Ramki Gaddipati founded Zeta becomes 14th Indian unicorn this year

Banking tech startup Zeta has raised $260 million in a funding round led by SoftBank Vision Fund II at a valuation of $1.45 billion. In the process, it has become the latest Indian startup to join the coveted unicorn club.

SoftBank has invested $250 million for 17% stake, while existing investor Sodexo has put in $10 million.

The round could close at $300 million, a source told ET, as Zeta is in talks to raise another $40 million from a few other investors. Avendus Capital is the adviser to the transaction. The Bengaluru-based startup’s valuation has surged nearly five times from $300 million during its previous round in 2019.

Zeta has become the fourteenth Indian startup to become a unicorn this year—joining Cred, Razorpay and Groww in the club—underscoring the growing demand among equity investors for growth-stage fintech companies in the country.

The company, founded in 2015 by serial entrepreneur Ramkrishna Gaddipati and Bhavinche Turakhia, specialises in helping banks build modern retail and fintech services for their customers.

The company will also join a growing list of SoftBank-backed unicorns in India, such as Paytm, PolicyBazaar and Ola.

Ramki has been involved with the Directi Group for seven years, having led several tech initiatives in various capacities. In the past Ramki co-founded Bridle Information and Technology Solutions and was listed in Asia’s Best Entrepreneurs Under 25 by BusinessWeek in 2006. He holds a Master’s degree in Management and a Master’s in Software Systems from Birla Institute of Technology and Science (BITS), Pilani.

Comments

Victim Of Reservations said…

Dear brother, i dont know how we can thank you for your service to our community, god bless you, tc.

Tuesday, May 25, 2021 11:18:00 PM

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