and shareability

• Brand differentiation achieved

• Cultural moment creation

Critics questioned:

• Unclear product proposition

• Disconnect between celebrity casting and product value

• Expensive media buy for narrow target audience

• Lack of direct response elements

IPL 2021: Expansion of Absurdist Approach

Creative strategy evolution:

According to campaign documentation in marketing publications:

CRED continued and expanded the unconventional celebrity-led absurdist humor approach with multiple films featuring:

1. "Jim Jam Jhoola" featuring Jackie Shroff

   • Nostalgic 1990s aesthetic

   • Absurdist scenario and dialogue

   • Playing on Shroff's iconic persona

     
     

2. Bappi Lahiri advertisement

   • Featuring the late music composer/singer

   • Nostalgic music industry references

   • Absurdist creative treatment

     
     

3. Anil Kapoor and Madhuri Dixit advertisement

   • Nostalgic Bollywood references

   • Playing on their iconic screen partnership

   • Continued absurdist tone

Common elements across 2021 campaigns:

• Nostalgic celebrity selection (1980s-1990s icons)

• Deliberately absurdist scenarios

• High production values

• Minimal product demonstration

• Tagline consistency: variations on "CRED makes rewarding rewarding"

Creative team: Early Man Film continued involvement; specific credits documented in industry publications

IPL 2022-2024: Continued Strategy

According to campaign tracking in marketing publications:

CRED continued IPL advertising presence with variations on the established approach:

IPL 2022:

• "Scan the QR code" campaign featuring multiple celebrities

• Interactive elements with QR code integration

• Continued absurdist humor tone

IPL 2023:

• "Not everyone gets it" campaign theme

• Continued celebrity-led approach

• Reinforcement of exclusivity positioning

IPL 2024:

• Continued presence with evolved creative executions

• Specific campaign details documented in real-time media coverage

No verified comprehensive data on:

• Year-on-year spend evolution

• Campaign performance metrics

• Creative testing results

• Attribution modeling

Founder's Articulated Strategic Rationale

Kunal Shah's Public Defense of Strategy

In multiple media interviews (Economic Times, The Ken, Mint, Outlier Ventures podcast, 2020-2023), Kunal Shah articulated the following strategic logic:

1. Brand Building vs. Performance Marketing

Shah's stated position:

According to his interview with The Ken (May 2021):

The campaigns were designed for brand building, not immediate user acquisition. The goal was to create a brand that stands for something distinctive.

According to Economic Times interview (April 2022):

• CRED consciously chose brand-building approach over direct-response advertising

• Long-term brand equity considered more valuable than short-term conversion optimization

• Belief that premium brand requires differentiated communication

2. Targeting the "Right" Users

According to Shah's statements in various interviews:

• Only ~4-5% of Indian population qualifies for CRED (credit score 750+)

• Mass advertising not strategically appropriate for highly selective audience

• IPL's premium viewership provides better demographic alignment than apparent

• Creating cultural conversation reaches target audience through earned media

3. Cultural Capital Creation

Shah's articulated approach (per media interviews):

• Creating "meme-able" content extends reach beyond paid media

• Social media sharing and conversation provides amplification

• Cultural relevance among target demographic (urban, affluent, digitally active) more valuable than mass awareness

4. Deliberate Unconventionality

According to Shah's interview with Outlier Ventures (2022):

CRED deliberately chose to be unconventional because:

• Category creation requires differentiation

• Conventional credit card advertising templates would position CRED as commodity

• Absurdist approach signals that CRED is fundamentally different from traditional financial services

Quote from Economic Times interview (2020):

"We don't want to be understood by everyone. We want to be understood by the right people."

Measurable Outcomes (Publicly Available Data)

User Growth Metrics

According to CRED's public statements and media reports:

User base growth:

• April 2020 (pre-IPL): ~2 million users (per Kunal Shah interview, Economic Times)

• October 2020: 3.7 million users (per company statement reported in Inc42)

• April 2021: 5.9 million users (per Economic Times)

• January 2022: 7.5+ million users (per Kunal Shah interview, Mint)

• FY 2022-23: 9+ million users (per media reports citing company data)

Verification limitation: User numbers typically cited from company statements to media, not independently verified. Growth correlated with IPL periods but direct causation not established in public data.

App Downloads and Rankings

According to data from app analytics platforms cited in media reports:

• CRED app downloads increased during and after IPL campaigns

• App Store ranking improvements observed during campaign periods

• Specific download numbers vary by source and methodology

No comprehensive verified data on:

• Exact download numbers attributable to campaigns

• Cost per install

• Install-to-registration conversion

• Registration-to-active-user conversion

Financial Performance

FY 2021-22 Operating Metrics (per regulatory filings reported in business media):

According to Economic Times, Inc42, and other publications citing CRED's RoC filings:

• Operating revenue: ₹231 crore (FY22) vs ₹96 crore (FY21)

• Total income: ₹2,473 crore (FY22) including interest income

• Losses: ₹1,279 crore (FY22) vs ₹360 crore (FY21)

• Burn rate increase correlated with aggressive expansion and marketing

Note: Direct attribution of revenue to IPL campaigns vs other growth factors not possible from public data.

Brand Metrics

Industry surveys and reports:

According to Brand Equity's Most Trusted Brands survey and similar industry reports (various years):

• CRED appeared in various "rising brand" and "startup brand awareness" listings

• Specific rankings and scores vary by survey methodology

No verified comprehensive data on:

• Aided vs unaided brand awareness

• Brand recall scores

• Net Promoter Score (NPS)

• Purchase consideration metrics

• Brand perception attributes

Media Value and Earned Coverage

According to marketing analysis in Campaign India, Brand Equity:

• CRED's campaigns generated significant earned media coverage

• Social media conversation volume increased during campaign periods

• Industry awards and recognition for creative work

Specific awards mentioned in publications:

• Various Cannes Lions shortlists and wins for creative work

• Indian advertising industry awards (Abbys, Effies)

No verified data on:

• Quantified earned media value

• Social media sentiment analysis

• Share of voice vs competitors

• Media equivalency calculations

Competitive Context and Market Response

Competitive Advertising Strategies

Other fintech advertisers in IPL (2020-2024):

According to media reports and campaign tracking:

Paytm, PhonePe, Google Pay, Amazon Pay also advertised during IPL with different approaches:

• Direct product benefit communication

• Cashback and offer-focused messaging

• Transaction convenience emphasis

• Broader target audience positioning

CRED's differentiation:

• Premium positioning vs mass-market competitors

• Brand-building vs offer-led communication

• Absurdist creative vs functional messaging

No verified data on:

• Comparative ad spend

• Relative effectiveness metrics

• Market share movements attributable to advertising

Industry Debate and Commentary

Marketing community response:

According to articles and opinion pieces in Brand Equity, Campaign India, Economic Times, Mint (2020-2023):

Supportive perspectives argued:

• Brand-building approach appropriate for premium positioning

• Creative excellence and differentiation achieved

• Long-term equity building prioritized correctly

• Cultural relevance among target audience demonstrated

Critical perspectives questioned:

• High cash burn vs unclear path to profitability

• Advertising spend proportionality to target market size

• Lack of clear product communication

• Sustainability of approach requiring continued high spend

Academic and consultant analysis:

Marketing professors and consultants quoted in business publications offered varied assessments, with no clear consensus on campaign effectiveness.

Strategic Evolution and Diversification

Product Expansion (2020-2024)

According to company announcements and media reports:

CRED expanded beyond credit card bill payment to include:

CRED Store (2020):

• E-commerce platform for premium products

• Exclusive brand partnerships

CRED Mint (2021):

• Peer-to-peer lending feature

• Launched during IPL 2021 period

CRED Cash (2021):

• Instant credit line product

• Personal loan offering

CRED Garage (2021):

• Car-related services and financing

CRED Escapes (2022):

• Travel booking and experiences

CRED Money (2022-23):

• Investment and wealth management features

Strategic rationale per Shah's statements:

• Expanding monetization avenues beyond transaction fees

• Increasing engagement and retention

• Leveraging premium user base for multiple revenue streams

No verified information on:

• Individual product contribution to revenue

• User adoption rates for each product

• Product-level unit economics

Advertising Strategy Evolution

Beyond IPL:

According to observable campaign activity:

CRED continued advertising presence beyond IPL including:

• Digital platforms (YouTube, streaming services)

• Connected TV advertising

• Outdoor advertising in premium urban locations

• Continued celebrity partnerships

Consistent elements:

• Premium brand positioning maintained

• Unconventional creative approach continued

• Minimal hard-sell messaging

Financial Sustainability Questions

Burn Rate and Profitability Path

According to regulatory filings reported in media (Economic Times, Inc42, Mint):

FY 2021-22:

• Losses: ₹1,279 crore

• Revenue: ₹231 crore (operating)

• Marketing and advertising expenses: Significant portion of costs (exact percentage not disclosed)

FY 2022-23 (reported data):

• Continued losses reported in media

• Specific figures vary by source and reporting completeness

Kunal Shah's statements on profitability:

According to various media interviews (2021-2023):

• Profitability not immediate priority

• Focus on building valuable user base and brand

• Long-term business model confidence expressed

• Product expansion enabling monetization diversification

No verified information on:

• Specific timeline to profitability

• Unit economics by product line

• Detailed cost structure breakdowns

• Marketing ROI calculations

Investor Perspective

According to investor statements in media:

CRED's investors (Sequoia, DST Global, Ribbit Capital, and others) publicly supported the strategy in various interviews, though specific investment theses not comprehensively detailed in public sources.

Valuation trajectory:

• 2021: $2.2 billion (Series D)

• 2021: $4 billion (Series E)

• 2022: $6.4 billion (Series F)

Note: Subsequent to 2022, broader fintech valuation corrections occurred globally. CRED's recent valuation not publicly disclosed as of 2024.

Limitations of Available Information

Critical Data Gaps

1. Campaign Performance Metrics:

• Advertising spend by campaign or year

• Cost per impression, click, or acquisition

• Attribution modeling results

• A/B testing data

• Campaign reach and frequency

• GRP (Gross Rating Points)

• Brand lift studies

• Conversion funnel metrics

2. Financial Attribution:

• Revenue directly attributable to IPL campaigns

• Customer lifetime value by acquisition channel

• Marketing efficiency ratios

• ROI calculations for advertising spend

• Cohort analysis by acquisition period

3. User Behavior Data:

• Active vs inactive user percentages

• Transaction frequency and value

• Product adoption rates across portfolio

• Retention and churn rates

• Cross-sell effectiveness

• Engagement metrics

4. Competitive Intelligence:

• Market share data in credit card bill payment category

• Competitive spend comparisons

• Share of voice measurements

• Win/loss analysis vs competitors

5. Strategic Decision-Making:

• Internal debates and decision processes

• Alternative strategies considered

• Testing results that informed strategy

• Board-level discussions on marketing approach

• Detailed media planning rationale

6. Operational Execution:

• Agency selection process

• Creative brief specifics

• Production timelines and costs

• Media buying strategies

• Campaign optimization approaches

Why These Limitations Exist

Private company status: CRED is not publicly listed, limiting mandatory disclosures

Competitive sensitivity: Detailed performance metrics considered proprietary

Investor confidentiality: Board materials and investor communications not public

Strategic advantage: Keeping competitive intelligence private

Industry norms: Marketing performance data rarely disclosed publicly by any company

Critical Analysis Framework

What Can Be Definitively Stated

Based on verified public information:

1. Campaign Execution:

• CRED invested significantly in IPL advertising 2020-2024 (confirmed by observable campaigns)

• Unconventional creative approach featuring nostalgic celebrities and absurdist humor (verifiable through aired advertisements)

• High production values evident in campaigns (observable)

• Continued investment over multiple years (documented)

2. Business Outcomes Correlation:

• User base grew from ~2 million (April 2020) to 9+ million (2023) during period of IPL campaigns

• Funding rounds and valuation increased during campaign period (documented)

• Product portfolio expanded significantly 2020-2023 (announced)

• Losses increased substantially alongside growth investments (per filings)

3. Cultural Impact:

• Campaigns generated significant media coverage and social conversation (documented in publications)

• Creative work received industry recognition and awards (verified)

• Marketing community debate generated (documented in trade publications)

4. Strategic Consistency:

• Founder articulated clear strategic rationale publicly (documented in interviews)

• Approach sustained over multiple years despite criticism (observable)

• Premium positioning maintained throughout (consistent)

What Cannot Be Definitively Stated

Due to lack of public verification:

1. Campaign Effectiveness:

• Cannot quantify user acquisition directly attributable to IPL campaigns vs other factors (growth, word-of-mouth, PR, other marketing)

• Cannot assess ROI or marketing efficiency

• Cannot measure brand impact with hard metrics

• Cannot compare effectiveness to alternative strategies not pursued

2. Financial Justification:

• Cannot determine if advertising spend was appropriate given outcomes

• Cannot assess sustainability of approach

• Cannot project path to profitability

• Cannot evaluate investor return potential

3. Competitive Position:

• Cannot definitively measure market share or competitive standing

• Cannot assess campaign effectiveness vs competitor approaches

• Cannot quantify brand equity built vs cost incurred

4. Counterfactual Analysis:

• Cannot know what would have happened with different strategy

• Cannot assess whether similar growth achievable with lower spend

• Cannot evaluate alternative positioning approaches

Strategic Lessons (Evidence-Based)

1. Brand Building in Niche Markets

Lesson: Mass-media brand building for niche products creates strategic tension between reach and relevance.

Evidence from case:

• CRED's target market (~4-5% of population) much smaller than IPL reach (500+ million)

• Founder publicly acknowledged and defended this approach

• Strategy required high-cost tolerance and long-term perspective

Applicability considerations:

• Requires significant capital availability

• Assumes earned media and cultural conversation amplify paid reach

• Premium positioning may benefit from premium media presence regardless of exact targeting efficiency

• Appropriate when brand differentiation valued over immediate acquisition efficiency

2. Unconventional Creative as Differentiation

Lesson: Deliberately unconventional advertising can create differentiation in cluttered markets but carries execution risk.

Evidence from case:

• CRED's absurdist approach clearly differentiated from competitor messaging

• Generated significant conversation and earned media

• Polarized opinion among marketing professionals

• Sustained approach despite mixed reactions

Applicability:

• Most relevant when category is commoditized or crowded

• Requires confidence to ignore short-term criticism

• Works when target audience appreciates unconventionality

• Risk: differentiation without clarity can confuse rather than compel

3. Founder-Led Strategic Conviction

Lesson: Founder-led companies can pursue unconventional strategies that public companies or professional managers might avoid.

Evidence from case:

• Kunal Shah publicly defended strategy despite criticism

• Investor support maintained despite losses

• Consistency of approach over multiple years

• Willingness to accept high burn rate for strategic positioning

Applicability:

• Requires strong founder credibility and track record (Shah's FreeCharge exit provided)

• Investor alignment on long-term vision essential

• Can enable strategic patience not available in quarter-driven organizations

• Risk: Can also enable wasteful spending if strategy proves ineffective

4. Exclusivity Positioning Through Communication

Lesson: Messaging that explicitly acknowledges not everyone will "get it" can reinforce premium/exclusive positioning.

Evidence from case:

• CRED's "not everyone gets it" campaign theme

• Founder's statements about not wanting universal understanding

• Membership criteria (credit score 750+) aligned with exclusive communication

Applicability:

• Appropriate for genuinely exclusive or premium products

• Can backfire if perceived as elitist without delivering substantive value

• Requires product and service delivery to match positioning promises

• Most effective when exclusivity is verifiable (CRED's credit score requirement is)

5. Nostalgia and Cultural References in Marketing

Lesson: Nostalgic celebrity casting and cultural references can drive engagement among specific demographic cohorts.

Evidence from case:

• CRED's consistent use of 1980s-1990s Bollywood icons

• Target demographic (35-50 year old affluent professionals) alignment

• Social media sharing and meme generation

Applicability:

• Effective when target audience has strong nostalgic associations

• Cultural references must be authentic and contextually relevant

• Risk: Can date quickly or exclude younger demographics

• Works well for shareability and conversation generation

6. Long-Term Brand Investment vs Short-Term Metrics

Lesson: Brand-building strategies require tolerance for delayed returns and resistance to immediate performance metrics.

Evidence from case:

• CRED accepted increasing losses during growth phase

• Minimal direct-response elements in campaigns

• Founder publicly prioritized brand equity over immediate conversion

• Sustained investment despite mixed industry opinion

Applicability:

• Requires substantial capital reserves

• Appropriate when lifetime value hypothesis justifies patient approach

• Needs investor alignment on long-term value creation

• Risk: Can mask inefficiency or strategic errors behind "long-term" justification

Contemporary Context (2024)

Current Market Environment

Fintech funding environment (2023-2024):

According to industry reports and financial media:

• Global fintech funding declined significantly from 2021-22 peaks

• Increased scrutiny on path to profitability

• Valuation corrections across sector

• Focus shifting from growth-at-all-costs to sustainable unit economics

Implications for CRED's strategy:

• Increased pressure to demonstrate profitability path

• Marketing efficiency likely under greater scrutiny

• Product monetization diversification becomes more critical

No verified recent information on:

• Current CRED valuation

• Recent funding rounds or status

• Current burn rate or path to profitability

• Marketing spend evolution

Regulatory Environment

RBI regulations on fintech (2023-2024):

• Increased regulatory scrutiny on lending practices

• Digital lending guidelines implementation

• Consumer protection emphasis

Impact on CRED: Observable product evolution and compliance statements, but specific strategic adjustments not detailed in public sources.

Conclusion

CRED's IPL advertising strategy from 2020-2024 represents a distinctive approach to fintech marketing in India, characterized by premium positioning, unconventional creative execution, and explicit prioritization of brand-building over direct-response metrics. The strategy, publicly defended by founder Kunal Shah, generated significant debate within the marketing community while correlating with substantial user growth and continued investor support.

Strategic significance:

The case illustrates the tension between brand-building and performance marketing in venture-backed companies, the role of founder conviction in sustaining unconventional strategies, and the challenges of evaluating marketing effectiveness without access to proprietary performance data.

Whether CRED's IPL strategy ultimately proves successful depends on criteria not yet publicly verifiable: sustainable profitability achievement, customer lifetime value realization, and long-term competitive positioning. As of 2024, the strategy remains a work-in-progress whose full outcome cannot be definitively assessed.

For marketers and strategists:

The case demonstrates both the possibilities and risks of prioritizing brand differentiation and long-term equity over short-term conversion optimization. It highlights that strategic assessment requires access to proprietary data typically unavailable in public domain, making external evaluation inherently limited.