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Miguel Cordon · · 1 min readReport: Indian fintech firm Cred pegs operating revenue at $15m in FYE 2021
“According to documents submitted along with its regulatory filings, Cred projected a 208x growth in its operating revenues to 1.08 billion rupees (US$14.7 million) during the fiscal year ending March 2021,” Entrackr reported.
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.
Editing by Collin Furtado and Eileen C. Ang
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