Cred's FY 24 revenue surges 66% to Rs 2,473 crore; overall losses up 22% to Rs 1,644 crore

Fintech company Cred reported a 66% increase in revenue to Rs 2,473 crore for 2023-24 from Rs 1,484 crore in the previous financial year. Operating losses fell to Rs 609 crore from about Rs 1,024 crore during this period. The company reported a net loss of Rs 1,644 crore, up about 22% year-on-year. Cred attributed the increase in revenue to deeper engagement with its customers and multiple avenues of revenue generation that it has built. Its marketing expenses stood at Rs 453 crore for 2023-24, and employee costs at Rs 1,199 crore, including a one-time employee stock ownership plan cost incurred during the fiscal. Cred's total payments volume surged 55% year-on-year to Rs 6.8 lakh crore. Cred generates about 90% of its revenue from credit, payments, and insurance services.

Cred focuses on longer tenure and larger ticket-sized unsecured loans and has helped its lending partners, including banks and non-banking finance companies (NBFCs), to create a loan book of about Rs 15,000 crore. The company is looking to create deeper engagement with its customers through new products and has expanded its monthly active user base to 13 million, with the monthly transacting user base standing at 11 million. Cred is also expanding its market through products like UPI payments and e-commerce.