CRED Net Loss Increases 22% to INR 1,644 Crore in FY24, Revenue Jumps 66% to INR 1,024 Crore Compared to Last Year
Credit card bill payment leader CRED has reported 22 per cent increase in net loss to Rs 1,644 crore in the last fiscal (FY24), from Rs 1,347 crore in FY23.
New Delhi, September 30: Credit card bill payment leader CRED has reported 22 per cent increase in net loss to Rs 1,644 crore in the last fiscal (FY24), from Rs 1,347 crore in FY23. However, its operating loss declined 41 per cent to Rs 609 crore in last fiscal compared to Rs 1,024 crore in the previous year, as per the company’s financial report.
The Kunal Shah-led fintech company’s operating revenue increased 71 per cent to Rs 2,397 crore in FY24 from Rs 1,400 crore in the previous fiscal year. Total revenue surged 66 per cent to Rs 2,473 crore from Rs 1,484 crore in FY23. The total payment value (TPV) increased by 55 per cent to Rs 6.87 lakh crore, while monthly transacting users (MTU) went up by 34 per cent. Airtel Prepays INR 8,456 Crore to DoT To Clear High-Cost Deferred Liabilities for Spectrum Acquire in 2016 With 9.3% Interest.
CRED saw a 58 per cent increase in monetised members, with contribution margins growing over 20 times. Shah said in a statement that meaningful growth comes from a sharp focus on high-quality users and creating exceptional experiences for them. “This commitment to putting members first and rewarding trustworthy behaviour has driven growth, engagement, and trust across our ecosystem—benefiting members, merchants, and financial institutions alike,” he added. Ola Electric Share Down Over 4% Today, Slip Below INR 100 Mark for 1st Time Since Last Month’s Listing.
The company claims to have been consistently contribution margin-positive for nine consecutive quarters. CERD’s customer acquisition costs dropped by 40 per cent while its marketing expenses declined by 36 per cent during the same period. The company said that members used the platform for a wide range of payments beyond credit card bills, with strong adoption of peer-to-peer (P2P) UPI payments. The expanded adoption of CRED Pay across online merchants, boosted transaction volumes by 254 per cent during the year. In April, CRED received the in-principle approval to enter into the payment aggregator business.
(The above story first appeared on LatestLY on Sep 30, 2024 04:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).