Cred posts ₹1.3k crore loss, revenue rises

Cred, the fintech company led by Kunal Shah, has sustained financial losses, revealing a consolidated loss of Rs 1,347 crore in the fiscal year 2023. This marks an increase from the Rs 1,280 crore loss reported in FY22, as indicated by the firm’s financial reports. The heightened loss is attributed to a surge in expenses, with the startup’s total expenditures escalating by 66% year-on-year to reach Rs 2,832 crore in FY23.