After Zerodha’s co-founders received backlash from netizens over the salaries they draw, CRED’s founder and CEO Kunal Shah posted a tweet on microblogging site. He claimed that he drew Rs 3 lakh per annum as against the huge salary Zerodha’s co-founders take home.
He further stated that if he had started a discount stock broking company he could have added more zeros to his salary.
This tweet had a sarcastic tone, which he explained later. But before he could explain this, a series of tweets followed criticising him for his tweet.
Some claimed that if Cred had not burned their monies in heavy advertising, the company would have done much better. Many started drawing comparisons of CRED’s financials with Zerodha’s financials.
His comments also invited memes and sarcastic comments.
In April, Fintech firm Cred raised USD 215 million (about Rs 1,578.6 crore) in funding, led by Falcon Edge Capital and existing investor, Coatue Management LLP, pushing the fintech firm's valuation to USD 2.2 billion.