CRED’s FY24 Revenue Zooms 66% To INR 2,473 Cr, Operating Loss Down 41%

Bengaluru-based fintech unicorn CRED’s operating revenue jumped 71% to INR 2,397 Cr in the financial year 2023-24 (FY24) from INR 1,400 Cr in the previous fiscal year. The Kunal Shah-led startup attributed the rise in revenue to increase in member engagement and monetisation. 

Including other income, total revenue rose 66% to INR 2,473 Cr during the year under review from INR 1,484 Cr in FY23.

Despite the surge in its top line, CRED’s net loss increased in FY24. Its net loss stood at INR 1,644 Cr, up 22% from INR 1,347 Cr in FY23.While the startup didn’t disclose all the financial metrics, it said its operating loss declined 41% to INR 609 Cr in FY24 from INR 1,024 Cr in the previous year. 

Operating expenditure, including one-time costs, stood at INR 3,082 Cr in FY24, it said. 

Founded in 2018 by Shah, CRED’s initially offered rewards and benefits to premium credit card users for paying their bills. However, it has been on the super app path for the last few years and has launched a number of new services in order to monetise its customer base. 

CRED now caters to UPI payments, billing for utilities, vehicle management, travel experiences, among others. Earlier this year, it also acquired investech platform Kuvera to take on the likes of Zerodha, Groww, and PhonePe.

On the impact of the new offerings, CRED said it saw its monetised customer base grow 58% in FY24. It claimed that its contribution margin, including all variable costs, grew over 20X and it has been contribution margin-positive for nine consecutive quarters.

The startup’s marketing expenditure fell 36% year-on-year during the year under review, while its monthly transacting users jumped 34%. CRED further highlighted that as a result of increasing adoption of its UPI payment services CRED pay, the platform’s total payment value (TPV) surged 55% to INR 6.87 lakh Cr in FY24. 

CRED said its vehicle maintenance platform CRED garage gained traction with over 4.2 Mn vehicles parked on the platform in FY24 for challan and pollution certificate checks, FASTag recharges, and insurance renewals. 

Shah, during a media briefing, said that CRED plans to launch a number of new products this year and the next year, which will help it further monetise its user base. On a question on fundraise, the CEO said that CRED is well capitalised at the moment. 

CRED, last valued at $6.4 Bn, has raised over $800 Mn in funding since its inception and counts Tiger Global, Peak XV Partners, and Dragoneer Investments among its backers. 

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