Fintech unicorn Zeta's loss widened to Rs 43 crore in the year-ended March 31, 2021, compared to Rs 20.3 crore reported in the previous financial year.
The Softbank-backed startup’s revenue from operations more than doubled to Rs 297.1 crore from Rs 125.5 it reported in the year before, according to documents filed with the Registrar of Companies earlier this week.
According to a statement by a Zeta spokesperson, the financial performance mentioned above only reflects Zeta India's profit and loss statement, which is an inaccurate representation of Zeta's performance as a business - it represents only a subset of Zeta's revenues/costs/business lines.
Zeta was founded in 2015 by Bhavin Turakhia, a serial entrepreneur who has previously founded companies like Flock, Radix, CodeChef. The company had last raised $30 million from Mastercard and another fund in the Middle East and North Africa region in March 2022.
It was last valued at $1.45 billion, the same as in May 2021, when it entered the unicorn club after raising $250 million led by SoftBank Group Corp’s Vision Fund 2.
Turakhia previously said that Zeta sees most of its revenue coming from North America going forward even as it will continue to grow its India business
The company’s expenses during FY21 also grew- more than doubling–to Rs 346.9 crore, compared to Rs 143 crore in the previous year.
The largest contributor to this was employee benefits expense that grew to Rs 290.4 crore, accounting for about 83.7% of the total expense, a trend across the Indian startup ecosystem. This number was Rs 83.1 crore in the previous fiscal, responsible for 58% of the total expense.
VCCircle had last reported in March that Zeta has over 1300 employees, with over 70% in technology roles across locations in the US, UK, Middle East, and Asia. Globally, eight issuers and 30 fintech companies have issued more than 10 million cards on Zeta’s platform.