Sodexo takes strategic minority stake in Zeta, an Indian fintech company
July 23 2019 - 1:15PM
Paris, July 23, 2019 – Sodexo, world
leader in Quality of Life services, announced today that its
Benefits & Rewards Services (BRS) activity has entered into
final discussions to take a strategic minority stake in Zeta, ,
which has been partnering with Sodexo BRS India since 2017.
This investment will be part of BRS’s on-going strategic
initiatives to reinforce its technology and development capacities
to accelerate digitization in all its activities around the
world.
Beyond BRS, the whole of the Sodexo group will
also benefit from Zeta’s comprehensive technological suite of
seamless payment solutions to foster synergies across activities
ultimately benefiting its 100 million consumers. Zeta and Sodexo
are already working on deploying Zeta’s know-how in several BRS
subsidiaries in different regions, such as in Latin America and in
Asia.
“Our investment in
Zeta will give us the opportunity to accelerate our digitization
journey globally. This investment will bring together the agility
and technical skills of Zeta and Sodexo’s expertise in Employee
Benefits Services to enhance the overall Employee Experience”.
said Aurelien Sonet, Chief Executive Officer, Sodexo Benefits
& Rewards Services.
“Zeta’s vision is to
accelerate the movement towards a world where payments are
invisible. Today’s banking and fintech ecosystem requires
cloud-native, privacy-aware, inherently secure, API first banking
and payment solutions”. says Bhavin Turakhia, Co-Founder and CEO
of Zeta. “With this new capital, Zeta would look at expanding
its business in the United States, United Kingdom, Europe and
Southeast Asia. We have already begun hiring senior leadership in
US & UK. We will be operating in over 20 countries with over 25
million users on our platform in the next 2 years” he added.
Until now, Zeta has been funded by co-founders
Bhavin Turakhia and Ramki Gaddipati. The new capital will bring
Zeta’s total valuation to $0.3Bn.
About Sodexo
Founded in Marseille in 1966 by
Pierre Bellon, Sodexo is the global leader in services that
improve Quality of Life, an essential factor in individual and
organizational performance. Operating in 72 countries, Sodexo
serves 100 million consumers each day through its unique
combination of On-site Services, Benefits and Rewards Services and
Personal and Home Services. Sodexo provides clients an integrated
offering developed over more than 50 years of experience: from
foodservices, reception, maintenance and cleaning, to facilities
and equipment management; from services and programs fostering
employees’ engagement to solutions that simplify and optimize their
mobility and expenses management, to in-home assistance, child care
centers and concierge services. Sodexo’s success and performance
are founded on its independence, its sustainable business model and
its ability to continuously develop and engage its
460,000 employees throughout the world.
Sodexo is included in the CAC 40, FTSE 4 Good and DJSI
indices.
Key figures (as of August 31, 2018)
20.4 billion euro in
consolidated revenues 460,000 employees 19th largest
private employer worldwide72 countries 100 million
consumers served daily 15.4 billion euro in market
capitalization (as of July 5, 2019)
About Zeta
Co-founded by Bhavin Turakhia (CEO) and Ramki
Gaddipati (CTO), Zeta® is in the business of providing (1) a full
stack cloud native neo-banking platform for issuance of credit,
debit and prepaid products that enable legacy banks and new age
fintech institutions to launch engaging retail and corporate
products, and (2) Enterprise Payments solutions comprising of TnE
cards, P-cards, Expense Management, Salary disbursement and more.
It currently provides its platform and products to contracts /
prospects in India, Latin America and Asia. Zeta’s products are
used by 5+ banks and fintech issuers, 14k Corporates and over 2
million users. Zeta is a SOC 2, ISO 27001, ISO 9008, PCI DSS
certified company. Zeta has over 450 employees and clocks over 1
million transactions per day.
To know more about Zeta, log on to
www.zeta.in or follow Zeta on Twitter, Facebook, and LinkedIn
Contacts
Media |
Investors |
Mathieu SCARAVETTITél. : +33 1 57 75 81 28
Mathieu.scaravetti@sodexo.com |
Virginia JEANSONTel: +33 1 57 75 80 56
virginia.jeanson@sodexo.com |
- Sodexo Press Release - Zeta Investment - ENG
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