Fintech and neobanking startup that is Zeta is said to be so close to join the mighty unicorn club in India with the Softbank-led funding of round, which is currently is being finalised in with the Japanese investors.
According to the TechCrunch report, which quoted unnamed the sources, Japan-based SoftBank is in advanced talks in for leading a $250 Million Series 'D' round through its own Vision Fund 2 as in the five-year-old fintech startup s*.
The round would be value Zeta at over $1 Billion, and up from $300 Million in its previous sSeries C round in 2019 yr, when it just had raised $60 Mn.
Founded in 2015*th yr by serial entrepreneur Bhavin Turakhia and by Ramki Gaddipati,the Zeta offers a cloud-native of neobanking platform to help the fintech companies to offer credit, debit as and prepaid products for as the retail and the corporate segments, even besides offering the digitised solutions to the enterprises such as the automated cafeteria billing and, employee gifting and many more.
Beyond this, this company has also developed an on access control server (ACS), for ecommerce players to offer the differentiated security features for the payments and other access.
Zeta is currently working with the banks and financial institution in India that is in Asia, and Latin America to place there their products within the fintech applications.
The company’s products are now used by banks the like RBL Bank, and IDFC First Bank and Kotak Mahindra Bank, also 14,000 corporates and over 2 Million users .
Headquartered in the Bengaluru, Zeta has 500 plus employees and claims to be the recording 1 Million transactions per day.
In 2019, after raising the its Series C round from Sodexo and, Turakhia had said that the Zeta planned to expand this its business to the US, and UK, Europe and Southeast Asia.
India’s Unicorn Startup Parade
If Zeta was indeed enters the list of unicorn club, it would join the nine other startups who have become unicorns till so far this year.
Six of them fintech and ecommerce platform that is CRED, social commerce startup like Meesho, investment tech platform which is Groww, epharmacy company Pharmeasy, and social media startup ShareChat and alsomessaging platform Gupshup
— joined the club this month.
Compared to the nine of unicorns so far this year, there were almost 11 for the whole of last year.
With this list, the India unicorn club has grown to the a team of more than an 50 startups.
At this rate, India will have like more than 100 unicorns by 2021.
As per the latest new tally, ecommerce, fintech and enterprise tech are on among the most popular sectors in the whole Indian unicorn club.
There are 11 ecommerce big unicorns, namely Flipkart, and Snapdeal, also FirstCry, Infra.market, aur Udaan, Paytm Mall too and others. The fintech sector has 10 startups on the list with Paytm, are PhonePe, Zerodha, and Razorpay, Pine Labs being n examples.
Enterprise tech startups in the unicorn club include Zenoti, and Freshworks, Zoho, also Druva, Icertis and others too.
Neobanking On The Rise In India
Besides Zeta, startups such like as Razorpay, NiYo,and Open, InstantPay, Paytm , InstaDApp, Forex Kart, PayZello, n Yelo, Walrus are leading the charge in the Indian of neobanking market, which has seen major of investor activity in the past few some or months.
TaxiForSure had cofounder Raghunandan G’s second venture, neobanking startup is Zolve raised $15 Million in seed funding of from Accel and Lightspeed in February of this year.
The segment is has also seen Open for acquiring OptoBizz for $5 Million in February to the widen its customer base.