SUMMARY
- CRED’s operating revenue has reached Rs 2,397 crore in FY24, growing 71% YoY from Rs 1,400 crore in FY24.
- The company’s total revenue soared by 66% to Rs 2,473 crore in FY24, compared to Rs 1,484 crore in FY23.
- It reported a net loss of Rs 1,644 crore, a 22% rise from Rs 1,347 crore in FY23.
Bengaluru-based leading fintech giant CRED‘s operating revenue has reached Rs 2,397 crore in FY24, growing 71% YoY from Rs 1,400 crore in the fiscal year before. This growth can be attributed to a rise in member engagement and the ability to monetize its services.
The company’s total revenue soared by 66% to Rs 2,473 crore during this period, compared to Rs 1,484 crore in FY23.
However, CRED’s net loss saw a slight increase in the financial year under review. The company reported a net loss of Rs 1,644 crore, a 22% rise from Rs 1,347 crore in FY23. Although the company did not disclose all its financial figures, it mentioned that its operating loss decreased by 41% to Rs 609 crore from Rs 1,024 crore in FY23.
The company’s operating expenses, which included one-time costs, amounted to Rs 3,082 crore for the fiscal year under review.
Founded in 2018 by Kunal Shah, CRED initially provided rewards and benefits to high-value credit card holders for their bill payments. However, in recent years, the company has shifted its focus towards becoming a super app, launching various new services to capitalize on its customer base.
CRED now offers UPI payments, utility billing, vehicle management, travel services, among others. Earlier this year, the company acquired an investech platform, Kuvera, to compete with major players like Zerodha, Groww, and PhonePe.
The introduction of these new services led to a 58% increase in the monetized customer base for CRED in the financial year under review. The company claimed that its contribution margin, which includes all variable costs, grew over 20 times, and it has maintained a positive contribution margin for nine consecutive quarters.
The company’s expenditure on marketing decreased by 36% YoY, while the number of monthly active users increased by 34%. CRED further highlighted that this growth in its UPI payment services, CRED pay, resulted in a 55% increase in the total payment value (TPV) to Rs 6.87 lakh crore in the financial year under review.
The vehicle maintenance platform, CRED garage, also gained popularity, with over 4.2 million vehicles registered on the platform for various services like challan and pollution certificate checks, FASTag recharges, and insurance renewals.
During a media briefing, Kunal Shah mentioned that CRED plans to introduce several new products in the coming years, which will further enhance its ability to monetize its user base. Regarding fundraising, the CEO stated that the company is currently well-funded.
CRED, valued at $6.4 billion, has secured over $800 million in funding since its inception and is backed by major investors like Tiger Global, Peak XV Partners, and Dragoneer Investments.
