Cred Sees 66 Percent Revenue Growth in FY24 While Reducing Losses by 41 Percent

Cred Sees 66 Percent Revenue Growth in FY24 While Reducing Losses by 41 Percent

Fintech unicorn Cred has reported a significant 66% year-on-year increase in revenue, reaching Rs 2,473 crore for FY24, up from Rs 1,484.6 crore in the previous fiscal. Alongside the revenue surge, the company successfully reduced its operating losses by 41%, narrowing them down to Rs 609 crore from Rs 1,024 crore in FY23.

Kunal Shah, founder of Cred, credited the improved financial performance to several key factors, including an increase in monetised members, a reduction in user acquisition costs, stronger customer relationships, and the successful launch of new products. The fintech company saw its monetised members grow by 38% during FY24, meaning one out of every three users is now contributing to the company’s revenue through its offerings. This indicates that Cred’s cross-selling efforts and deepening engagement with customers are bearing fruit.

Cred has been diversifying its services beyond credit card rewards and payments into areas such as personal loans, credit lines, and other financial products. This focus on expanding product offerings while optimizing customer acquisition and retention strategies has helped boost revenue while cutting costs, positioning the company for continued growth.

Shah's strategy to focus on building a loyal and monetized customer base, rather than just growing its user numbers, has started to pay off, as evidenced by the company's strong fiscal performance. The company is expected to continue this approach as it expands its financial product ecosystem.