Software:Zeta

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Short description: Next-gen Banking Tech & Card Issuer Processor

Zeta
Zeta Services logo.png
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.
Websitewww.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

  • Selected as one of the Emerge 50 startups by NASSCOM.[19]
  • FinTech Rising Stars at India FinTech Awards 2017 by India FinTech Forum.[20]
  • BusinessWorld Techtors Award 2018.[21]
  • Finovate West Digital Best of Show Award 2020.
  • Business Today-KPMG Best Fintech in Value Added Services Award 2020.

Merger

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

See also

References

  1. ↑ Money, control (2019-11-27). "Zeta's Fusion:the bridge between banks and fintechs". Moneycontrol.com (India). https://www.moneycontrol.com/news/technology/zetas-fusion-the-bridge-between-banks-and-fintechs-4680241.html. 
  2. ↑ New Indian, Express (2020-01-30). "Zeta to smoothen customers' banking experience with its platform Tachyon". New Indian Express. https://www.newindianexpress.com/business/2020/jan/30/zeta-to-smoothen-customers-banking-experience-with-its-platform-tachyon-2096496.html. 
  3. ↑ Wire, PTI (2020-10-07). "Service-providing platform launchedfor fintech firms". The Week (The Hindu). https://www.theweek.in/wire-updates/business/2020/10/07/pwr8-zeta.html. 
  4. ↑ Balachandran, Manu (2016-08-23). "The world's newest billionaires are two Indian brothers who founded a tech company in their teens". Quartz. https://qz.com/763927/the-worlds-newest-billionaires-are-two-brothers-from-india-who-started-out-as-nerds/. 
  5. ↑ "Bhavin Turakhia now bets on Zeta". The Times of India. 2016-09-30. http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023. [|permanent dead link|dead link}}]
  6. ↑ "Zeta: Pathbreaking digital solutions for employee benefits & rewards". Express Computers. 2018-12-05. https://www.expresscomputer.in/startup/zeta-pathbreaking-digital-solutions-for-employee-benefits-rewards/30538/. 
  7. ↑ "Directi's Turakhia now bets on cloud venture Zeta". The Times of India. 2016-09-30. https://timesofindia.indiatimes.com/companies/Directis-Turakhia-now-bets-on-cloud-venture-Zeta/articleshow/54597514.cms. 
  8. ↑ 8.0 8.1 "Zeta ties up with RuPay for broader acceptance network". Economic Times (India). 2017-04-11. https://economictimes.indiatimes.com/industry/banking/finance/banking/zeta-ties-up-with-rupay-for-broader-acceptance-network/articleshow/58128834.cms. 
  9. ↑ Singh, Arti (2017-06-29). "Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR". VCCircle. https://www.vccircle.com/bhavin-turakhias-digital-meal-voucher-venture-zeta-backs-zinghr/. 
  10. ↑ "Zeta Picks Up Stake in ZingHR for an Undisclosed Amount". BusinessWorld. 2017-06-29. http://bwdisrupt.businessworld.in/article/Zeta-Picks-Up-Stake-in-ZingHR-for-an-Undisclosed-Amount/29-06-2017-121081/. 
  11. ↑ Bhakta, Pratik (2017-08-09). "IDFC Bank partners with Zeta for digital payments solution". Economic Times (India). https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-partners-with-zeta-for-digital-payments-solution/articleshow/59983510.cms. 
  12. ↑ Pratap, Ketan (2017-05-23). "Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions". NDTV. http://gadgets.ndtv.com/others/news/sodexo-partners-zeta-for-employee-benefits-1697110. 
  13. ↑ "Excelity Global partners with Zeta". India Today. 2017-06-08. http://indiatoday.intoday.in/story/excelity-global-partners-with-zeta/1/973885.html. 
  14. ↑ "Kotak Bank, Zeta launch digital prepaid solution for employees". New Indian Express. 2017-09-17. http://www.newindianexpress.com/pti-news/2017/oct/17/kotak-bank-zeta-launch-digital-prepaid-solution-for-employees-1676445.html. 
  15. ↑ "Payments tech co Zeta ties up with Kotak Mahindra to tap corporates". Economic Times (India). 2017-09-17. https://economictimes.indiatimes.com/small-biz/startups/payments-tech-co-zeta-ties-up-with-kotak-mahindra-to-tap-corporates/articleshow/61111334.cms. 
  16. ↑ Sarkar, Brinda (23 April 2018). "62% of salaried employees find paper bills time-consuming: Study". The Economic Times. https://economictimes.indiatimes.com/jobs/62-of-salaried-employees-find-paper-bills-time-consuming-study/articleshow/63887029.cms. 
  17. ↑ Guptoo, Bishwaroop (16 January 2018). "Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services". The Times of India. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/bhavin-turakhia-promoted-zeta-puts-funds-in-peoplestrong-hr-services/articleshow/62517366.cms. 
  18. ↑ "Fintech firm Zeta's valuation climbs to $300 million in its first external funding round". 23 July 2019. https://techcrunch.com/2019/07/23/zeta-300m-sodexo/. 
  19. ↑ Modqil, Shweta (2017-11-03). "Nasscom Announces Emerge 50 Winners: The Top 50 Most Innovative Indian Startups.". inc42.com. https://inc42.com/buzz/nasscom-emerge-50-startups/. 
  20. ↑ "GLIMPSES OF IFTA 2017". https://indiafintech.com/. 
  21. ↑ Waqar, Ahmed Fahad (24 August 2018). "A Company With A Futuristic View". BusinessWorld. http://www.businessworld.in/article/A-Company-With-A-Futuristic-View/28-06-2018-153327/. 
  22. ↑ "Zeta's employee benefits business merges into Sodexo BRS India". 25 July 2019. https://www.livemint.com/companies/news/zeta-s-employee-benefits-business-merges-into-sodexo-svc-india-1564019684110.html. 




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