Fintech unicorn CRED’s consolidated revenue grew 256% YoY to ₹1,400.6 crore in FY23, from Rs 393.5 crore in FY22. The company’s losses widened marginally by 5% to ₹1,347 crore in FY23 from ₹1,280 crore in FY22. CRED’s losses after excluding ESOPs reduced by 10% to ₹1,047 crore in FY23 from ₹1,167 crore in FY22.
The company said, “Growth across revenue, scale, and engagement metrics as the breadth of products created platform advantages.” CRED’s monthly transacting users has grown over 58% with an average MTU performing around 20 sessions on the platform with more than half of them using two or more of its products every month.
While the total marketing expenses of the company have reduced by 27% from ₹976 crore in FY22 to ₹713 crore in FY23, its total expenses grew 66% YoY to ₹2,832 crore in FY23 from ₹1,702 crore in FY22. CRED has also reduced its customer acquisition cost by 80% since its launch in 2018.
“Five years since launch, we believe that CRED — and prudent financial behavior — 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 Kunal Shah, Founder, CRED.
According to CRED, a third of all credit card bill payments (by value) are done on its platform. Its total payment value (TPV) increased 77% to ₹4.4 lakh crore in FY23 from ₹2.5 lakh crore in FY22.
The company is also betting big on UPI and claims to be the fourth largest UPI app in India by value with a market share of 2% this year, up from 1.6% last year. Its share in UPI transactions has grown from 0.3% in October last year to 0.8% this year.
Recently, the Bengaluru-based company also launched CRED Garage for vehicle management to further diversify its revenue stream. It will offer motor insurance, roadside assistance, FASTag recharge, priority access to concierge services, insights on performance and fuel spending.