The credit card payment biller with one of the largest shares CRED reported a 22% increase in net loss to ₹1,644 crore in the last fiscal year from ₹1,347 crore in the previous fiscal year. However, it is reported that the company has seen an operating loss drop by as much as 41%, falling to ₹609 crore in FY24 from ₹1,024 crore in FY23, noted in its financial report.
Operating revenue rose 71% to ₹2,397 crore in FY24 for the Kunal Shah-led fintech company over ₹1,400 crore in FY23. Total revenue jumped a similar 66% to ₹2,473 crore from ₹1,484 crore in the preceding fiscal year.
TPV increased by 55% at ₹6.87 lakh crore, and the number of monthly transacting users rose by 34%. CRED further said it had seen a growth of 58% in monetized members, with contribution margins growing over 20 times.
According to him, high quality is the only place to experience serious growth both in the users and providing exceptional experiences for them. "This focus on putting members first and rewarding trustworthy behavior has driven growth, engagement, and trust across our ecosystem—benefiting members, merchants, and financial institutions alike," he said.
The company said it remained in a contribution margin-positive position for nine straight quarters. Its customer acquisition costs for CRED decreased by 40% and marketing expenses by 36% during the same period.
The same members were using the CRED platform for other payments other than credit card dues, which speaks volumes of the immense adoption of P2P UPI payments. The large-scale penetration among online merchants was instrumental in propelling the volumes of transactions multi-fold at 254% through the year.
In April 2021, the RBI gave in-principle approval to the company to operate in the business of payment aggregators.
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