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 worldwide
72 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 SCARAVETTI Tél. : +33 1 57 75 81 28 Mathieu.scaravetti@sodexo.com | Virginia JEANSON Tel: +33 1 57 75 80 56 virginia.jeanson@sodexo.com |
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