Cred Reports 66% Surge to $295 Million in FY24 Revenue

Sep 30, 2024, 10:10 AM

Cred, a reward-based payments platform, reported a 66% surge in revenue to Rs 2,473 crore ($295 million) for FY24. Despite this growth, Cred's overall losses increased by 22% to Rs 1,644 crore. However, the company managed to reduce its operating losses by 41% to Rs 609 crore. Cred's total payments volume also rose by 55% year-on-year to Rs 6.8 lakh crore. The company's revenue growth was driven by its lending, payments, and insurance businesses, with a valuation of $6.4 billion, equivalent to 21 times its revenue.