Zeta turns focus back to India for credit on UPI service: CEO Turakhia
Mint. This follows an aggressive expansion period for the banking technology startup, when the company targeted entering 30 countries and newer verticals after raising its first institutional funding of $250 million from SoftBank Vision Fund 2 at a valuation of $1.45 billion in 2021. "We have a razor-sharp focus on India.
We concentrate on only one product and offering, which is digital credit-as-a-service," Turakhia said in an interview on the sidelines of the Global Fintech Fest in Mumbai. “Our focus is exclusively on all financial institutions to enable them to launch credit lines on UPI (Unified Payments Interface) using our platform. Everything from product and engineering to sales and go-to-market is 100% focused on this one opportunity in India." The Bengaluru-based company has a presence in Dubai, the UK, North America, Latin America, Europe and Asia.
In 2021, the company shared plans to expand in eastern Europe, and in Southeast Asia, Japan and Africa by 2023. “We initially started in India and then shifted our focus to the US, where we secured several new contracts. This shift was partly because we were building our playbooks and delivery capacity along the way," he said.
Turakhia said in that capacity, the company could not accommodate the growing contract volumes in both the US and India. During this period, Zeta built its digital credit-as-a-service stack and now plans to prioritise growth in this segment. The service allows users to access pre-approved credit through their UPI-linked accounts.
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