A Crowded Market Ahead
The road to an IPO will not be straightforward. Competition in India’s UPI segment has intensified considerably, with PhonePe, Google Pay, Paytm, Navi, BHIM, super.money and WhatsApp Pay all competing for market share. Cred, which began with a differentiated focus on high-credit-score users, has had to broaden its offering to stay relevant as the market has grown more crowded.
