NEW DELHI: Banking technology solutions provider Zeta has become the 14th startup to join the unicorn club this year after it raised $250 million from Japanese investment giant SoftBank for its series-C round. The SoftBank investment pushed up Zeta’s valuation by more than three times.
The company, which counts several banks including HDFC Bank, RBL Bank, IDFC First Bank and Kotak Mahindra Bank among its clients, raised the funds from SoftBank Vision Fund 2 at a valuation of nearly $1.5 billion.
French employee benefits company Sodexo, from which the company raised an undisclosed amount of funding in July 2019 at a valuation of $300 million, participated as a minority investor in the round, while Avendus Capital acted as the financial adviser for the deal.
Founded in 2015 by London-based serial entrepreneur Bhavin Turakhia along with Ramki Gaddipati, Zeta offers products that are focused on retail banks, which integrate mobile app, debit processing, credit processing and lending platform without changing the existing core banking systems.
Turakhia, a billionaire, launched Zeta in 2015, after selling Directi in 2014, which he had co-founded with his younger sibling, for $160 million. Subsequently, they sold another venture to a group of Chinese investors for $900 million. Originally from Mumbai, Turakhia currently is the founder and CEO at Flock, ringo.co and Radix.
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