Shah graduated with Bachelor of Arts degree in Philosophy from Wilson College, Mumbai and briefly pursued MBA from SVKM's NMIMS before dropping out. He started his career as a junior programmer at a business process outsourcing startup. Shah's first startup venture was a company named Paisaback, which provided cash-back promotions for organized retailers.
Kunal made a cameo appearance in the 4th episode of TVF Pitchers where he played the role of a startup event judge.
Shah founded FreeCharge in 2010, along with Sandeep Tandon, seeing the potential of online recharging in a growing market. In April 2015, FreeCharge was acquired by Snapdeal for an estimated amount of $400 million. Shah was appointed as the new CEO of the company. Kunal also led the acquisitions of Wishberg and Preburn in 2014. Shah is an active angel investor in a number of startups such as Innov8, Spinny, Zepo, Unacademy, and Bharat Bazaar.