If you had to guess which sector Kunal Shah believes has the brightest future in India, you might impulsively say artificial intelligence. His investment history tells a different story.
The CRED founder has invested in 309 startups across industries varying from fintech and enterprise technology to healthcare, logistics and media. At first glance, the portfolio looks highly diversified. But the deeper you look, a clear pattern begins to emerge.
Surprisingly, AI is not the main anchor of Shah’s portfolio.
Nearly one out of every three startups in his portfolio belongs to the fintech sector, with 95 investments spread across companies such as Razorpay, Jupiter, Rupeek, Fi and CoinSwitch. That’s significantly higher than any other category, making financial technology the strongest theme running through his investment journey. The figures become even more intriguing when compared with today’s biggest startup trend.
Despite AI attracting billions of dollars in funding worldwide and being the trending subject of conversations across technology industry, Shah’s portfolio includes only eight AI startups. Instead, his attention has consistently remained on businesses solving long-term structural problems. It’s a reminder that experienced investors don’t always chase the fastest growing trend, they often back markets they believe can deliver consistent value over time.
This pattern repeats itself across the rest of his investments. Enterprise technology accounts for 40 startups, while edtech and e-commerce have 30 investments each. Healthtech follows with 26 startups, alongside media & entertainment at 28. Logistics, travel tech, cleantech and foodtech make up much smaller portions of the portfolio, suggesting a carefully balanced approach rather than an attempt to invest in every emerging sector.
Many of these companies have gone on to become some of India’s most recognised startups. BrowserStack, Zetwerk, Rapido, Spinny, Mensa Brands and Razorpay are just a few examples that reflect Shah’s preference for businesses building long-term value instead of short-lived excitement. Perhaps that’s the most interesting takeaway from the data.
In an era dominated by market hype and herd mentality, Shah’s portfolio appears to favour consistency over popularity. The investments point towards industries where digital adoption is still expanding, businesses continue to face real operational challenges and demand is expected to grow over the coming years.
While Kunal Shah is widely recognized for building CRED and recently taking over WhatsApp as its global head and CEO, his investment portfolio tells another story altogether, one that reveals how one of India’s best known entrepreneurs thinks about innovation, opportunity and long-term value.
