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Zeta eyes $25mn investment for expansion; adds new tax-saving solutions

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CIOL Writers
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CIOL Zeta eyes $25mn investment for expansion; adds new tax-saving solutions

Zeta, a tax optimizing solution co-founded by Bhavin Turakhia, that helps working professionals increase their take-home salaries by utilising tax-compliant benefits, has introduced three new digital solutions as part of it's the employee tax benefits product portfolio.

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In addition to Zeta’s existing digital solutions like meal vouchers, medical reimbursements, gadget card and gift card, the three new e-solutions namely Fuel & Travel, Communications and Books & Periodicals, offer tax savings to employees as per legal provisions on fuel reimbursements or allowances, mobile phone and internet bill reimbursements and books and periodicals reimbursements.

Zeta CEO and co-founder  said, “Since Zeta’s launch, all our efforts have been concentrated on offering a tech facelift to employee tax benefits. Fuel allowances, mobile bill, and books and periodicals reimbursements are probably a few of the most process-plagued benefits and we are happy to make this space more convenient by making it 100 percent digital.”

“We have seen good growth in the past few months. Given our pace, Zeta will see an investment to the tune of US$25 million in the current and next financial year that will be used for scaling up the business,” added Turakhia.

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“Corporates can easily roll out Zeta’s employee-friendly solutions through which a salaried person can increase their take-home salary by Rs 80,000 per annum,” said Zeta CTO and co-founder Ramki Gaddipati.

Zeta’s cloud-based solution enables companies to send grants to employees instantly via a digital dashboard. In just a few clicks, managers can credit grants to all employees in one go, who in turn, can spend it using a MasterCard-powered physical Super Card, an NFC-enabled sticker — Super Tag or the Zeta app.

Currently, Zeta serves 35,000 users across India. More than 300 corporates, ranging from start-ups to conglomerates, across industries, have already implemented Zeta’s solutions.

Zeta also has a wide acceptance network that makes it possible for users to utilise their grants at any store including e-commerce sites, unlike other existing closed-loop solutions.