“We have been consistently reducing our burn rate. When we started off, the burn rate was also almost about $60 million. Last year that is FY25 we ended up at a burn rate of $20 million. And then by the time we get to FY26 which is March 2026, we will actually be profitable,” Turakhia stated in an interview to CNBC-TV18.
Zeta has recently secured $50 million in fresh strategic funding, propelling its valuation to $2 billion—a substantial increase from its previous pre-money valuation of $1.15 billion in 2021. Unlike its prior fundraising round, this investment was not actively sought; rather, it emerged as a strategic opportunity.
“This wasn’t a conventional sort of go out and look for funds like we did last time in 2021 when we raised about $300 million at $1.15 billion pre-money valuation. It just happened to be that there was a strategic investor that wanted to invest,” Turakhia explained. “We don’t currently have any sort of specific allocation or use of the funds either, but it’s going to serve as a sort of a good buffer to add to our existing cash reserves and potentially some of it will be used towards expansion on investments behind our technology platforms.”
Zeta operates in both the US and Indian markets, providing cloud-native banking technology solutions to large financial institutions. The company’s platform enables banks and fintechs to launch credit and debit cards, deposit accounts, loans, and other financial products efficiently. Over the past few years, Zeta has supported more than 25 million accounts on its platform and is on track to add another 25 million.
For 2025, Zeta’s primary focus will be executing large deals already signed in the US and India while also acquiring new clients. “60%-70% of the company is going to focus on some really large deals that we’ve signed in both US and India, working with large institutions,” Turakhia noted. In India, Zeta collaborates with HDFC Bank, while in the US, it serves institutions like Merrick Bank and CardWorks. Meanwhile, the company is in talks with 15 institutions in the US and six in India, aiming to secure three to five new partnerships.
Swish Club secures $4.5 million pre-Series A funding to drive growth and expansion
Bangalore-based sustainable devices-as-a-service (DaaS) platform, Swish Club, has successfully raised $4.5 million in a pre-Series A funding round, comprising a mix of debt and equity. The funding is expected to play a pivotal role in accelerating the company’s product innovation, expanding its offerings, and fueling revenue growth.
Dushyant Sapre, Founder & CEO of Swish Club, emphasised that the newly secured funds will be primarily directed towards three critical areas: product development, talent acquisition, and market expansion.
“This $4.5 million fundraise essentially allows us to accelerate our product development. That’s, I think, most critical given that we, unlike a lot of other startups, we are fairly young. We are just one year old. So, product development, enhancing and developing more and more technologies for our customers is very critical at this juncture. Secondly, as we’re getting more and more customers, we need to have more people, star sales people coming in, engineering talent coming in, that allow us to build and accelerate our product development efforts. And once we end up doing that, I think the third critical factor is expansion. Currently, we serve a certain set of customers that has been working very well, but our eyes are on the larger prize where we want to essentially become extremely valuable for super large enterprises of the country as well. So that’s the total use that we’re anticipating over the next 12 to 18 months on how we want to utilise the funds,” Sapre said.
Additionally, watch Gopal Jain, Managing Partner of Gaja Capital explain why he is bullish on financialisaiton, digitisation and the consumer discretionary space for the year 2025.
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