Setu Records Rs 3 Cr Revenue in Fy21

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Setu Records Rs 3 Cr Revenue in Fy21 Even as
Losses Rise to Rs 19 Cr

• Fintech infrastructure firm Setu has broadened
  its offerings and currently includes data,
  payments as well as lending and investments
  through an Automated Programming Interface
  (APIs). The company announced in August that
  Google Pay partnered with Setu to provide fixed
  deposits from Equitas Small Finance Bank.
• Although this company that is backed by
  Lightspeed startup is growing at a good rate, it
  appears to be at a pre-revenue phase as far as
  revenue is concerned for FY21.
• Setu has reported operating revenues of 3.31
  crore in FY21 as compared to none in FY20. This
  is the 2nd full financial year of operation for
  Setu. The majority of the revenue comes from the
  selling services (subscription charge).
• Also read
• INDmoney is Expected to Raise 100 Mn in a Round
  Led by Tiger Global
• Nykaa Updates Its Fresh Equity Offer to Raise 630
  Crore in IPO

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The Bengaluru-based business has been able to
make 5.74 crore during FY21. This is additional
income from interest earned on bank
deposits. This is 334 higher than FY20.
The company raised fifteen million (Rs 110
crore) Series A round at the start of FY21. To
earn this operating profit, Setu has spent 228
percent more in FY21. This is the rate of 27.96
crore, up from 8.52 crore in FY20. In accordance
with the B2B model, its old set of costs were
for salary and benefits for employees as well
as other plans. The expense jumped by 254 in
FY21 and reached 23.51 crore in FY21. 23.51
crore, up from the figure of 6.63 million in
FY20. The three-year-old firm also put aside more
than 1.73 billion on consultation services in
FY21. The cost increased by 226 during the
previous fiscal year, compared to 52 thousands in
FY20. At a unit-level, Setu spent Rs 8.45 to
generate a rupee operating revenues in FY21. The
increase in total expenses has boosted setu's
cash outflow by 70, to Rs 15.3 crore in FY21
opposed to the just Rs 9 crore in the FY20. You
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Mn Although the epidemic affected the businesses
of all industries, Setu is unlikely to suffer a
significant hit since it's a technology
infrastructure company in a market which is
rapidly changing and expanding. This means that
Setu's primary priority will be to roll its
products more quickly in the effort to reduce the
burn rate in the year 4. With an appropriate
product portfolio and technological expertise it
will be an option for acquisition by any large
company or group looking to establish an
investment market. For such informative news and
updates of the Indian startup scene, check out
Entrackr.