Zeta raises $250 million from SoftBank fund, turns unicorn

MUMBAI : Banking tech startup Zeta has become the latest unicorn in India after raising $250 million from SoftBank’s Vision Fund 2 at a valuation of $1.25 billion.

This is the first investment from an institutional investor for the firm, founded by serial entrepreneur Bhavin Turakhia and Ramki Gaddipati.

Zeta plans to use the funds to disrupt the banking industry’s back-end technology landscape. Investment bank Avendus Capital advised Zeta on the fundraise.

The increasing flow of foreign capital is fuelling the growth of unicorns in India. In 2020, a dozen startups, including Razorpay, PineLabs, Zerodha and Postman,