Zeta (company) explained

Zeta
Company Type:Privately held company
Registration:Required
Founded:2015
Founder:Bhavin Turakhia
Ramki Gaddipati
Location:Mumbai, Maharashtra
Key People:Bhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Parent:Zeta Services Inc.
Num Employees:1000-5000
Commercial:Yes
Current Status:Online

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

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.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.[16] 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

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

See also

Notes and References

  1. News: Big data and analytics company Zeta Interactive to expand presence in India . . 2015-10-06 . 2024-05-17.
  2. News: Money. control. Zeta's Fusion:the bridge between banks and fintechs. Moneycontrol.com. India. 2019-11-27.
  3. News: New Indian. Express. Zeta to smoothen customers' banking experience with its platform Tachyon. New Indian Express. 2020-01-30.
  4. News: Wire. PTI. 2020-10-07. Service-providing platform launchedfor fintech firms. The Week. The Hindu.
  5. News: Balachandran. Manu. The world's newest billionaires are two Indian brothers who founded a tech company in their teens. Quartz. 2016-08-23.
  6. News: Bhavin Turakhia now bets on Zeta. https://web.archive.org/web/20170325031052/http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023. dead. 25 March 2017. The Times of India. 2016-09-30.
  7. News: Zeta: Pathbreaking digital solutions for employee benefits & rewards. Express Computers. 2018-12-05.
  8. News: Directi's Turakhia now bets on cloud venture Zeta. The Times of India. 2016-09-30.
  9. News: Singh. Arti. Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR. VCCircle. 2017-06-29.
  10. News: Zeta Picks Up Stake in ZingHR for an Undisclosed Amount. BusinessWorld. 2017-06-29.
  11. News: Bhakta. Pratik. IDFC Bank partners with Zeta for digital payments solution. The Economic Times. 2017-08-09.
  12. News: Pratap. Ketan. Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions. NDTV. 2017-05-23.
  13. News: Excelity Global partners with Zeta. India Today. 2017-06-08.
  14. News: Kotak Bank, Zeta launch digital prepaid solution for employees. New Indian Express. 2017-09-17.
  15. News: Payments tech co Zeta ties up with Kotak Mahindra to tap corporates. 23 October 2017. The Economic Times. 2017-09-17.
  16. News: Zeta ties up with RuPay for broader acceptance network. The Economic Times. 2017-04-11.
  17. News: Sarkar . Brinda . 62% of salaried employees find paper bills time-consuming: Study . . 23 April 2018.
  18. News: Guptoo . Bishwaroop . Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services . . 16 January 2018.
  19. Web site: Fintech firm Zeta's valuation climbs to $300 million in its first external funding round. TechCrunch. 23 July 2019 . 2019-07-23.
  20. Web site: Sil . Debarghya . Bangalore-Based Zeta Expands Its Footprint In Vietnam and Philippines . Entrepreneur . 2020-07-01 . 2024-05-17.
  21. Web site: Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation . PYMNTS.com . 2021-05-24 . 2024-05-17.
  22. Web site: Andreasyan . Tanya . SoftBank pours $250 million into banking tech start-up Zeta . FinTech Futures . 2021-05-26 . 2024-05-17.
  23. Web site: Zeta's employee benefits business merges into Sodexo BRS India. Livemint. 25 July 2019 . 2019-07-25.

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