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.
Cred's total expenses increased by 66% year-on-year to reach Rs 2,832 crore in FY23.
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%.
Cred stated that its customer acquisition costs reduced by about 80% compared to its launch five years ago.
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.