Kuvera, which primarily sees the bulk of its users investing in mutual funds, said equity investments picked up during the Covid period, with nearly 75% of mutual fund investors now also investing in equities through the app. With 15 million high-creditworthy users on the CRED app, and around 60% of India’s multi-card holders active on the platform, the company is looking to cross-pollinate its investment offerings. Without setting timelines, Shah said the company plans to launch many more things on Kuvera. “We want to truly establish how are you doing first on the base line and then propose things based on it,” he said.
Recently, CRED received a nod from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA), enabling the company to onboard merchants, collect payments on their behalf across instruments, and handle settlement and refunds. CRED now holds a prepaid payment instrument (PPI) licence as well as a payment aggregator (PA) licence.
Earlier this January, while reporting its financial performance for FY25, CRED said its consolidated operating revenue stood at ₹2,735 crore, up 16% year-on-year. Gross margins were at 70% while operating losses narrowed 51% to ₹298 crore. The company attributed this partly to deeper user engagement across multiple products, which drove strong monetisation. According to its release, 45% of active members engaged with three or more products, resulting in an average revenue per user (ARPU) of ₹2,000.
During the reported financial year, CRED’s lending business also grew, with assets under management (AUM) at ₹22,000 crore. Lending emerged as one of the top three revenue drivers, alongside payments and insurance, the company added.
