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.


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%.

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.


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