Sodexo, through its Benefits & Rewards Services (BRS) division, is in final talks to acquire a strategic minority stake in Indian fintech company Zeta.
As part of its on-going strategic initiatives, the acquisition will allow BRS to accelerate digitisation across its activities globally by strengthening its technology and development capabilities.
In addition, the acquisition of Zeta is expected to benefit the entire Sodexo group through its comprehensive technological suite of payment solutions.
Sodexo Benefits & Rewards Services CEO Aurelien Sonet said: “Our investment in Zeta will give us the opportunity to accelerate our digitisation 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.”
The partners are currently in the process of deploying Zeta’s expertise across various BRS subsidiaries in Latin America and Asia.
Zeta co-founders Bhavin Turakhia and Ramki Gaddipati has been funding the company since its inception and the latest investment will increase its valuation to $0.3bn.
Turakhia said: “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. With this new capital, Zeta would look at expanding its business in the US, UK, 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 two years.”