Regardless of whether you use TTV or Revenue to measure EBTDA %, the fundamental issue remains. ZIP needs to churn through massive amounts of capital just to generate a razor-thin return. The business model is structurally flawed, relying on constant transaction volume growth while facing margin pressure and credit risk. Even if revenue grows, the cost of funding and bad debts will continue to eat away at profitability. Scaling up does not fix a broken model, it just amplifies the risks.
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