Mumbai-based fintech Zype reported a 23X surge in revenue in FY24, rising to Rs 28.33 crore from Rs 1.22 crore in FY23.
Founded in 2022 by Yogi Sadana, Zype is a fintech platform that offers instant personal loans with flexible repayment terms. It also offers tools like a credit analyzer for expense tracking and a bill payment service with cashback rewards.
Zype has raised a total of Rs 149 crore in funding over 2 rounds, the latest being a Series A round in April 2024 led by InnoVen Capital. The company is currently valued at over Rs 200 crore.
Competing with fintech platforms like Navi and Kreditbee. Zype’s majority shares are held by Xponentia Capital at over 50%, Yogi Sadna and Vivek Vig are also significant shareholders in the company.
The company’s expenses rose alongside its revenue, reaching Rs 35.79 crore in FY24 from over Rs 10 crore in FY23. Employee benefits accounted for over 30% of total expenses, followed by legal and professional fees, finance costs, and depreciation.
Zype reduced its losses to Rs 7.32 crore in FY24 from around Rs 10 crore in FY23.
The company’s current EBITDA margin and ROCE though negative improved to -12.54% and -3.84% respectively.