Cred revenue grows 16% to Rs 2,735 crore in FY25; operating losses halve to Rs 298 crore

Kunal Shah, founder and CEO, CRED

• Cred's FY25 revenue up 16% to Rs 2,735 crore, losses down 51%
• Monthly users up 14.5%, transactions per user rose 34% to 14.4
• Cred plans to raise $75 million in a down round amid a broader funding slowdown

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Bengaluru-based fintech unicorn Cred reported consolidated operating revenue of Rs 2,735 crore in FY25, a 16 per cent increase from the previous year, while its operating losses declined 51 per cent to Rs 298 crore, according to a company statement released on January 30.

Total losses for the year narrowed 11.5 per cent year-on-year to Rs 1,457 crore. Gross margins stood at around 70 per cent in FY25, reflecting improved operating leverage as the company scaled its product offerings and monetisation efforts

During the year, Cred's monthly transacting users rose 14.5 per cent to 1.26 crore, while transaction frequency increased 34 percent to 14.4 transactions per user per month. Total payment value processed on the platform grew 23 percent year-on-year to Rs 8.5 lakh crore.

The company said deeper adoption of multiple products contributed to stronger monetisation.

About 45 per cent of active members used three or more products on the platform. Average revenue per user (ARPU) stood at Rs 2,000, the highest in the payments ecosystem, with users engaging with four or more products generating 75 per cent higher ARPU than the platform average.

CRED’s lending business expanded during FY25, with managed assets under management reaching Rs 22,000 crore.

Lending emerged as one of the top three revenue contributors, along with payments and insurance. The company also launched new offerings during the year, including CRED Money, Credit Score, Card Management, a prepaid payment instrument (PPI) wallet, and CRED Cash+, a loan-against-securities product.

Founded in 2018 by Kunal Shah, CRED focuses on affluent and creditworthy users.

The  company had reported operating revenue of Rs 2,473 crore in FY24, with losses of Rs 609 crore, and is preparing to raise fresh capital from existing investors at a lower valuation amid a broader funding slowdown in the startup ecosystem.

In May of 2025, Cred had plans to raise around $75 million from its existing investors in a down round, which will include Singapore’s sovereign wealth fund GIC, Sofina and RTP Global, according to people familiar with the matter.