Zeta (company)

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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".[1] Zeta provides its products to banks and fintechs.[2][3][4]

History[edit]

The company was founded in April 2015 by Bhavin Turakhia[5] and Ramki Gaddipati.[6] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments.[7] In 2016, Bhavin Turakhia invested around $19 million into Zeta.[8] 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.[9] In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR.[10][11] Zeta has partnerships with IDFC Bank,[12] Sodexo,[13] Excelity Global,[14] Kotak Mahindra Bank[15][16] and RBL Bank.[9] Zeta launched the first employee benefits survey in India along with Nielsen Holdings in April 2018.[17] It also bought a minority stake in PeopleStrong in January 2018.[18] In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million.[19] In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries.[20] In 2021, Zeta secured Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion.[21] This is one of the largest single investments] in a banking tech startup globally.[22]

Merger[edit]

Zeta's employee benefits business merged with Sodexo BRS India in 2019.[23]

See also[edit]

References[edit]

  1. ^ "Big data and analytics company Zeta Interactive to expand presence in India". The Economic Times. 6 October 2015. Retrieved 17 May 2024.
  2. ^ Money, control (27 November 2019). "Zeta's Fusion:the bridge between banks and fintechs". Moneycontrol.com. India.
  3. ^ New Indian, Express (30 January 2020). "Zeta to smoothen customers' banking experience with its platform Tachyon". New Indian Express.
  4. ^ Wire, PTI (7 October 2020). "Service-providing platform launchedfor fintech firms". The Week. The Hindu.
  5. ^ Balachandran, Manu (23 August 2016). "The world's newest billionaires are two Indian brothers who founded a tech company in their teens". Quartz.
  6. ^ "Bhavin Turakhia now bets on Zeta". The Times of India. 30 September 2016. Archived from the original on 25 March 2017.
  7. ^ "Zeta: Pathbreaking digital solutions for employee benefits & rewards". Express Computers. 5 December 2018.
  8. ^ "Directi's Turakhia now bets on cloud venture Zeta". The Times of India. 30 September 2016.
  9. ^ a b "Zeta ties up with RuPay for broader acceptance network". Economic Times (India). 11 April 2017.
  10. ^ Singh, Arti (29 June 2017). "Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR". VCCircle.
  11. ^ "Zeta Picks Up Stake in ZingHR for an Undisclosed Amount". BusinessWorld. 29 June 2017.
  12. ^ Bhakta, Pratik (9 August 2017). "IDFC Bank partners with Zeta for digital payments solution". Economic Times (India).
  13. ^ Pratap, Ketan (23 May 2017). "Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions". NDTV.
  14. ^ "Excelity Global partners with Zeta". India Today. 8 June 2017.
  15. ^ "Kotak Bank, Zeta launch digital prepaid solution for employees". New Indian Express. 17 September 2017.
  16. ^ "Payments tech co Zeta ties up with Kotak Mahindra to tap corporates". Economic Times (India). 17 September 2017. Retrieved 23 October 2017.
  17. ^ Sarkar, Brinda (23 April 2018). "62% of salaried employees find paper bills time-consuming: Study". The Economic Times.
  18. ^ Guptoo, Bishwaroop (16 January 2018). "Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services". The Times of India.
  19. ^ "Fintech firm Zeta's valuation climbs to $300 million in its first external funding round". TechCrunch. 23 July 2019. Retrieved 23 July 2019.
  20. ^ Sil, Debarghya (1 July 2020). "Bangalore-Based Zeta Expands Its Footprint In Vietnam and Philippines". Entrepreneur. Retrieved 17 May 2024.
  21. ^ "Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation". PYMNTS.com. 24 May 2021. Retrieved 17 May 2024.
  22. ^ Andreasyan, Tanya (26 May 2021). "SoftBank pours $250 million into banking tech start-up Zeta". FinTech Futures. Retrieved 17 May 2024.
  23. ^ "Zeta's employee benefits business merges into Sodexo BRS India". Livemint. 25 July 2019. Retrieved 25 July 2019.
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