Fintech player Zeta is looking to have 2.5 million users in its kitty by the end of financial year 2018-19. The company, which is a leading player in corporate payments, currently has 12,000 clients and a user base of 1.4 million.
In an interaction with Moneycontrol, Bhavin Turakhia, co-founder and CEO, Zeta, said the company is seeing a positive response from clients and seeing a 22 percent month-on-month growth.
Turakhia also said that the transactions on their card is almost 3-4 times that of a credit card in terms of value.
From the corporate world, Zeta has a good mix of both private sector as well as public sector clients.
The public sector clients include Indian Renewable Energy Development Agency, Hindustan Petroleum Corporation, Gujarat Gas, Gujarat International Finance Tec-City and Sabarmati Gas.
“We are aiming to be the largest player in the corporate payments space. Unlike others, we have placed strict emphasis on compliance and have also engaged the big four accounting firms to ensure legal compliance,” said Turakhia.
Turakhia, a billionaire tech entrpreneur, is also the founder of several other companies including Directi, CodeChef, Flock and Ringo. He had also co-founded ad-tech firm Media.net with his brother Divyank Turakhia, which was acquired by a Chinese consortium led by Miteno Communication Technology for USD 900 million in 2016 in one of the largest acquisitions in the technology space.
The country is estimated to have 20 million salaried tax payers and Zeta believes that there is a huge untapped opportunity. Turakhia said that through their solutions, they are able to help the working professionals save about 30 percent in taxes annually.
Instead of going heavy into acquisitions, Zeta has taken the partnership route to acquire new customers and expand their reach. Recently, it also acquired a stake in PeopleStrong, a strong player in the HR technology space.
In January 2016, Zeta had launched its first Digitised Meal Voucher product.
Later, it rolled out more benefits such as medical reimbursements, gift card, leave travel allowance, communication card, books & periodicals and fuel and travel card, all of which put together help salaried employees increase their take home salary by Rs 80,000 without any increase in CTC.
By December 2016, Zeta had a total of 600 corporates and 70, 000 users. By then it had also launched cafeteria management for B2B clients.
Last year in May, Zeta entered into a partnership with its competitor Sodexo and in August launched another business vertical by launching digital solutions for banks. Zeta has already partnered with IDFC and Kotak Mahindra Bank for digitised employee benefits solutions and other banking solutions.
Going forward, Turakhia said that the company is looking at smaller cities for growth in the benefits space. However, he said that the emphasis will be keep costs low and drive operational efficiency.moneycontrol