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The company was founded in April 2015 by [[Bhavin Turakhia]]<ref>{{cite news|last1=Balachandran|first1=Manu|title=The world's newest billionaires are two Indian brothers who founded a tech company in their teens|url=https://qz.com/763927/the-worlds-newest-billionaires-are-two-brothers-from-india-who-started-out-as-nerds/|publisher=[[Quartz (publication)|Quartz]]|date=2016-08-23}}</ref> and Ramki Gaddipati.<ref>{{cite news|title=Bhavin Turakhia now bets on Zeta|url=http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023|archive-url=https://web.archive.org/web/20170325031052/http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023|url-status=dead|archive-date=25 March 2017|newspaper=[[The Times of India]]|date=2016-09-30}}</ref> Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments.<ref>{{cite news|title=Zeta: Pathbreaking digital solutions for employee benefits & rewards|url=https://www.expresscomputer.in/startup/zeta-pathbreaking-digital-solutions-for-employee-benefits-rewards/30538/|newspaper=[[Express Computers]]|date=2018-12-05}}</ref> In 2016, [[Bhavin Turakhia]] invested around $19 million into Zeta.<ref>{{cite news|title=Directi's Turakhia now bets on cloud venture Zeta|url=https://timesofindia.indiatimes.com/companies/Directis-Turakhia-now-bets-on-cloud-venture-Zeta/articleshow/54597514.cms|work=[[The Times of India]]|date=2016-09-30}}</ref> 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]].<ref name="Ecotimes"/>
The company was founded in April 2015 by [[Bhavin Turakhia]]<ref>{{cite news|last1=Balachandran|first1=Manu|title=The world's newest billionaires are two Indian brothers who founded a tech company in their teens|url=https://qz.com/763927/the-worlds-newest-billionaires-are-two-brothers-from-india-who-started-out-as-nerds/|publisher=[[Quartz (publication)|Quartz]]|date=2016-08-23}}</ref> and Ramki Gaddipati.<ref>{{cite news|title=Bhavin Turakhia now bets on Zeta|url=http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023|archive-url=https://web.archive.org/web/20170325031052/http://epaperbeta.timesofindia.com/Article.aspx?eid=31804&articlexml=Bhavin-Turakhia-now-bets-on-Zeta-30092016026023|url-status=dead|archive-date=25 March 2017|newspaper=[[The Times of India]]|date=2016-09-30}}</ref> Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments.<ref>{{cite news|title=Zeta: Pathbreaking digital solutions for employee benefits & rewards|url=https://www.expresscomputer.in/startup/zeta-pathbreaking-digital-solutions-for-employee-benefits-rewards/30538/|newspaper=[[Express Computers]]|date=2018-12-05}}</ref> In 2016, [[Bhavin Turakhia]] invested around $19 million into Zeta.<ref>{{cite news|title=Directi's Turakhia now bets on cloud venture Zeta|url=https://timesofindia.indiatimes.com/companies/Directis-Turakhia-now-bets-on-cloud-venture-Zeta/articleshow/54597514.cms|work=[[The Times of India]]|date=2016-09-30}}</ref> 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]].<ref name="Ecotimes"/>
In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR.<ref>{{cite news|last1=Singh|first1=Arti|title=Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR|url=https://www.vccircle.com/bhavin-turakhias-digital-meal-voucher-venture-zeta-backs-zinghr/|publisher=[[VCCircle]]|date=2017-06-29}}</ref><ref name="bizworld">{{cite news|title=Zeta Picks Up Stake in ZingHR for an Undisclosed Amount|url=http://bwdisrupt.businessworld.in/article/Zeta-Picks-Up-Stake-in-ZingHR-for-an-Undisclosed-Amount/29-06-2017-121081/|publisher=[[BusinessWorld]]|date=2017-06-29}}</ref>
In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR.<ref>{{cite news|last1=Singh|first1=Arti|title=Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR|url=https://www.vccircle.com/bhavin-turakhias-digital-meal-voucher-venture-zeta-backs-zinghr/|publisher=[[VCCircle]]|date=2017-06-29}}</ref><ref name="bizworld">{{cite news|title=Zeta Picks Up Stake in ZingHR for an Undisclosed Amount|url=http://bwdisrupt.businessworld.in/article/Zeta-Picks-Up-Stake-in-ZingHR-for-an-Undisclosed-Amount/29-06-2017-121081/|publisher=[[BusinessWorld]]|date=2017-06-29}}</ref>
Zeta has partnerships with [[IDFC Bank]],<ref>{{cite news|last1=Bhakta|first1=Pratik|title=IDFC Bank partners with Zeta for digital payments solution|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-partners-with-zeta-for-digital-payments-solution/articleshow/59983510.cms|publisher=[[Economic Times (India)]]|date=2017-08-09}}</ref> [[Sodexo]],<ref>{{cite news|last1=Pratap|first1=Ketan|title=Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions|url=http://gadgets.ndtv.com/others/news/sodexo-partners-zeta-for-employee-benefits-1697110|publisher=[[NDTV]]|date=2017-05-23}}</ref> Excelity Global,<ref>{{cite news|title=Excelity Global partners with Zeta|url=http://indiatoday.intoday.in/story/excelity-global-partners-with-zeta/1/973885.html|publisher=[[India Today]]|date=2017-06-08}}</ref> [[Kotak Mahindra Bank]]<ref>{{cite news|title=Kotak Bank, Zeta launch digital prepaid solution for employees|url=https://www.newindianexpress.com/pti-news/2017/oct/17/kotak-bank-zeta-launch-digital-prepaid-solution-for-employees-1676445.html|publisher=[[New Indian Express]]|date=2017-09-17}}</ref><ref>{{cite news|title=Payments tech co Zeta ties up with Kotak Mahindra to tap corporates|url=https://economictimes.indiatimes.com/small-biz/startups/payments-tech-co-zeta-ties-up-with-kotak-mahindra-to-tap-corporates/articleshow/61111334.cms|access-date=23 October 2017|publisher=[[Economic Times (India)]]|date=2017-09-17}}</ref> and [[RBL Bank]].<ref name="Ecotimes">{{cite news|title=Zeta ties up with RuPay for broader acceptance network|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/zeta-ties-up-with-rupay-for-broader-acceptance-network/articleshow/58128834.cms|publisher=[[Economic Times (India)]]|date=2017-04-11}}</ref> Zeta launched the first employee benefits survey in India along with [[Nielsen Holdings]] in April 2018.<ref>{{cite news |last1=Sarkar |first1=Brinda |title=62% of salaried employees find paper bills time-consuming: Study |url=https://economictimes.indiatimes.com/jobs/62-of-salaried-employees-find-paper-bills-time-consuming-study/articleshow/63887029.cms |publisher=[[The Economic Times]] |date=23 April 2018}}</ref> It also bought a minority stake in PeopleStrong in January 2018.<ref>{{cite news |last1=Guptoo |first1=Bishwaroop |title=Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/bhavin-turakhia-promoted-zeta-puts-funds-in-peoplestrong-hr-services/articleshow/62517366.cms |work=[[The Times of India]] |date=16 January 2018}}</ref> In 2019, Zeta received an investment from [[Sodexo|Sodexo BRS]] at a valuation of $300 million.<ref>{{Cite web|url=https://techcrunch.com/2019/07/23/zeta-300m-sodexo/|title=Fintech firm Zeta's valuation climbs to $300 million in its first external funding round|website=TechCrunch|date=23 July 2019 |access-date=2019-07-23}}</ref> In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries.[https://www.entrepreneur.com/article/352675] In 2021, Zeta secured Series C investment of $250 million from [[SoftBank Vision Fund]] 2 valuing Zeta at $1.45 billion.<ref name="w219">{{cite web | title=Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation | website=PYMNTS.com | date=2021-05-24 | url=https://www.pymnts.com/news/investment-tracker/2021/zeta-closes-250m-softbank-funding/ | access-date=2024-05-17}}</ref> This is one of the [https://www.fintechfutures.com/2021/05/softbank-pours-250-million-into-banking-tech-start-up-zeta/ largest single investments] in a banking tech startup globally.
Zeta has partnerships with [[IDFC Bank]],<ref>{{cite news|last1=Bhakta|first1=Pratik|title=IDFC Bank partners with Zeta for digital payments solution|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-bank-partners-with-zeta-for-digital-payments-solution/articleshow/59983510.cms|publisher=[[Economic Times (India)]]|date=2017-08-09}}</ref> [[Sodexo]],<ref>{{cite news|last1=Pratap|first1=Ketan|title=Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions|url=http://gadgets.ndtv.com/others/news/sodexo-partners-zeta-for-employee-benefits-1697110|publisher=[[NDTV]]|date=2017-05-23}}</ref> Excelity Global,<ref>{{cite news|title=Excelity Global partners with Zeta|url=http://indiatoday.intoday.in/story/excelity-global-partners-with-zeta/1/973885.html|publisher=[[India Today]]|date=2017-06-08}}</ref> [[Kotak Mahindra Bank]]<ref>{{cite news|title=Kotak Bank, Zeta launch digital prepaid solution for employees|url=https://www.newindianexpress.com/pti-news/2017/oct/17/kotak-bank-zeta-launch-digital-prepaid-solution-for-employees-1676445.html|publisher=[[New Indian Express]]|date=2017-09-17}}</ref><ref>{{cite news|title=Payments tech co Zeta ties up with Kotak Mahindra to tap corporates|url=https://economictimes.indiatimes.com/small-biz/startups/payments-tech-co-zeta-ties-up-with-kotak-mahindra-to-tap-corporates/articleshow/61111334.cms|access-date=23 October 2017|publisher=[[Economic Times (India)]]|date=2017-09-17}}</ref> and [[RBL Bank]].<ref name="Ecotimes">{{cite news|title=Zeta ties up with RuPay for broader acceptance network|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/zeta-ties-up-with-rupay-for-broader-acceptance-network/articleshow/58128834.cms|publisher=[[Economic Times (India)]]|date=2017-04-11}}</ref> Zeta launched the first employee benefits survey in India along with [[Nielsen Holdings]] in April 2018.<ref>{{cite news |last1=Sarkar |first1=Brinda |title=62% of salaried employees find paper bills time-consuming: Study |url=https://economictimes.indiatimes.com/jobs/62-of-salaried-employees-find-paper-bills-time-consuming-study/articleshow/63887029.cms |publisher=[[The Economic Times]] |date=23 April 2018}}</ref> It also bought a minority stake in PeopleStrong in January 2018.<ref>{{cite news |last1=Guptoo |first1=Bishwaroop |title=Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/bhavin-turakhia-promoted-zeta-puts-funds-in-peoplestrong-hr-services/articleshow/62517366.cms |work=[[The Times of India]] |date=16 January 2018}}</ref> In 2019, Zeta received an investment from [[Sodexo|Sodexo BRS]] at a valuation of $300 million.<ref>{{Cite web|url=https://techcrunch.com/2019/07/23/zeta-300m-sodexo/|title=Fintech firm Zeta's valuation climbs to $300 million in its first external funding round|website=TechCrunch|date=23 July 2019 |access-date=2019-07-23}}</ref> In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries.[https://www.entrepreneur.com/article/352675] In 2021, Zeta secured Series C investment of $250 million from [[SoftBank Vision Fund]] 2 valuing Zeta at $1.45 billion.<ref name="w219">{{cite web | title=Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation | website=PYMNTS.com | date=2021-05-24 | url=https://www.pymnts.com/news/investment-tracker/2021/zeta-closes-250m-softbank-funding/ | access-date=2024-05-17}}</ref> This is one of the largest single investments] in a banking tech startup globally.<ref name="x843">{{cite web | last=Andreasyan | first=Tanya | title=SoftBank pours $250 million into banking tech start-up Zeta | website=FinTech Futures | date=2021-05-26 | url=https://www.fintechfutures.com/2021/05/softbank-pours-250-million-into-banking-tech-start-up-zeta/ | access-date=2024-05-17}}</ref>


== Merger ==
== Merger ==

Revision as of 16:10, 17 May 2024

For other uses, see Zeta (disambiguation).

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

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.[1] In 2021, Zeta secured Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion.[20] This is one of the largest single investments] in a banking tech startup globally.[21]

Merger

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

See also

References

  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. ^ "Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation". PYMNTS.com. 24 May 2021. Retrieved 17 May 2024.
  21. ^ Andreasyan, Tanya (26 May 2021). "SoftBank pours $250 million into banking tech start-up Zeta". FinTech Futures. Retrieved 17 May 2024.
  22. ^ "Zeta's employee benefits business merges into Sodexo BRS India". Livemint. 25 July 2019. Retrieved 25 July 2019.
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