In FY21, CRED revenue soars 170X in single year
- ByStartupStory | March 5, 2022
Within three years of operations, after raising successive funding rounds and being valued by over $4 billion, CRED, a Credit card payments platform has been the cynosure of all within the startup ecosystem.
CRED’s business model had many speculations about its ecosystem, as over the past year and more multiple revenue verticals including its e-commerce platform, peer to peer lending and house rental payments has been unveiled. At the end of the previous fiscal (April 2021), CRED had projected operating revenues of around Rs 108 crore for FY21, after recording revenue of only Rs 52 lakh during FY20.
During the fiscal year ending March 2021, its annual financial statements were finally revealed by the company and an analysis regarding the numbers to understand how the new revenue drivers worked out for the fintech unicorn has also been done by Fintrackr.
During FY21, the growth from operations in its revenue by over 170X in a single year to Rs 88.6 crore has been managed by the Bengaluru- based company. Primarily being a credit card payment app, CRED doesn’t charge any fee for the payments. The revenue in CRED had been generated from other ancillary services using its technology and distribution platform. Since CRED accepts every member on the basis of a high credit score cut off, it claims the cream of the credit card customers base in India by targeting its user base.
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