Operating losses narrowed 51% on-year to Rs 298 crore, while total losses declined 11.5% to Rs 1,457 crore during the year, the Bengaluru-based company said in a statement.
Founded in 2018 by Kunal Shah, Cred was initially known for its credit card bill payment platform but has since expanded into a wider range of financial services.
The company now offers unsecured personal loans, secured lending products such as loans against mutual funds, and vehicle insurance through its Garage platform.
Cred’s monthly transacting users during the fiscal rose 14.5% to 1.26 crore, while transaction frequency increased 34% to 14.4 transactions per user per month.
Total payment value on the platform grew 23% to Rs 8.5 lakh crore in FY25.
The firm’s lending business became a major revenue contributor as its assets under management scaled to Rs 22,000 crore in FY25.
In June 2025, ET reported that Cred closed a fresh funding round of Rs 617 crore at a sharply reduced valuation of $3.5 billion, led by sovereign wealth fund GIC. This marked a 45% cut from the $6.4 billion valuation at which the company last raised capital in 2022. The markdown was in line with its plans for a potential public listing in India over the next two years, ET had reported, citing sources.
The platform’s monetisation per user has also improved. Cred’s average revenue per user rose to Rs 2,000, with nearly 45% of active members using three or more products.
“FY2024-25 was about widening the monetisation pipeline and accelerating product velocity,” Kunal Shah, founder, Cred, said in the statement. “More members trusted Cred for higher-value transactions and adopted a wider range of products, positioning us for sustained revenue growth as they scale.”
Primarily focussed on users with high credit scores, Cred noted that more than half the new credit cards issued in India went to its members.
During the year, the company launched several new products, including Cred Money (a personal finance offering), Credit Score (credit score tracking service), along with a card management tool, and a prepaid wallet and Cash+ (a loan-against-securities product), to deepen engagement across its core user base.
Several Indian fintech startups have already listed or are preparing to tap the public markets. Listed fintechs include Paytm and MobiKwik, while PhonePe recently filed updated draft IPO papers with the markets regulator, for its listing that’s expected in April.
