Fintech unicorn CRED, led by Kunal Shah, has reported substantial growth in its total income for FY23, reaching ₹1,484 crore compared to ₹422 crore in FY22. The company’s revenue from operations for FY23 stood at ₹1,400 crore, marking a remarkable 256% increase from ₹393 crore in FY22. However, CRED’s losses increased marginally to ₹1,345.9 crore in FY23, widening by 5% from ₹1,279.5 crore in FY22, with the growth in ESOP (Employee Stock Ownership Plan) costs amounting to ₹300 crore being a significant factor behind this increase. Excluding ESOP costs, losses reduced by 10% from ₹1,167 crore in FY22 to ₹1,047 crore in FY23.
CRED reported that its expenses reached ₹2,831.9 crore in FY23, representing a 66% increase over the ₹1,702 crore reported in FY22. Kunal Shah, Founder of CRED, highlighted the company’s focus on rewarding creditworthy individuals and improving their lives and lifestyles. He stated, “Five years since launch, we believe that CRED—and prudent financial behaviour—are becoming a habit for the top 1%.”
CRED has shown impressive growth, with monthly transacting users increasing by over 58%, and the platform now claims that one-third of credit card bill payments (by value) are processed through its platform. The company also reported a 77% increase in total payment value (TPV), which reached ₹4.4 lakh crore in FY23, up from ₹2.5 lakh crore in FY22.
CRED has managed to reduce customer acquisition costs by approximately 80% over the past four years, and business promotion spends decreased by 27% to ₹713 crore in FY23 from ₹975 crore in FY22. The company attributed this success to strengthening its platform, increasing member engagement, and creating monetization opportunities.
Recently, CRED announced the launch of CRED Garage, a new vertical within its mobile app dedicated to vehicle-related services. Garage offers members 24×7 access to concierge services, timely reminders, document management, and insights through a single dashboard.
