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Cred Crosses Rs 1400 Crore Revenue Mark and losses nearly remains same at Rs. 1347 Crore

Cred, a Fintech Firm led by Kunal Shah, has achieved a Revenue Mark of rs. 1400 Crore in FY23, an increase of 3.53X as compared to Rs 397 Crore revenue of March 22.

On the expense side, the major expense head was its manpower cost which more than doubled to Rs. 789 Crore from Rs. 307.6 Crore in FY23. The above employee cost includes Rs 300 Crore ESOP-related expenses which are non-cash in nature.

Company reported a loss of Rs. 1347 Crore as compared to previous year loss of Rs. 1280 Crore.

Cred brought down its Advertisement and Promotional Expense to Rs. 713 Crore , decrease by 27% as compared to FY22 expense of Rs. 976 Crore.

Below is gist of Financial Performance of CRED for year ending March'23:

Cred Revenue and Profit for Year 2022-23

Cred , intially started with Credit Card Bill Payments platforms has grew to P2P lending and providing payment gateway platform services.

Company is moving towards the path of profitability with controlled expenses and grwoth in its revenue year on year. CRED has raised a total of $1 billion in funding over 9 rounds


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