Bengaluru-based ZET (OneCode) saw its revenue grow 2.34x in FY24, reaching Rs 37.40 crore from Rs 15.96 crore in FY23. Over 80% of the revenue in FY24 was derived from operations, up from over 60% in FY23.
ZET is a fintech platform that bridges the gap between consumers in Tier 2–4 cities and trusted financial services. Its flagship offerings include the Magnet FD Credit Card, co-branded with SBM, which helps users build credit scores and unlock financial opportunities. On its B2B platform, ZET Partner, the company connects consumers with banks through a vast network of trusted agents, addressing barriers like lack of awareness and access.
Founded in 2019 by Manish Shara and Yash Desai, ZET has raised Rs 140.40 crore in funding over four rounds, with the latest raised in March 2022. Key investors include General Catalyst, Sequoia Capital, and Waterbridge. The co-founders hold 21.89% and 13.14% stakes, respectively, while Sequoia Capital owns 10.44%, and the ESOP pool accounts for 6%.
Expenses grew by 90.5% in FY24, reaching Rs 71.30 crore from Rs 37.41 crore in FY23. Employee benefit costs accounted for 40.20% of expenses in FY24, down from 50.20% in FY23. Advertisement expenses were reduced to 2.5% of total expenses in FY24, compared to 2.89% in FY23. Depreciation costs also declined, contributing 1.66% of expenses in FY24, down from 2.89% in FY23.
Losses widened to Rs 33.90 crore in FY24 from Rs 22.30 crore in FY23. However, operational efficiency improved, as reflected in the EBITDA margin, which rose to -87.47% in FY24 from -127.54% in FY23. ROCE, however, declined to -38.12% in FY24 from -17.74% in FY23.