Fintech platfrom CRED on Thursday said its total income for FY23 surged 3.5 times to Rs 1,484 crore and its losses reduced by 10% to Rs 1,047 crore.
Bengaluru-based CRED, which rewards individuals for their timely credit card bill payments, said its total income jumped 16 times from Rs 95 crore in FY21.
CRED said it saw 77% increase in TPV (total payment value) to Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22.
“Five years since launch, we believe that CRED - and prudent financial behaviour - are becoming a habit for the top 1%. Our focus remains on rewarding the creditworthy with more products that improve their lives and lifestyles," said Kunal Shah, founder, CRED.
Today, 90% of CRED members redeem at least one reward every month, it said adding that it is now the fourth largest (by value) UPI app in India.
"An average CRED monthly transacting user (MTU) now does 20+ sessions a month. More than half of our transacting members use 2 or more CRED products every month," said CRED in a press release.
Losses (excluding ESOP cost) reduced by 10% from Rs 1,167 crore in FY22 to Rs 1,047 crore in FY23, said CRED.
"Customer acquisition cost reduced by 80% compared to when we started our journey 5 years ago. Marketing & business promotion spends down 27% to Rs 713 crore in FY23 from Rs 975 crore in FY22. We strengthened the platform with more touchpoints for members to engage with CRED at a higher frequency in FY22-23. This resulted in significantly higher engagement that created monetisation opportunities while reducing the cost of attracting and serving members," said CRED.
Growth in engagement, breadth of products and member scale reduced cost of acquiring and serving members, said the fintech firm.
CRED said its ESOP costs grew to Rs 300 crore as "increasing talent density remains priority, leading to an increase in employee benefit expenses".