CRED’s Revenue Jumps to Rs 2,500 Crore in FY24, Losses Shrink by 41%
Cred founder and CEO Kunal Shah addressed the impact of artificial intelligence (AI) on his fintech firm, stating that it has been expanding while maintaining a steady headcount over the past 2.5 to 3 years. “Our business has gone multi-fold but our headcount has remained flat for the last 2.5-3 years,” Shah said while speaking at the second edition of Mumbai Tech Week.
Although Cred’s employee count is not known publicly, its LinkedIn profile says almost 2,000 members have listed it as their current workplace. For the fiscal year ended 2024, Cred’s revenue touched nearly Rs 2,500 crore. It pared operational losses by 41 percent to Rs 609 crore, compared to Rs 1,024 crore in the previous year.
Sectoral Indices
Cred's UPI Growth | Jan 22 | April 22 | Nov 22 | Apr 23 |
Number of Transactions | 10.7 | 13 | 25.6 | 45.7 |
Value of Transaction | 14,200 | 16,400 | 18,600 | 20,700 |
Volume MarketShare of Cred in UPI (%) | 0.23 | 0.23 | 0.35 | 0.5 |
Value MarketShare of Cred in UPI (%) | 1.7 | 1.6 | 1.6 | 1.5 |
In FY21, Cred reported less than Rs 100 crore in revenue. Shah mentioned that the cost of coding has dropped significantly due to AI and will dramatically drop in the days to come. “But there are not enough needs so everybody accelerates and builds software quickly, we will all be competing in each other’s territory, and our country’s per capita income is not big enough to serve so many companies,” the serial entreprenuer further said.