14th Unicorn Of India This Year As Zeta Bags $250 Mn Deal
The startup said the latest infusion of capital will be utilized for scaling growth in the US, Europe, and India including expanding the team, platform and operations to meet the rising demand
Bangalore-based fintech company Zeta became the latest entrant of India’s growing Unicorn club, after the startup raised $250 million in its Series C round from Softbank VIsion Fund 2 at a valuation of over $1.45 billion.
Sodexo also participated in the round as a minority investor and Avendus Capital acted as the financial advisor.
The startup said the latest infusion of capital will be utilized for scaling growth in the US, Europe, and India including expanding the team, platform and operations to meet the rising demand.
Founded by Bavin Turakhia and Ramki Gaddipati in 2015, Zeta provides a full-stack, cloud-native, API first neo-banking platform including a digital core and a payment engine for issuance of credit, debit and prepaid products. Zeta currently provides its platform and
products to BFSI issuers in India, Asia, and Latin America. Zeta’s products are used by banks like RBL Bank, IDFC First Bank along with 14,000 corporates and over 2 million users.
“Most banks are using decades-old software built when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, FIs can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience” said Turakhia, chief executive officer and co-founder of Zeta.
Commenting on the investment, Munish Varma, managing partner, SoftBank Investment Advisers said, “Banking software is a $300 billion industry globally. Most banks still employ technology, which is significantly older than their customers, impacting user experience and engagement. Zeta's modern Omni Stack will drive banking software upgrades catering to the digital consumer, and innovations in financial services globally."