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Kunal Shah-led fintech unicorn CRED reported a 3.5X growth in total income in FY23 compared to Rs 422 crore in FY 22. It has posted Rs 1,400 crore in revenue from operations for FY23, a 256% surge as compared to Rs 393 crore earned in FY22.

However, the Bengaluru-based fintech unicorn’s losses grew marginally to Rs 1,345.9 crore in FY23, widening by 5% from Rs 1,279.5 crore in FY22. The company cited a growth in ESOP cost to Rs 300 crore behind the hike.

Losses (excluding ESOP cost) reduced by 10% from Rs 1,167 crore in FY22 to Rs 1,047 in FY23, the company stated.

CRED’s expenses grew to Rs 2,831.9 crore in FY23, a 66% increase over the Rs 1,702 crore reported in FY22.

“Five years since launch, we believe that CRED—and prudent financial behaviour—are becoming a habit for the top 1%. Our focus remains on rewarding the creditworthy with more products that improve their lives and lifestyles,” said Kunal Shah, Founder, CRED.

It also reported monthly transacting users growth by over 58% and claimed one-third of credit card bill payments (by value) are done on the CRED platform.

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CRED launches garage, a vehicle management service for members

“FY23 saw a 77% increase in total payment value (TPV) to Rs 4.4 lakh crore in FY23 from Rs 2.5 lakh crore in FY22,” as per a statement from CRED.

According to the company, it has reduced its customer acquisition cost by around 80% over the past four years. Also, it saw a reduction in business promotion spends by 27% to Rs 713 crore in FY23 from Rs 975 crore in FY22.

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

Last week, the company announced the launch of CRED Garage, a new vertical within its mobile app for vehicle-related services.

On Garage, members will get 24×7 access to concierge service, timely reminders, document management, and insights on a single dashboard.