Cred posts ₹1.3k crore loss, revenue rises

NEW DELHI: Kunal Shah-led fintech firm Cred continues to remain in the red. The company posted loss of Rs 1,347 crore on a consolidated basis in FY23, higher than the loss of Rs 1,280 crore reported in FY22, the firm's financial filings showed. The loss came on the back of higher expenses - the startup's total expenses increased by 66% year-on-year to Rs 2,832 crore in FY23.
Cred's revenues, though, surged substantially. The company's revenues from operations shot up to Rs 1,400 crore in FY23 from Rs 393 crore in the year ago period. In a statement, Cred said that a broader mix of products resulted in higher total payment volume (TPV) and revenue. The company claimed that its TPV grew to Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22, a year-on-year increase of 77%.