CRED's FY24 Results: Revenue Rises 66% To Rs 2,473 Crore

Fintech company CRED's revenue surged 66% to Rs 2,473 crore in fiscal 2024, on the back of increased product adoption and growth of monetised members. Operating losses narrowed by 41% from Rs 1,024 crore to Rs 609 crore for the year. 

Number of monetised members grew by 58%, as the company focuses on improving cross selling of new products to customer base. Further, Contribution Margins, including all variable costs, grew by 20 times, and the company has been CM-positive for nine quarters. 

“We've seen our focus really pay off. Our focus on creating deepening relationships on many things from UPI to Garage and other products that we have managed to launch in the last year. We've seen a very strong traction coming on revenue and significant improvement on our customer acquisition cost and operating losses both,” said Kunal Shah, founder and chief executive officer of CRED.

The company's customer acquisition costs reduced by 40%, as organic growth picks up. Shah noted that 80-85% of customers have joined CRED through organic or referral channels. The market expenses this year have reduced by 36%. 

The monthly transacting users rose by 34% to 11 million, and Monthly Active Users stood at 13 million, for the year. The company also noted that new products gained traction with over 4.2 million vehicles parked on CRED garage in fiscal 2024 for challan and pollution certificate checks, FASTag recharges, and insurance renewals.

“We are excited about the opportunity, because we believe that focusing on this customer will allow us to significantly higher our pool compared to most players who focus on the mass segment of customers,” Shah said.

Over 35% of MTUs engaged with three or more products on CRED, and over 90% redeemed rewards such as cashback, vouchers, and giveaways each month. Members used CRED for a wide range of payments beyond credit card bills, with adoption of P2P UPI payments. They also expanded adoption of CRED Pay across online merchants, boosting transaction volumes by 254% during the year. 

The breadth of use cases across payments contributed to a 22% increase in sessions/MTU and higher engagement on the platform. Total Payment Value surged by 55% to Rs 6.87 lakh crore. Further, over 90% redeemed rewards such as cashback, vouchers, and giveaways each month, the company said.