Zeta (company)

Last updated

Zeta
Zeta Services logo.png
Type of business Privately held company
Founded2015
Headquarters Mumbai, Maharashtra
Founder(s) Bhavin Turakhia
Ramki Gaddipati
Key people Bhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Employees1000-5000
Parent Zeta Services Inc.
URL www.zeta.tech/us/
CommercialYes
RegistrationRequired
Current statusOnline

Zeta is a next-gen banking tech company by founders Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences".[ clarification needed ] Zeta provides its products to banks and fintechs. [1] [2] [3]

Contents

History

The company was founded in April 2015 by Bhavin Turakhia [4] and Ramki Gaddipati. [5] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments. [6] In 2016, Bhavin Turakhia invested around $19 million into Zeta. [7] Initially, Zeta payments was only supported by the MasterCard network but later the company also tied-up with the National Payments Corporation of India's RuPay. [8] In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR. [9] [10] Zeta has partnerships with IDFC Bank, [11] Sodexo, [12] Excelity Global, [13] Kotak Mahindra Bank [14] [15] and RBL Bank. [8] Zeta launched the first employee benefits survey in India along with Nielsen Holdings in April 2018. [16] It also bought a minority stake in PeopleStrong in January 2018. [17] In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million. [18] In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries. In 2021, Zeta secured Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally.

Merger

Zeta's employee benefits business merged with Sodexo BRS India in 2019. [19]

See also

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References

  1. ↑ Money, control (27 November 2019). "Zeta's Fusion:the bridge between banks and fintechs". Moneycontrol.com . India.
  2. ↑ New Indian, Express (30 January 2020). "Zeta to smoothen customers' banking experience with its platform Tachyon". New Indian Express.
  3. ↑ Wire, PTI (7 October 2020). "Service-providing platform launchedfor fintech firms". The Week. The Hindu.
  4. ↑ Balachandran, Manu (23 August 2016). "The world's newest billionaires are two Indian brothers who founded a tech company in their teens". Quartz.
  5. ↑ "Bhavin Turakhia now bets on Zeta". The Times of India . 30 September 2016. Archived from the original on 25 March 2017.
  6. ↑ "Zeta: Pathbreaking digital solutions for employee benefits & rewards". Express Computers . 5 December 2018.
  7. ↑ "Directi's Turakhia now bets on cloud venture Zeta". The Times of India . 30 September 2016.
  8. 1 2 "Zeta ties up with RuPay for broader acceptance network". Economic Times (India). 11 April 2017.
  9. ↑ Singh, Arti (29 June 2017). "Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR". VCCircle.
  10. ↑ "Zeta Picks Up Stake in ZingHR for an Undisclosed Amount". BusinessWorld. 29 June 2017.
  11. ↑ Bhakta, Pratik (9 August 2017). "IDFC Bank partners with Zeta for digital payments solution". Economic Times (India).
  12. ↑ Pratap, Ketan (23 May 2017). "Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions". NDTV.
  13. ↑ "Excelity Global partners with Zeta". India Today. 8 June 2017.
  14. ↑ "Kotak Bank, Zeta launch digital prepaid solution for employees". New Indian Express. 17 September 2017.
  15. ↑ "Payments tech co Zeta ties up with Kotak Mahindra to tap corporates". Economic Times (India). 17 September 2017. Retrieved 23 October 2017.
  16. ↑ Sarkar, Brinda (23 April 2018). "62% of salaried employees find paper bills time-consuming: Study". The Economic Times.
  17. ↑ Guptoo, Bishwaroop (16 January 2018). "Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services". The Times of India .
  18. ↑ "Fintech firm Zeta's valuation climbs to $300 million in its first external funding round". TechCrunch. 23 July 2019. Retrieved 23 July 2019.
  19. ↑ "Zeta's employee benefits business merges into Sodexo BRS India". Livemint. 25 July 2019. Retrieved 25 July 2019.
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