Zeta’s India entity’s revenue from operations rose 2.1X to INR 615.05 Cr from INR 297.13 in FY21
The fintech SaaS unicorn’s India entity earned around 90% of its revenue from the UAE, while revenue from India jumped 4X to INR 62.23 Cr in FY22
Total expenses for FY22 stood at INR 636.83 Cr, 1.8X higher than INR 346.92 Cr in FY21
Fintech SaaS unicorn Zeta’s India entity’s net loss halved to INR 20.71 Cr in the financial year 2021-22 (FY22) from INR 43.01 Cr in FY21 as Zeta saw its revenue growth outpace the rise in expenses.
Better World Technology Pvt Ltd, the India entity of Zeta, reported a 2.1X rise in its revenue from operations to INR 615.05 Cr from INR 297.13 in FY21. The startup earned all of its operating revenue through the sale of services.
Zeta India earned around 90% of its revenue from the UAE. Income from the UAE rose 1.9X to INR 552.82 Cr from INR 289.76 Cr in FY21. In India, revenue surged 4X to INR 62.23 Cr from INR 15.48 Cr in FY21.
Total income, including other income, rose to INR 616.12 Cr in FY22 from INR 305.41 Cr in the previous year.
Meanwhile, total expenses grew 1.8X to INR 636.83 Cr from INR 346.9 Cr in FY21. Employee benefit expenses rose 1.8X to INR 515.44 Cr from INR 290.39 Cr in the previous year and accounted for more than 80% of total expenses.
Other expenses, including rent, training recruitment expenses, and legal charges, among others, more than doubled to INR 111.86 Cr from INR 51.79 Cr in the previous year. The Bhavin Turakhia-led startup saw a 7X rise in its legal professional charges to INR 56.05 Cr from INR 8.05 Cr in FY21.
In terms of unit economics, Zeta spent INR 1.03 to earn INR 1 in FY22.
Founded by Turakhia and Ramiki Gaddipati in 2015, Zeta offers a cloud-native neo-banking platform for the issuance of credit, debit and prepaid products that helps companies launch retail and corporate products. It also offers digitised solutions to enterprises such as automated cafeteria billing and more.
Zeta’s offerings are available in India, Brazil, Spain, the Philippines, and Vietnam, among others.
The California-based startup entered the unicorn club in May 2021 after raising $250 Mn in a funding round led by Masayoshi Son’s SoftBank at a valuation of $1.45 Bn.