CRED FY2024-25: Wider Product Adoption Drives ₹2,735 Crore in Revenue

CRED has reported consolidated operating revenue of ₹2,735 crore in FY2024–25 (16% higher than the previous year). An expanded portfolio of products for the affluent resulted in more highly engaged members, deeper monetization, and industry-leading ARPU.  

With gross margins at ~70% and operating losses down by 51% to ₹298 crore, the results reflect a year of disciplined execution and improved operating leverage. Total losses reduced by 11.5% to ₹1,457 crore.

Growing trust among the affluent

CRED continues to attract and retain the most creditworthy Indians, with the second-highest base of users pre-approved for personal loans in the country. Over half of all new credit cards in India are issued to CRED members. With 60% of multi-card holders in the country active on the platform, CRED continues to lead credit card bill payment market share in India. 

Within this high-quality member base:

• monthly transacting users (MTU) rose 14.5% to 1.26 crore
• transaction frequency increased by 34% to 14.4 per month
• total payment value increased 23% year-on-year to ₹8.5 lakh crore 

Habit correlated with monetization

The focus on enabling deeper engagement with the platform through multiple products crafted for affluent members resulted in strong monetization for CRED. 

• 45% of active members engaged with three or more products
• efficient engagement and monetization of the highest-quality users resulted in ARPU of ₹2,000, the highest in the payments ecosystem
• members using 3+ products contributed 50% higher ARPU than the baseline. Those in the 4+ tier generated 75% higher ARPU than the platform average.

CRED’s lending business grew to ₹22,000 crore managed AUM during this period. It remained among the top three revenue drivers, along with payments and insurance.

Accelerating velocity with new product investments

CRED launched multiple new products in FY2024-25.

CRED Money, Credit Score, and Card Management were primary engagement drivers, while PPI Wallet and CRED Cash+ (loan against securities) extended its offerings in payments and lending. 

More insurers joined CRED Garage, offering members a wider choice and better premiums. This resulted in expanded insurance revenue.

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