Credit’s total income increased 3.5 times to Rs 1,484 crore, loss reduced by 10 percent.

New Delhi. Credit card bill payments leader Cred on Thursday said its total income for FY 2022-23 increased by 3.5 times (about 252 per cent) to Rs 1,484 crore as compared to Rs 422 crore in FY 2021-22.

The fintech unicorn’s losses (except ESOP costs) narrowed 10 per cent to Rs 1,047 crore in FY22-23 from Rs 1,167 crore in FY2011-22, the company said in a statement.

Kunal Shah, Founder of Cred, said, “Five years after launch, we believe that Cred and prudent financial behavior are becoming habits of the top one percent. Our focus remains on rewarding creditworthy people with more products that enhance their lives and lifestyle.”

The company recorded a 77 per cent growth in TPV (total payment value) in FY2013 to Rs 4.4 lakh crore from Rs 2.5 lakh crore in FY2012, and over 58 per cent growth in users transacting monthly. Hui.

“Today, 90 percent of Cred members redeem at least one reward every month,” the company said. With an average Cred monthly transaction user now doing 20 plus sessions a month, Cred is now the fourth largest (by value) UPI app in India.”

“Customer acquisition costs have reduced by 80 percent compared to when we started our journey five years ago,” Cred said.

Marketing and business promotion expenses declined 27 per cent to Rs 713 crore in FY2013 from Rs 975 crore in FY2012.

“We strengthened the platform with more touchpoints for members to engage with Cred at a higher frequency in FY22-23,” the company said. This resulted in significantly higher engagement, creating opportunities for monetization while also reducing the cost of attracting and serving members.

(IANS)

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