Mumbai-based digitised employee benefits solutions company Zeta has made an equity investment in cloud-based human capital management services startup ZingHR.

ZingHR will now offer its clients Zeta’s digital employee benefits solutions, such as meal vouchers, paperless claims for medical, LTA, fuel, and mobile.

With this funding, ZingHR will now further expand its business and build its technology.

Commenting on the investment, Bhavin Turakhia, CEO and Co-founder of 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 1,000 corporate clients. We see a lot synergies with ZingHR to further expand the reach of digitised solutions across the globe.”

According to Prasad Rajappan, Founder and CEO of ZingHR: “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.”

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Established in April 2015 Turakhia and Ramki Gaddipati (CTO), Zeta is a fintech startup on a mission to digitise employee benefits, cafeteria solutions, and rewards & recognition solutions. It forayed into this journey by launching a cloud-based smart benefits suite called Optima in January 2016. The Optima range includes smart benefits such as digitised meal vouchers, fuel and travel card, communications card, medical reimbursements, gadget card, gift card and LTA card.

Zeta’s offerings also comprise Zeta Express, a payment solution aimed at making corporate cafeterias cashless. This range includes the Zeta Super Tag, Zeta Kiosk, Express Remote Ordering and Zeta Super ID.

Zeta has over 350 employees spread over 11 Indian cities: Mumbai, New Delhi, Hyderabad, Bangalore, Chennai, Pune, Kolkata, Nashik, Baroda, Kochi and Ahmedabad. Its corporate clientele includes over 850 clients across industries ranging from large conglomerates to small startups.

ZingHR is a human capital management company serving 600,000-plus employees across BFSI, IT-ITES, retail, services, manufacturing, pharma, education industries. Its hire-to-retire modules encompass all facets of an employee life cycle right from hiring, onboarding, time & attendance, expense claims, payroll, compliance, performance management, and learning till separation. ZingHR currently has over 600,000 employee records processed across 400-plus customers across India, Middle-East and Singapore.

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With over 20-plus cloud and mobile app modules, ZingHR helps achieve business outcomes in less than three to four months of implementation. The company’s investors include Accel Partners, Mumbai Angels and Triton. It is is gaining traction from other markets, including Southeast Asia, Europe and South Africa.