CRED, a reward-based payments platform, saw its revenue grow by 66% to Rs 2,473 crore in FY24, while reducing operating losses by 41% to Rs 609 crore.
The platform expanded its services, including P2P UPI payments, leading to a 55% rise in total payment value (TPV) to Rs 6.87 lakh crore. Monthly transacting users grew by 34%, and customer acquisition costs dropped by 40%. CRED's contribution margins increased over 20X, and monetized members surged by 58%, marking the platform's steady growth. However, challenges remain, especially in growing new revenue streams.