STOCK MARKET BSE NSE

Zeta in billion-dollar club, aided by SoftBank push

The firm has tied up with 25 fintech firms and 10 banks, including HDFC Bank, RBL Bank, Kotak Mahindra Bank and Yes Bank. 

Published: 25th May 2021 10:41 AM  |   Last Updated: 25th May 2021 10:41 AM   |  A+A-

SoftBank Corporation (File photo | Reuters)

By Express News Service

BENGALURU: Bengaluru-based neo banking platform which provides cloud API services to fintech and banking institutions, Zeta, is the latest entrant to the billion dollar startup club of India with a fundraise of $250 million led by Japanese investment giant SoftBank.

This is SoftBank’s second start-up bet in India for 2021 after leading a $300 million funding round in social commerce platform Meesho earlier this year. Zeta has seen its valuation rise to $1.45 with the latest investment round.  

The firm was valued at $300 million during a Series C funding round in 2019. Zeta’s co-founder Bhavin Turakhia said that the company aims to expand its global footprints with the current funds-raise. “Most banks are using decades-old software built when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, FIs can leverage a modern, cloud native platform and improve speed to market, cost to income ratio and user experience” Turakhia said.

The firm has tied up with 25 fintech firms and 10 banks, including HDFC Bank, RBL Bank, Kotak Mahindra Bank and Yes Bank. Year 2021 has so far seen the birth of 14 unicorns as startups leverage the digital acceleration induced by Covid.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp