Zeta picks up stake in ZingHR

Zeta, a fintech pioneer in digitised employee benefits solutions, has made a equity investment in ZingHR, a cloud services provider, for an undisclosed amount. ZingHR will also now offer its clients Zeta's digital employee benefits solutions such as meal vouchers, paperless claims for medical, LTA, fuel, mobile and so on.

This investment will bolster equity infusion along with existing investors Triton. With funding from Zeta, ZingHR will now further expand its business and build its technology.

"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 synergies with ZingHR to further expand the reach of digitised solutions across the globe," said CEO and co-founder Zeta, Bhavin Turakhia.

"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," said founder and CEO ZingHR, Prasad Rajappan.

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.

Zeta is a popular name in the space of digitised employee benefits in India, which recently reached a milestone of one million transactions in the Indian market. Zeta boasts of an increasing clientele, presently comprising 1000 corporate clients and over 3.5 lakh users.

Known for its flagship solution Zeta Optima suite of tax benefits, Zeta also offers Zeta Express cashless cafeteria solutions as well as the Zeta Spotlight rewards and recognition programme. 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.

-ANI