Zeta’s employee benefits business is merging into Sodexo benefits and rewards services (BRS). Post this this merger, Zeta will hold a minority stake in Sodexo BRS India.
The merger comes a day after Sodexo led a close to $60 Mn investment in Zeta to pick up a minority stake in the four-year-old neo banking startup, at a valuation of over $300 Mn. Zeta plans to use the capital to expand its business across 15 countries including the US, the UK, in Europe and in Southeast Asia.
Sebastien Godet, Asia president of Sodexo BRS, shared in media, “Sodexo started to partner with Zeta in India two years ago and we are very happy with the results of our common work here. It has brought value to all our stakeholders, clients, consumers and merchants. We have already started to work together outside India and we are happy to expand and strengthen our partnership with Zeta."
Sodexo offers meal and gift vouchers to over three million customers in over 1,700 cities in India through its partnerships with more than 11,000 Indian companies. Zeta offers a digital platform to enterprises for managing employee benefits and allowances, and a corporate gifting platform as well.
After the merger, Sodexo would launch a single electronic card, which would include services provided by Sodexo’s meal card and a multi-benefits card powered by RuPay, the domestic card payment scheme of National Payments Corporation of India (NPCI).
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