Zeta
Type of businessPrivately held company
Founded2015
HeadquartersMumbai, Maharashtra
Founder(s)Bhavin Turakhia
Ramki Gaddipati
Key peopleBhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Employees1000-5000
ParentZeta Services Inc.
URLwww.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 globally.[1][2][3]

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.[1] 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.

Awards and recognition

Merger

Zeta's employee benefits business merged with Sodexo BRS India in 2019.[22]

See also

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.[dead link]
  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. ^ a b "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. ^ Modqil, Shweta (3 November 2017). "Nasscom Announces Emerge 50 Winners: The Top 50 Most Innovative Indian Startups". inc42.com.
  20. ^ "GLIMPSES OF IFTA 2017". indiafintech.com. Retrieved 11 December 2017.
  21. ^ Waqar, Ahmed Fahad (24 August 2018). "A Company With A Futuristic View". BusinessWorld.
  22. ^ "Zeta's employee benefits business merges into Sodexo BRS India". Livemint. 25 July 2019. Retrieved 25 July 2019.