CRED’s Risk Management Head Kunal Kashyap Quits To Join slice

SUMMARY

Kunal Kashyap, who worked with Capital One in the past and cofounded two startups, was head of risk at CRED for nearly four years

The development comes within a month of the CCI giving its go ahead for slice’s merger with North East Small Finance Bank

Kashyap will be leading part of the credit business within the newly-formed bank which will be officially launched after regulatory authorities clear the merger

After a nearly four-year stint heading risk management at Kunal Shah-led fintech unicorn CRED, Kunal Kashyap has reportedly tendered his resignation.

Kashyap will be joining the fintech startup slice, ET reported citing sources. The development comes within a month of the Competition Commission of India (CCI) giving its go ahead for slice’s merger with North East Small Finance Bank.

“Kashyap will be leading part of the credit business within the newly-formed bank which will be officially launched after regulatory authorities clear the merger,” the report cited a source as saying.

Cred has declined to comment on the development and slice is yet to get back to Inc42.

As per his LinkedIn account, Kashyap worked with US-based Capital One for eight years. Later, he cofounded two startups – recurring payments solution provider Stepchange Technologies and credit analytics firm TwoDotSeven.

Meanwhile, slice is gearing up for merger with North East Small Finance Bank. It received the nod from the Reserve Bank of India (RBI) last year for the merger, which is now pending approval from the National Company Law Tribunal (NCLT).

Last year, North East Small Finance Bank appointed former Andhra Bank executive Satish Kumar Kalra as its interim managing director and chief executive officer.

Garagepreneurs Internet Private Limited (GIPL), the parent entity of slice, posted a 60% year-on-year (YoY) jump in consolidated net loss to INR 405.8 Cr in FY23. Its operating revenue stood at INR 846.7 Cr, up 300% from INR 283.1 Cr in FY22.

Meanwhile, CRED is also on an upswing and is aggressively looking at lending to shore up its revenue. After launching multiple new products over the last year or so, the unicorn is said to be looking to expand its credit products as well. As part of this, CRED acquired CreditVidya, which operates Prefr, a digital lending platform that has developed underwriting and risk assessment models, in 2022.

CRED saw its operating revenue surge 251.6% YoY to INR 1,484 Cr in FY23, while net loss rose 5% to INR 1,347.4 Cr.