Vision Fund leads Series C for India-founded Zeta

Sodexo, a France-based employee benefits services provider with a global footprint, also participated. Zeta, which is currently active across North and South America, Europe, and Asia, will use the proceeds to scale operations in the US and Europe.

The investment has been billed as a Series C round, although Zeta was said to have raised a $60 million Series C in 2019 led by Sodexo. That round reportedly valued the company at $300 million.

Zeta’s core product, Tachyon, is marketed as an “omni stack” SaaS suite for retail banking clients that works with their legacy systems. It offers a mobile app that integrates debit processing, credit processing, and lending platform services.

The idea is to simplify and modernize technology support for banks facing increasing demand for digital services. The business is intended to grow in step with other digitization trends related to multiplying challenges for banks around data security, privacy, and reliability. Zeta claims to have more than 10 banking and 25 fintech clients currently, including Sodexo and HDFC Bank.

“Banking software is a $300 billion industry globally," Munish Varma, a managing partner at SoftBank Investment Advisers, said in a statement. “Most banks still employ technology which is significantly older than their customers, impacting user experience and engagement.”

Zeta was founded in 2015 by serial entrepreneurs Bhavin Turakhia and Ramki Gaddipati. Turakhia is known for helping set up three Indian webhosting brands – Resellerclub, Logicboxes and BigRock – when he was 17. These businesses were bundled under online services provider Directi Web Technology, which was acquired by Warburg Pincus and Goldman Sachs for $110 million in 2013.

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• Topics
• North America
• South Asia
• Expansion
• Financials
• Technology
• USA
• India
• Softbank
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