Cred remains in losses; Revenues surge in FY23

Cred reported losses of Rs 1,347 crore in FY23, which is higher than the losses of Rs 1,279.6 crore reported in FY22.

Losses:

Cred's total expenses increased by 66% year-on-year to reach Rs 2,832 crore in FY23.

Expenses:

Revenues:

Despite incurring losses, Cred's revenues from operations saw a substantial increase, rising to Rs 1,400 crore in FY23 from Rs 393 crore in the previous year.

Total Payment Volume (TPV):

Cred claimed that its TPV grew significantly, reaching Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22, marking a year-on-year increase of 77%.

User Growth:

The company reported a growth in monthly transacting users by over 58% during FY23.

Cred stated that its customer acquisition costs reduced by about 80% compared to its launch five years ago.

Customer Acquisition Costs:

Employee Costs:

In FY23, Cred witnessed a significant rise in employee benefit expenses, with the figure surging to approximately Rs 789 crore from Rs 307 crore in the previous fiscal year.

Valuation:

Cred was last valued at $6.4 billion after securing $140 million in funding from investors in June 2022.