Enterprise focused fintech firm Zeta has raised about $60 million worth Series C round from Sodexo. This is the first round of external funding for the Mumbai-based company owned by serial entrepreneurs – Bhavin Thurakia and Ramki Gadipatti.
While the company didn’t disclose the size of the round, a couple of media reports hint that Zeta raised up to $60 million at an estimated valuation of $300 million.
Turakhia joined India’s affluent club in 2016 after selling Media.net (co-founded along with his brother Divyank Thurakia) to a Chinese conglomerate at a valuation of $900 million. So far, the duo has invested about $40 million in the venture. Zeta operates in Latin America and Asia.
It manages tax-saving reimbursements, expense management, salary disbursement, employee rewards and recognition including corporate cafeteria solutions. According to a Techcrunch report, the company has about 2 million users across 14,000 corporate customers. Its clientele base including three banks financial institutions such as Sodexo.
Citing Turakhia the report mentions that the fresh round would be deployed towards expansion in the United States, UK, Europe, and Southeast Asia.
Zeta and Sodexo have been working together for over two years. Zeta also helped the French firm to digitise its meal vouchers business in India. In January last year, Zeta had picked up a minority stake in the Gurugram-based PeopleStrong HR Services. It also invested up to 10 crore to buy a minority stake in another human resources solutions entity ZingHR.
In a press statement, Aurelien Sonet, CEO, BRS at Sodexo, said, “This investment will enable the Sodexo group to benefit from Zeta’s comprehensive suite of solutions and offer a seamless payment experience to our consumers. Zeta and Sodexo are already working together on deploying Zeta’s platform across several Sodexo subsidiaries across different regions.”
Sodexo competes with Happay, Transerv, AmEx including several other direct and indirect competition.