CRED has upgraded Kuvera, the direct mutual fund platform it acquired in a cash-and-stock deal in February 2024, with a behavioural investing framework and a new feature to park idle cash in liquid funds.

The upgrade — the first significant product change since the acquisition — introduces a scoring system across three parameters: discipline, allocation, and performance. The platform uses Account Aggregator and MF Central to pull in users’ holdings across asset classes and flag concentration risks.

A new feature called Surplus invests idle capital into liquid funds managed by DSP, ICICI Prudential, Aditya Birla Sun Life, and HDFC AMC. It is invite-only with a Rs 1 lakh minimum. Up to Rs 4 lakh can be withdrawn, the company said.

The average monthly SIP on Kuvera is Rs 32,000, twice the industry average, founder Kunal Shah said at a press briefing.

What did Shah say?

Shah said roughly 30% of CRED’s target cohort individuals with credit scores above 750 do not use credit cards but are active in wealth products. He attributed this partly to credit cards becoming an e-commerce access tool, noting that 65-68% of all credit card spending now goes towards e-commerce.

Kuvera gives CRED a way to reach wealthy Indians outside the card funnel, he said. Shah said bonds, fixed deposits, and loan against mutual funds and stocks are planned for Kuvera but gave no timelines.

Kuvera was founded in 2016 by Gaurav Rastogi, a former Morgan Stanley portfolio manager, and Neelabh Sanyal, formerly of Axis Capital. At the time of acquisition, it had over 300,000 users tracking more than Rs 50,000 crore in assets. It had raised $10.1 million, with Fidelity’s Eight Roads Ventures as lead investor.

Kuvera’s standalone revenue stood at Rs 6.2 crore in FY25, up from Rs 1.4 crore the previous year, with a net loss of Rs 20.7 crore, per regulatory filings accessed on Tracxn.

CRED reported operating revenue of Rs 2,735 crore in FY25 with operating losses narrowing 51% to Rs 298 crore. The company, last valued at $3.64 billion after a down round in May 2025, has said it is targeting profitability in FY26.