Digital payments and meal vouchers company Zeta today announces that it has invested Rs 5-10 crore to buy a minority stake in ZingHR. Now the acquired company will offer Zeta’s digital employee benefits solutions such as meal vouchers, paperless claims for medical, LTA, fuel, mobile and so on to its clients.
Bhavin Turakhia, CEO & Co-founder, Zeta said, “ZingHR is going through an interesting phase in the cloud-based market. Their growth journey has been quite impressive. Since Zeta’s inception, our product portfolio has grown exponentially and we’ve added 1000 corporate clients. We are excited about this phase as we see lot synergies with ZingHR to further expand the reach of digitised solutions across the globe.”
ZingHR is a key player in the global enterprise cloud applications space, providing end-to-end employee lifecycle management services. The company works on various cutting-edge technologies including machine learning in recruitment; embedded Power BI based HR analytics, geo-fencing, geo-tagging, and Aadhar-based digital onboarding. Some of ZingHR’s key clients include Svatantra Finance, DHL, Shree Ram Housing Finance and Sterling Resorts.
On this occasion, Mr. Prasad Rajappan, Founder & CEO, ZingHR said,“We are thrilled about this strategic partnership. We believe that, with Zeta, we can achieve significant business transformations with cloud-based HR processes effectively. We are confident that together, we will empower businesses across geographies and acquire more customers.”
This investment will bolster equity infusion along with existing investors Triton. With funding, ZingHR will now further expand its business and build its technology.
On another hand, Zeta is a popular name in the space of digitised employee benefits in India, which recently reached a milestone of 1 Million transactions in the Indian market. The company claims to have 1000 corporate clients and over 3.5 lakh users.
Zeta users have the freedom to spend their benefits across 11 lakh+ outlets via the Zeta app, the Zeta Super Card, a Mastercard/ RuPay powered card or the NFC-enabled Zeta Super Tag. The company’s key objective is to help salaried professionals save beyond Rs 80k in taxes.