Samreen Ahmad · · 1 min readTiger Global-backed Cred’s losses up 45% in FYE 2021
Cred, an India-based credit card payments startup, has disclosed that it saw a 45% rise in its net losses for the financial year ended (FYE) March 2021. Its annual net losses stood at US$68.6 million as compared to US$47.1 million in FYE 2020.
Image credit: Cred
The company’s marketing expenses shot up 289% during the period, which led to the rise in losses.
However, the fintech unicorn saw an over 160x rise in its revenue at US$11.5 million in FYE 2021 as compared to US$70,765 a year earlier. The startup also said that it has 7.5 million users and a 25% share of credit card bill payments in India.
Cred is a members-only payment app that rewards users who clear their credit card bills on time with exclusive deals and experiences from partner brands.
Last October, the company bagged US$251 million in a series E round co-led by Tiger Global and Falcon Edge.
See also: Twitter war erupts in India over an $800m startup
Currency converted from Indian rupees to US dollars: US$1 = 76.3 rupees.
Editing by Collin Furtado and Lorenzo Kyle Subido
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