The Kunal Shah-helmed fintech faces a make-or-break year to get to profitability, or resort to a fundraise fraught with risk.
It’s crunch time for CRED.
The six-year-old startup had set an internal target to turn profitable in 2023-24. That has not happened, according to two industry executives aware of the matter, who asked not to be named.
“[While] the company has continued to grow its business on a strong footing, with the year-on-year revenue growing as well, they are still some way off from being operationally profitable,” says one of the executives. The second executive confirmed this. The financials for the year are not public yet, so we have not been able to independently verify the figures.
Now, founder Kunal …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi