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Setu Records Rs 3 Cr Revenue in Fy21

Setu has reported operating revenues of 3.31 crore. 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).

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Setu Records Rs 3 Cr Revenue in Fy21

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  1. SetuRecordsRs3Cr Revenuein Fy21EvenasLossesRisetoRs19Cr • FintechinfrastructurefirmSetuhasbroadeneditsofferingsandcurrentlyincludesdata,paymentsaswellaslendingandinvestmentsthroughanAutomatedProgrammingInterface(APIs).ThecompanyannouncedinAugustthatGooglePaypartneredwithSetutoprovidefixeddepositsfromEquitasSmallFinanceBank. • AlthoughthiscompanythatisbackedbyLightspeedstartupisgrowingatagoodrate,itappearstobeatapre-revenuephaseasfarasrevenueisconcernedforFY21. • Setuhasreportedoperatingrevenuesof3.31croreinFY21ascomparedtononeinFY20.Thisisthe2ndfullfinancialyearofoperationforSetu.Themajorityoftherevenuecomesfromthesellingservices(subscriptioncharge). • Alsoread: • INDmoneyisExpectedtoRaise$100MninaRoundLedby TigerGlobal • NykaaUpdatesItsFresh Equity OffertoRaise630 Crorein IPO

  2. TheBengaluru-basedbusinesshasbeenabletomake5.74croreduringFY21.Thisisadditionalincomefrominterestearnedonbankdeposits.Thisis334%higherthanFY20.Thecompanyraisedfifteenmillion(Rs110crore)SeriesAroundatthestartofFY21.TheBengaluru-basedbusinesshasbeenabletomake5.74croreduringFY21.Thisisadditionalincomefrominterestearnedonbankdeposits.Thisis334%higherthanFY20.Thecompanyraisedfifteenmillion(Rs110crore)SeriesAroundatthestartofFY21. Toearnthisoperatingprofit,Setuhasspent228percentmoreinFY21.Thisistherateof27.96crore,upfrom8.52croreinFY20.InaccordancewiththeB2Bmodel,itsoldsetofcostswereforsalaryandbenefitsforemployeesaswellasotherplans.Theexpensejumpedby254%inFY21andreached23.51croreinFY21.23.51crore,upfromthefigureof6.63millioninFY20. Thethree-year-oldfirmalsoputasidemorethan1.73billiononconsultationservicesinFY21.Thecostincreasedby226%duringthepreviousfiscalyear,comparedto52thousandsinFY20.Ataunit-level,SetuspentRs8.45togeneratearupeeoperatingrevenuesinFY21. Theincreaseintotalexpenseshasboostedsetu'scashoutflowby70%,toRs15.3croreinFY21opposedtothejustRs9croreintheFY20. Youmayalsolike:With PremjiInvest’sparticipation,Purpllelatest round crosses$100Mn Althoughtheepidemicaffectedthebusinessesofallindustries,Setuisunlikelytosufferasignificanthitsinceit'satechnologyinfrastructurecompanyinamarketwhichisrapidlychangingandexpanding.ThismeansthatSetu'sprimaryprioritywillbetorollitsproductsmorequicklyintheefforttoreducetheburnrateintheyear4.Withanappropriateproductportfolioandtechnologicalexpertiseitwillbeanoptionforacquisitionbyanylargecompanyorgrouplookingtoestablishaninvestmentmarket. ForsuchinformativenewsandupdatesoftheIndianstartupscene,checkoutEntrackr.

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