Financial technology provider Ezetap is targeting about five-fold growth in revenue to Rs 750 crore by 2024 driven by international expansion and increase in merchant base, a top official of the company 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 next few months to fund the growth plan.
“Ezetap is looking to grow to Rs 750 crore in revenue by 2024. We were at about USD 20 million (about Rs 150 crore) of revenue by December 2021. Around 95 per cent of our revenue at present comes from India. By then, we expect 80 per cent to be from India,” Nambisan said.
The company provides software for financial technologies, including point of sales solutions, billing, loyalty solutions etc and sells solutions directly to enterprises like Amazon, Flipkart, Airtel and to merhcants in partnership with banks like HDFC, Axis, SBI, ICICI etc.
“We see an opportunity to grow from about 4 lakh to over to 15-20 lakh by 2024. We will also continue to scale our partnerships with the banks. We’re also driving a lot of value-added solutions, credit, etc. So with the combination of those two along with some contribution from growth internationally, we expect by that time, our international business will contribute to about 20 per cent of our revenue,” Nambisan said.
The company has operations in India, the UAE and is planning to expand business to Africa as well as in the Middle East.
“We are expanding into Africa and across the Middle East. We are looking to be in about 10-15 countries in the Middle East and Africa by 2024,” he said.
The company expects to expand into at least two-three countries in the Middle-East by the end of this calendar year, Nambisan said.
The company is looking to invest in developing solutions for credit, EMI, and different forms of buy-now-pay-later solutions.
“We are now in the market to raise funds. We are looking to raise a total of about USD 50-60 million (about Rs 375-450 crore), of which USD 35 million (about Rs 260 crore) is from the primary market. We are in the market to raise that right away, within next few months,” Nambisan said.
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