By
Bhushan Akolkar
February 1st, 2024
India’s Bengaluru-based fintech platform, Zeta, secured a Series C investment from Sodexo Benefits and Rewards (BRS) raising an undisclosed amount that pushed its valuation to $300 million.
Bengaluru-based fintech platform, Zeta, announced on July 23 that it has secured a Series C investment from Sodexo Benefits and Rewards (BRS). The platform offers co-branded debit and credit cards, corporate gifting, and employee expense management. According to an official statement, Zeta raised an undisclosed amount valuing it at over $300 million.
The fintech company now aims to expand its business across 15 countries that include the UK, the US, and others in Southeast Asia and Europe. These expansions will take place in the next two years. Since its inception in 2015, Zeta has always self-funded with money coming from its co-founders. However, the investment enables Sodexo to have a minority stake in the company.
The company is a part of the Directi Group and it describes itself as a fintech leader that offers many digitized solutions for corporates. It targets rewards and recognition, digital employee tax benefits, and automated cafeteria solutions. In the official statement the company added:
“We also aim to empower HR managers to help them engage their employees in a better way. Spotlight, our digitized solution for rewards and recognition, offers a choice of multiple gifting and incentive solutions for employee appreciation, tailored to all the needs for employee gifting, channel partners and vendors.”
All through this investment process, the exclusive financial advisor to Zeta was Avendus Capital.
Zeta’s Products
Zeta’s product portfolio features an enterprise solution for corporate-like automated cafeteria, employee gifting & R&R. Also, it has a full-stack cloud-native neo-banking platform for credit, debit and prepaid products issuance. That platform enables legacy banks and new-age fintech institutions to launch corporate and retail fintech products.
The Co-Founder and CEO of Zeta, Bhavin Turakhia, believe that the current banking and fintech ecosystem needs various solutions. These include inherently secure, cloud-native, privacy-aware, API first banking and payment solutions. Hence, the new investment will help Zeta accelerate to a world that has seamless and invisible payments.
Ramki Gaddipati, Co-Founder and CTO of Zeta, added:
“At Zeta, we have been creating a robust platform over the last five years to solve for use cases that could not be addressed through legacy approaches.”
This platform supports the creation of tailor-made consumer experiences scaling billions of transactions daily. Thus, the latest investment will enable Zeta to enhance its capabilities in artificial intelligence, machine learning, and predictive analytics. These developments will ensure that the company can provide high-quality services with more actionable information to users and clients.
