Financial technology provider Ezetap is targeting roughly five-fold revenue growth to Rs 750 crore by 2024, driven by international expansion and growing merchant base, a senior company official has said.
Ezetap CEO and co-founder Byas Nambisan told PTI that the company is also looking to raise around Rs 450 crore, which will include around Rs 260 crore from the primary market, in the coming months to fund the growth plan.
“Ezetap is aiming to reach Rs 750 crore in revenue by 2024. We were at around $20 million (around Rs 150 crore) in revenue by December 2021. Around 95% of our revenue currently comes from India. By then, we expect 80% to come from India,” Nambisan said.
The company provides fintech software, including point-of-sale, billing, loyalty solutions, and more, and sells solutions directly to companies like Amazon, Flipkart, Airtel, and to merchants in partnership with banks. such as HDFC, Axis, SBI, ICICI, etc.
“We see an opportunity to grow from around 4 lakh to over 15-20 lakh by 2024. We will also continue to expand our partnerships with banks. We are also driving many value-added solutions, credit, etc. So with the combination of those two and some contribution from international growth, we expect that by then our international business will contribute about 20% of our revenue,” Nambisan said.
The company operates in India and the United Arab Emirates and plans to expand its operations in Africa as well as the Middle East.
“We are growing in Africa and the Middle East. We plan to be present in around 10 to 15 countries in the Middle East and Africa by 2024,” he said.
The company plans to expand into at least two to three countries in the Middle East by the end of this calendar year, Nambisan said.
The company seeks to invest in the development of credit solutions, EMIs and various forms of buy-it-now and pay-later solutions.
“We are now in the market to raise funds. We are looking to raise a total of around $50-60 million (approximately Rs 375-450 crore), of which $35 million (approximately Rs 260 crore) comes from of the primary market.. We are in the market to increase that right away, in the next few months,” Nambisan said.
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