CRED Revenue Climbs to Rs 2,735 Crore in FY25 as Losses Shrink

Cred posts Rs 2,735 crore revenue in FY25; operating loss halves as monetisation improves

 Fintech startup Cred reported a 16% year-on-year rise in consolidated operating revenue to Rs 2,735 crore in FY25, driven by stronger product adoption, higher user engagement and improved monetisation across its expanding suite of financial services.

The company also significantly narrowed its losses during the year.

Operating loss fell 51% y-o-y to Rs 298 crore, while total loss declined 11.5% to Rs 1,457 crore, Cred said in a statement on Friday.

Founded in 2018 by Kunal Shah, Cred began as a credit card bill payments platform but has since evolved into a broader fintech marketplace offering unsecured personal loans, loans against mutual funds, vehicle insurance, and other financial products.

User growth and engagement

The platform saw steady growth in customer activity during the fiscal.

• Monthly transacting users rose 14.5% to 1.26 crore

• Transaction frequency increased 34% to 14.4 transactions per user per month

• Total payment value grew 23% to Rs 8.5 lakh crore

Lending emerges as key driver

Cred’s lending business emerged as a major revenue contributor, with assets under management (AUM) scaling to Rs 22,000 crore in FY25.

The company said its average revenue per user (ARPU) improved to Rs 2,000, with nearly 45% of active members using three or more products, indicating deeper cross-sell adoption.

“FY2024-25 was about widening the monetisation pipeline and accelerating product velocity,” Shah said. “More members trusted Cred for higher-value transactions and adopted a wider range of products, positioning us for sustained revenue growth as they scale.”

Fundraise and valuation reset

In June 2025, Cred raised Rs 617 crore in fresh funding led by Singapore sovereign wealth fund GIC, at a $3.5 billion valuation — a sharp 45% markdown from the $6.4 billion valuation it commanded in 2022.

The valuation reset aligns with the company’s reported plans to pursue a public listing in India over the next two years.

New product launches

During the year, Cred expanded its offerings with several new launches, including:

• Cred Money (personal finance tools)

• Credit Score (credit monitoring)

• Card management services

• Prepaid wallet

• Cash+ (loan-against-securities product)

The company, which primarily caters to users with high credit scores, said more than half of all new credit cards issued in India went to its members.

Sector momentum

Cred’s improving financial metrics come amid increasing momentum in India’s fintech sector, with players such as Paytm and Mobikwik already listed, and PhonePe preparing for its public market debut.

With losses narrowing and lending scaling up, Cred appears to be positioning itself for a stronger run-up to a potential IPO.