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Fintech unicorn Cred‘s revenue from operations in the last fiscal reportedly jumped 341.6% while marketing expenses continue to eat into its bottomline.

The company earned a revenue of Rs 393 crore for FY 2022—far greater than Rs 89 crore it earned in the preceding fiscal year, according to Entrackr, citing internal documents.

CRED’s loss widened 2.4X from the previous year to Rs 1,279 crore, led by high expenses.

Expenses rose 2.7X to Rs 1,702 crore, with marketing accounting for a lion’s share of its costs, the report added.

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CRED has not filed its financial statements with the Registrar of Companies yet. The startup declined to comment on the veracity of Entrackr‘s report.

However, marketing expenses have, historically, eaten into CRED’s bottomline and been majorly responsible for its losses. In FY22, the company’s marketing expenses were Rs 973 crore—up 3X from a year ago.

The Bengaluru-headquartered startup’s non-operating income was Rs 29 crore from its financial assets, the report stated.

In a bid to boost growth, CRED recently launched Scan and Pay to enable its users to pay via UPI and earn cashback and rewards in the process. While popular for credit card payments, the major share of the revenue is generated from CRED Mint, its P2P lending service.

CRED recently invested around $10 million to buy a minority stake in its P2P lending partner, LiquiLoans.

The startup has raised $600 million in funding from investors including Tiger Global, DST Global, Falcon Edge, and Insight Partners.