Fintech startup Zeta become India’s 7th Unicorn

Indian banking tech startup Zeta, which provides modern processing and embeddable banking solutions, is inching closer to acquiring a unicorn status. It could become India’s 7th unicorn in the month of April. The SoftBank Vision Fund 2 is in the advanced stages of talks with the startup to lead a US$ 250 million Series D round.

If the investment comes through, the startup will be valued at over US$ 1 billion, up from US$ 300 million in 2019, after it raised Series C funding.

About Zeta

Zeta

Founded in 2015 by Bhavin Turakhia, Bhavin Turakhia and Ramki Gaddipati, Zeta has built a modern stack for Financial Institutions (FIs) for debit, credit, prepaid, loans, authentication and Fraud and Risk Management (FRM). The startup helps banks launch modern retail and fintech products.  Banks can either use the startup’s cloud-native, API-first banking stack as its core framework or build services on top of it. The ultimate goal is to provide the customers with an enriching experience. Zeta has clients in several Asian and Latin American markets. Some of its notable clients include RBL Bank, IDFC First Bank and Kotak Mahindra Bank along with 14,000 corporates. 

Product Suite – 

  1. Tachyon Suite: Modular credit, debit, prepaid and load processing with integrated mobile app.
  2. Fusion Suite: Embedded banking for banks and fintech distributors. Fusion for banks offers APIs and SDKs to enable fintechs to embed prepaid, credit, debit products into their apps and offerings. 
  3. Cipher Suite: Provides a frictionless e-commerce experience with best-in-class payment success rates through future-ready, elastically scalable ACS.

In the last 22 years, Bhavin Turakhia (CEO of Zeta) has built 5 successful businesses. At 17, he co-founded Resellerclub, Logicboxes and BigRock, which he exited in a US$ 160mn transaction in 2014. Along with Zeta, he is heading Radix, a registry for top-level extensions and Flock, a suite of productivity apps.

After the deal is finalized, Zeta will join the growing list of Indian unicorn startups. After Groww and CRED, it will be the third fintech startup to attain unicorn status in April.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.


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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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