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Another Indian startup is on its move to enter into the Unicorn club. Zeta, a financial institution and enterprise focused on neo- banking platform is in top discussions to raise around $250 million in its Series D funding round. The latest funding round was led by Softbank Vision.
Mumbai-based company Zeta will raise this round at a valuation of $1 billion and more and may enter into the Unicorn club, stated by the recent TechCrunch report. The round is yet to be closed, and we will know whether it made it to the club or not.
In 2019, Zeta had raised $60 million in its Series C round from Sodexo at an estimated valuation of around $300 million funds.
This year, we saw several Indian startups namely Groww, CRED, and now Zeta will be the third fintech venture to attain Unicorn status this April. And to date, it’s the seventh venture in the month so far.
The sources say if the deal goes well and as per expectations and more, it will record a 3X jump in valuation on the lines of social commerce platform Meesho, CRED, and finally Groww.
Zeta was founded in 2015, earlier it used to be tax-saving reimbursement, expense management, salary disbursement, recognition, employee rewards, and involving corporate cafeteria solutions, and more. However, the firm had offered to focus on banks-centric fintech solutions to the customer base.
The funding series was led by entrepreneurs Bhavin Thurakia and Ramki Gadipatti. Zeta is a full-stack neo-banking platform for issuing debit, credit, and prepaid products, enabling banks and more to launch retail and corporate fintech products.
It offers support to financial institutions in authentication, risk management, and any kind of relatable fraud. Its solutions are also being used by BFSI issuers in India, Asia, and even Latin America. It has clients namely RBL Bank, IDFC First Bank, and Kotak Mahindra Bank, and other 14,000 corporates.
Apart from this, it also offers API, SDKs, and payment gateways to banks and more. It also offers an exclusive feature via which users can quickly generate a digital card for their family members and even including their minors like kids.
Lastly, as per the Economic Times report, it is also a part of a consortium led by Paytm. It is to be set up a New Umbrella Entity (NUE) to build a national payments infrastructure firm.
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