CRED’s revenue spikes 3.5X to Rs 1,400 Cr in FY23

CRED has been one of the most talked about fintech players in India and its financial performance in FY23 indicates that the firm’s revenue wheel has finally started to gain momentum.

CRED’s operating revenue grew 3.5X to Rs 1,400.6 crore in FY23 from Rs 393.5 crore in FY22, according to the company’s press release.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

Led by Kunal Shah, CRED is a credit card payments app with a direct-to-the-consumer (D2C) marketplace, P2P lending via CRED Mint and CRED Garage. Its primary revenue comes from facilitating rental transactions, interest income on the p2p loans, processing fees (on loans), advertising space, and listing fees.

The firm also made Rs 84.4 crore from non-operating activities or finance income. At the end, Cred’s total revenue stood at Rs 1,485 crore.

When it comes to cost, employee benefits accounted for 27.8% of the overall expenditure which spiked 2.5X to Rs 789 crore in FY23 from Rs 308 crore in FY22. Importantly, this also includes Rs 300 crore as ESOP cost (non-cash).

Its payment processing cost, marketing and business promotion, information technology, legal and professional fees pushed its total expenditure by 66.4% to Rs 2,832 crore in FY23 from Rs 1,702 crore in FY22. Check TheKredible for detailed expense breakdown.

Expense Breakdown

Total ₹ 1702 Cr
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Total ₹ 2832 Cr
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  • Payment processing charges and other direct costs
  • Employee benefits expense
  • Marketing and business promotion
  • Others

Cred’s significant 3.5X growth and controlled expenditure, resulted a modest 5.3% increase in its losses to Rs 1,347 crore in FY23 from Rs 1,279.5 crore in FY22. If we exclude the ESOP cost of Rs 300 crore, losses will come down accordingly. Its ROCE and EBITDA margins stood at -31.95% and -86.42% respectively. 


FY22 FY23
EBITDA Margin -299.24% -86.42%
Expense/₹ of Op Revenue ₹4.33 ₹2.02
Roce -42.66% -31.95%

On a unit level, it spent Rs 2.02 to earn a rupee of operating revenue in FY23.

CRED has raised a total of $1 billion (Rs 7775.20 crore) in funding over 9 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.

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