CRED was founded in 2018 by Kunal Shah and is considered as one of the fastest – startup to acquire unicorn status in India . The company started as credit card bill payments app and now supports utility bill payments via CRED Pay , P2P lending via CRED Mint , CRED store , CRED Cash for loans . CRED has also recently launched UPI and In-store Payments feature too .
Tipster Ravisutanjani has revealed on his twitter handle that in FY22 the company has over $6.4 Billion valuation and 11.2 million users .
CRED is one of the Most Valued (Also Hyped) FinTech Startup with over $6.4 Billion Valuation & 11.2 Million Users
Explainer Thread on Numbers & CRED’s Business Model🧵
— Ravisutanjani (@Ravisutanjani) February 13, 2023
Further through explainer threads tipster also explained CRED’s FY22 results and business model . In which he revealed that the company’s Revenue from operations grew to Rs. 393.6 crore which was Rs. 88.6 crore in the previous fiscal . CRED has reported a loss of Rs. 1280 crore in FY22 . CRED has spent approximately Rs. 975.8 crore on Marketing and promotional expenses which accounts for 57.3% of total expenses and employee benefits at Rs.307.6 crore .
The company has also spent Rs. 158.6 crore on Payment Gateway charges along with contribution of around 1.5% in overall UPI Transactions volume in India . CRED was also the 3rd largest BBPS agent Institution in January 2023 hinting that the users are preferably opting for CRED for mobile recharges , electricity , FASTag & other bill payments after Google Pay & Amazon .
According to Economic Times , Kunal Shah said , “ The investment we have made in building our brand , community and products has been a conscious choice , and we have not deviated from that plan . Revenue growth and bringing down losses is going to be a norm going forward , not just because this year we have to do that . We are well positioned because of the choice we made of going after a certain customer segment and the monetization avenues we are focusing on .”
