In FY20, it was Rs 18.14 crore.
The company reported a total loss of Rs 523.8 crore on a consolidated basis, compared to Rs 361.1 crore for the year-ago period.
Total revenue from operations grew to Rs 88.6 crore from about Rs 52 lakh.
The company is in the process of applying for an account aggregator (AA) licence from the Reserve Bank of India (RBI), regulatory filings showed.
Losses were due to employee expenses, which stood at Rs 134.7 crore in FY21. Cred’s employee expenses were Rs 72.8 crore in FY20.
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ETtechOther expenses, including marketing, touched Rs 418 crore in FY21, up 43% from Rs 237.2 crore in FY20.
This was because of spending on marketing during the Indian Premier League (IPL) during FY21, as well as advertising campaigns during the IPL season.
“During FY20-21, the company managed to launch or substantially grow a number of new products including Cred Max, Cred Cash and Cred Travel as well as lay groundwork for CRED Mint and other products coming up in the future,” according to the filings.
Account Aggregator aspirations Dreamplug AA Tech Solutions, an entity it incorporated in January 2020, is seeking to apply for an account aggregator license, the filings revealed.
“The company (Dreamplug AA) has been incorporated to engage as an information technology driven accounts aggregator and undertake the business of providing the service of retrieving and collecting such financial information pertaining to its customers,” Cred said.
An account aggregator (AA) is a type of RBI regulated entity that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.
ET was the first to report that Cred was in talks to also apply for a payment aggregator license from the RBI. A payments aggregator enables merchants to receive digital payments from multiple platforms without having to enter into individual tie-ups with service providers
Its latest regulatory filings show that the company has incorporated ‘Dreamplug PayTech Solutions’ to acquire the payments aggregator license.
“However, your company has transferred its payment aggregation business to Dreamplug PayTech Solutions, pursuant to requisite investor approvals received and to adhere to the applicable regulations of the Reserve Bank of India to pursue the payment aggregation activities,” Cred said.
The company’s account and payment aggregator aspirations come at time when the company raised successive rounds of funding. It raised $251 million co-led by Tiger Global and Falcon Edge in October last year, valuing the startup at about $4 billion.
The company is in talks with global investors currently to raise up to $350 million as part of a fresh funding round, which is expected to catapult the fintech firm’s valuation to over $6 billion, multiple people aware of the discussions confirmed to ET.
