Report: Indian fintech firm Cred pegs operating revenue at $15m in FYE 2021

Details:

• The figures are projections based on provisional financial statements of the first two quarters of 2021 and not from the Indian payment startup’s audited statements, according to the report.
• Last year, Cred reported annual operating revenues of roughly 5.2 million rupees (nearly US$71,000).

Context:

• In March, it was reported that Cred is set to become India’s next unicorn as a US$200 million funding round is expected to boost its valuation to US$2 billion.
• The fintech startup was recently at the center of a Twitter storm over a report about its huge losses, which Cred incurred by spending big on advertisements and marketing despite its minuscule revenues.

Currency converted from rupees to US dollar: US$1 = 73.44 rupees.