Bhavin Turakhia-backed fintech startup Zeta has invested an undisclosed amount in ZingHR, a cloud services provider.
With this move, ZingHR will now offer Zeta’s digital employee benefits solutions such as meal vouchers, paperless claims for medical, LTA, fuel, mobile and so on.
Commenting on the investment, 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 a lot of synergies with ZingHR to further expand the reach of digitised solutions across the globe.”
Zeta was launched in April 2015 by Bhavin Turakhia and Ramki Gaddipati. Zeta launched a cloud-based smart benefits suite called Optima in January 2016. The Optima range includes digitised meal vouchers, fuel and travel card, communications card, medical reimbursements, gadget card, gift card, and LTA card.
Zeta claims to have over 350 employees spread over 11 Indian cities: Mumbai, New Delhi, Hyderabad, Bengaluru, Chennai, Pune, Kolkata, Nashik, Baroda, Kochi, and Ahmedabad. The company’s clientele includes over 850 clients across industries ranging from large conglomerates to startups.
The mobile-based meal voucher platform, the app provides HR Managers with an instant one-click distribution platform of digitised meal coupons to employees across cities. These vouchers are a tax saving instrument as they are fully compliant with Income Tax and RBI laws as prescribed under the new RBI norms updated in December 2014.
On the other hand, ZingHR was launched in 2014 – a cloud-based human capital management (HCM) solution covering the entire spectrum from hire-to-retire or an end-to-end HCM solution with the focus on small and medium enterprises.
ZingHR works in the global enterprise cloud applications space. It provides end-to-end employee lifecycle management services. The company works on technologies including machine learning in recruitment, embedded Power BI based HR analytics, geo-fencing, geo-tagging, and Aadhar-based digital onboarding. ZingHR’s clientele includes the likes of DHL, Shree Ram Housing Finance, Svatantra Finance, and Sterling Resorts.
As per a company statement, this investment will bolster equity infusion along with existing investors Triton.
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.”
Zing HR modules manage all activities employee life cycle right from hiring, onboarding, time & attendance, expense claims, payroll, compliance, performance management, and learning etc. ZingHR currently claims to have processed over 600,000 employee records across 400+ customers in India, Middle-East and Singapore. Its investors include Accel Partners, Mumbai Angels and Triton.
Earlier in September 2016, Turakhia brothers-led technology company Directi also announced to infuse $110 Mn in four newer ventures including Zeta, a calling app called Ringo; a communication app Flock; and an internet domain-name registration company Radix. In January 2017, Zeta launched a digital Leave Travel Allowance (LTA) solution.