CRED Reports 66% Revenue Surge; Significant Drop in Losses

Credit card bill payments app CRED reported a 66 per cent increase in revenue to Rs 2,473 crore in FY24. Operating losses reduced by 41 per cent. Growth was driven by increased monetized members, reduced user acquisition costs, and expansion of services such as CRED Garage and CRED Money.

Credit card bill payments app CRED announced a substantial 66% year-on-year increase in revenue, reaching Rs 2,473 crore for FY24. This growth stems from a surge in monetized members and significantly lower user acquisition costs, as reported by the company on Monday.

Operating losses saw a notable reduction, dropping by 41% from Rs 1,024 crore in FY23 to Rs 609 crore in FY24. According to CRED founder Kunal Shah, this achievement was driven by the effective execution of strategic plans. Monetized members grew by 58% year over year, and customer acquisition costs decreased by 40%.

The company's Total Payment Value (TPV) surged by 55% to Rs 6.87 lakh crore, with monthly transacting users increasing by 34%. The app's adoption extended beyond credit card bill payments, showing strong growth in P2P UPI payments and CRED Pay across online merchants. In addition, CRED's organic growth contributed significantly to a high-quality user base and reduced customer acquisition costs. The unicorn fintech also introduced new features like CRED Garage and CRED Money, along with hints of more products in the pipeline.

(With inputs from agencies.)