CRED reports 66% revenue growth to ₹2,473 crore in FY24

Credit card bill payments app CRED on Monday reported 66 per cent year-on-year increase in revenue to ₹2,473 crore in FY24, on the back of growth in monetised members and a drop in user acquisition costs.

Operating losses were reduced by 41% from ₹1,024 crore in FY23 to ₹609 crore in FY24, a company statement said.

"This came on the back of some very exciting sort of pieces of execution that we always had as a thesis, but it's always good to see that play out in action. The number of members that we monetised grew 58% year-on- year. Our CAC (customer acquisition costs) came down significantly by 40%," CRED founder Kunal Shah said during a press briefing.

Total Payment Value (TPV) for the platform surged 55% to ₹6.87 lakh crore, while monthly transacting users (MTU) rose by 34%.

"Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments. They also expanded adoption of CRED Pay across online merchants, boosting transaction volumes by 254% during the year," the statement said.

Organic growth contributed to a high-quality user base and dropped customer acquisition costs by 40%, Shah said, adding that 70% of its customer acquisition now comes through organic or referral channels.

The unicorn fintech launched its in-app vehicle management feature--CRED Garage--in September last year.

"We managed to cross close to 4.2 million vehicles in the last financial year and now touching close 6.5 million vehicles on the platform. And it kind of demonstrates the power of the platform coming together where we are squarely focused on an audience segment," Shah said.

In July 2024, it introduced CRED Money, a tool that enables users to track, analyse and reflect on their financial behaviour.

The entrepreneur also hinted at new products in the pipeline.

"When you think from a capital investment and capital allocation perspective, there's a lot of exciting things coming up on the road map. A significant amount of our capital utilization is towards research and development costs, for example, things on products, investments on products that are in the works, and will come out pretty soon," he said.

Responding to whether CRED plans to go public, Shah said the company's still in its growth phase and doesn't intend to list anytime soon.

"We are in year three of our monetisation and the company is not even six years old. We're going to be six years old in November. I want to restate there's no plan to go public in any hurry. We're still growing up. There's a lot of growing up to do," he said.