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CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%

EntrackrEntrackr · 5d ago
CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51%
Medial

CRED reports Rs 2,735 Cr revenue in FY25; operating losses fall 51% Fintech unicorn CRED reported an operating revenue of Rs 2,735 crore in FY25, a 16% year-on-year increase. At the same time, its operating losses declined 51% to Rs 298 crore in FY25, according to the firm’s press release. CRED’s gross margins stood at around 70% during the year. Despite improvement at the operating level, CRED remained loss-making on a net basis. Its total losses narrowed 11.5% year-on-year to Rs 1,457 crore, which includes non-operating expenses such as ESOPs and depreciation. According to the release, its monthly transacting users (MTUs) rose 14.5% to 1.26 crore, while transaction frequency increased 34% to 14.4 transactions per user per month. Total payment value processed on the platform grew 23% year-on-year to Rs 8.5 lakh crore. Monetisation improved during the year as users adopted multiple products on the platform. Around 45% of active members used three or more products, resulting in average revenue per user (ARPU) of approximately Rs 2,000, the press release added. Lending remained a key revenue contributor in FY25, with managed AUM reaching Rs 22,000 crore. During the year, CRED expanded its portfolio across payments, lending, and personal finance, launching products such as CRED Money, credit score and card management tools, PPI wallet, and CRED Cash+. Its insurance marketplace, CRED Garage, added more insurers, aiding insurance revenue growth. According to TheKredible, CRED has raised more than $1 billion across nine funding rounds, including a $72 million down round led by GIC in May 2025 that cut its valuation to $3.64 billion from $6.4 billion in 2022. As per the company, it’s eyeing full profitability in FY26.

Jupiter Money enters insurance distribution with IRDAI approval

EntrackrEntrackr · 6m ago
Jupiter Money enters insurance distribution with IRDAI approval
Medial

Jupiter Money enters insurance distribution with IRDAI approval Fintech platform Jupiter Money has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI). This will enable it to directly distribute both life and general insurance policies via its app. According to the company, it will initially offer curated insurance products such as term life and health insurance through partnerships with leading insurers. It also plans to launch embedded insurance products based on user behaviour, examples include travel insurance linked to card usage, cyber fraud covers, and device protection tied to e-commerce activity. This marks Jupiter’s entry into the insurance space as part of its broader strategy to become a full-stack financial services provider. The firm already holds an NBFC licence in 2023 and a PPI licence in 2024. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners, among others.

CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%

EntrackrEntrackr · 1y ago
CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41%
Medial

Reward-based payments platform CRED continues its growing financial journey on the results side for the fiscal year ending March 2024. The fintech unicorn reported 66% growth in its scale during the last fiscal year, while also managing to reduce operating losses by 41%, bringing them close to Rs 600 crore. According to the company’s press release, CRED’s total revenue spiked by 66% year-on-year to Rs 2,473 crore in FY24. Notably, the Kunal Shah-led firm’s scale surged 5.8X over the past two fiscal years, with revenue rising from Rs 422 crore in FY22. Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments, as per the release. The expanded adoption of CRED Pay across online merchants, boosted transaction volumes by 254% during the year. As a result, the total payment value (TPV) surged by 55% to Rs 6.87 lakh crore, while monthly transacting users (MTU) increased by 34%. In FY24, CRED’s customer acquisition costs dropped by 40%, while its marketing expenses declined by 36% during the same period. The launch of the CRED garage also gained traction for the company with over 4.2 million vehicles parked on in FY24 for challan and pollution certificate checks, FASTag recharges, and insurance renewals. CRED saw a 58% increase in monetized members, with contribution margins growing over 20X. The company claims to have been consistently contribution margin-positive for nine consecutive quarters. In the last fiscal year, its operating losses shrank by 41%, dropping to Rs 609 crore in FY24 from Rs 1,024 crore in FY23. Caveat: CRED’s net losses might exceed its operating losses, a detail that will become clearer when it files its numbers with the RoC. For instance, it reported a net loss of Rs 1,347 crore in FY23, while its press release referred to Rs 1,024 crore as the operating loss in the same period. “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.”, Kunal Shah, founder, CRED added in the press release. CRED has raised a total of $1 billion (Rs 7,775.20 crore) in funding across nine rounds. According to startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder with 10.4% followed by Ribbit Capital, Tiger Global, and others. Founder and CEO Shah commands a direct 22.8% stake, along with his QED Innovation Labs. While a 66% topline growth is nothing to sniff at, one suspects CRED expected to, or is expected to, do better. The RBI move to regulate P2P lending in the last two months will only make this very significant revenue stream tougher to grow for the fintech, even as the lag between revenues and product and feature launches remains an issue of concern. It would be safe to say that CRED’s Shopping or travel segments are not significant contributors yet, although with a sizable captive user base now, the drop in promotion costs can be expected to continue. Customer acquisition costs are also taking a bit of a pause as the firm figures out the next cohort of users without compromising on its original premise of going for the cream of the crop, in terms of credit scores. Like many others, the limited or lack of revenue making opportunities on UPI payments remains an achilles heel, despite a very strong performance there. CRED remains one of the few firms which enjoy the credibility to be able to launch services that integrate multiple databases and information sources well, like CRED Garage. However, after loans, the firm badly needs a secondary revenue stream that is as promising to keep its users interested. Who knows, depending on its experience with auto insurance, perhaps a health insurance policy with CRED level features is around the corner? And we aren’t talking CRED coins here.

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