Cred's Revenue Grows 3.5 Times In FY23; Losses Top Rs 1,300 Crore
Excluding ESOPs, the startup's losses narrowed from Rs 1,167 crore in FY22 to Rs 1,047 crore in FY23, it said.
Cred, the fintech unicorn led by Kunal Shah, has posted a 3.5-fold growth in revenue from operations in fiscal 2023, even as losses continue to surge.
Cred, registered as Dreamplug Technologies Pvt., posted a consolidated revenue from operations of Rs 1,400.6 crore in FY23, growing about 3.5 times from Rs 393.5 crore in FY22.
The startup's losses also widened from Rs 1,279.8 crore in FY22 to Rs 1,347 crore in FY23. The company cited a growth in ESOP to Rs 300 crore behind the hike, it said in a statement on Thursday.
Excluding ESOPs, the company's losses narrowed from Rs 1,167 crore in FY22 to Rs 1,047 crore in FY23. Growth in engagement, breadth of products, and member scale reduced the cost of acquiring and serving members in FY23, the startup said.
The company, which is popular for its viral marketing, said that its business promotion spends have also reduced by 27% to Rs 713 crore in FY23.
Cred, which is valued at about $6.4 billion, attributed the growth in revenue to "a broader mix of products", which resulted in a higher total payment value.
The company claimed that about a third of credit card bill payments by value are done on the Cred platform. "FY23 saw a 77% increase in total payment value to Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22."
Further, it said that Cred is now the 4th largest UPI app by value in India.
“Five years since launch, we believe that Cred, and prudent financial behaviour are becoming a habit for the top 1%. Our focus remains on rewarding the creditworthy with more products that improve their lives and lifestyles," said Founder Kunal Shah.
In September, Bengaluru-based Cred also forayed into vehicle management as it aimed for newer revenue streams.
It has raised over a billion dollars since 2018 and is backed by marquee investors such as Ribbit Capital, Peak XV Partners, and GIC.
