CRED's FY22 marketing spends up 3X to Rs 973 crore
The company's expenses jumped 2.7X to Rs 1702 crore on the back of higher marketing expenses, according to its internal documents
Dreamplug Technologies-owned fintech unicorn CRED increased its marketing spends by 3X to Rs 973 crore in FY22, according to a report by Entrackr. CRED is one of the biggest advertisers in the Indian Premier League (IPL), which is India's costliest media property.
Besides being the official on-ground sponsor of the IPL, CRED has also been a regular sponsor of Star Sports for big-ticket cricket properties like the IPL and the ICC T20 Cricket World Cup. Thanks to its massive reach, cricket has become a magnet for new-age brands to build their brands and increase visibility.
As per the company's internal documents, CRED’s revenue zoomed to Rs 393 crore from Rs 89 crore in FY21. Expenses jumped 2.7X to Rs 1702 crore on the back of higher marketing expenses. In the previous fiscal, the expenses stood at Rs 619 crore.
CRED's loss ballooned to Rs 1279 crore, a 2X growth compared to Rs 524 crore in FY21.
As per the company's internal documents, CRED’s revenue zoomed to Rs 393 crore from Rs 89 crore in FY21. Expenses jumped 2.7X to Rs 1702 crore on the back of higher marketing expenses. In the previous fiscal, the expenses stood at Rs 619 crore.
CRED's loss ballooned to Rs 1279 crore, a 2X growth compared to Rs 524 crore in FY21.
