Fintech platform Zeta secures C series investment from Sodexo; deal values company at $300 mn

Fintech platform Zeta on Tuesday secured a series C investment from Sodexo Benefits and Rewards (BRS), at a valuation of $300 million. With this new capital, Zeta will look at expanding its business in the United States, United Kingdom, Europe and SouthEast Asia.

Starting operations in 2015 in the digital meal benefit market, Zeta over 14,000 corporate clients and more than 1.9 million users using its employee benefits and corporate gifting platform.

It has partnerships with organisations such as RBL Bank, IDFC First Bank and Kotak Mahindra Bank.

"Today's banking and fintech ecosystem requires cloud-native, privacy-aware, inherently secure, API (application programme interface) first banking and payment solutions. With this new investment, we want to further our vision to accelerate to a world where payments are invisible and seamless," Zeta co-founder and Chief Executive Officer Bhavin Turakhia said on Tuesday.

Bhavin Turakhia, Founder and CEO, Zeta

He added that the company will expand its operations to over 15 countries in the next two years.

Until now, Zeta has been funded till date by $40 million by co-founders Bhavin Turakhia and Ramki Gaddipati. With this investment Sodexo will have a minority stake in the company. Avendus Capital was the exclusive financial advisor to Zeta in the entire investment process.

Sodexo has been a strategic partner of Zeta since 2017, SBR CEO Aurelien Sonet said.

"This investment will enable the Sodexo group to benefit from Zeta's seamless payment experience and offer a comprehensive suite of solutions to our consumers. Zeta and Sodexo are already working together on deploying Zeta's platform across several Sodexo subsidiaries across different regions," he added.

Founded in Marseille in 1966 by Pierre Bellon, Sodexo operates in 72 countries,serves 100 million consumers each day through its On-site Services, Benefits and Rewards Services and Personal and Home Service.