CRED loss widens to ₹524 crore in FY21, revenue jumps to ₹95 crore

Entrepreneur Kunal Shah-founded fintech startup CRED's losses widened by 45% year-on-year to ₹524 crore for the financial year ending March 31, 2021, compared to ₹360 crore a year ago. Its revenue jumped from ₹18.16 crore in FY20 to ₹95.53 crore in FY21. During this period, CRED spent ₹222 crore on marketing, up 289% from ₹57 crore in the previous year.