FINAL RESEARCH PROJECT

Dissertation
On

Submitted By:
JAY SHAH
Enrollment No: 040201044

In fulfilment of
POST GRADUATE DIPLOMA IN MANAGEMENT
Academic Session: 2014 2016
Dated: APRIL 24, 2016

Submitted to
(Prof. PRIYANKA NAIR)

CERTIFICATE FROM MENTOR

Certified that the project report entitled A Study on Meal Voucher industry( ZETA)
submitted by Jay Shah in partial fulfilment of the post Graduate Diploma in Management
from United World School of Business, Ahmedabad, embodies the record of investigation
carried out by her under my supervision.
The work has not been submitted for any degree of any other university.

24th April, 2016

(Prof. Priyanka Nair)

Supervisor

DECLARATION OF THE STUDENT

I, Jay Shah, student of MBA IV Semester, studying at United World School of Business,
Ahmedabad hereby declare that the project report titled A STUDY ON Meal Voucher
Industry (ZETA) has been done by me in fulfillment for the award in the two year full time
Post Graduate Diploma in Management. I also declare that this project report submitted to
United World School of Business is the result of my own efforts and has not been submitted
to any other institution for the award of the degree or diploma.

JAY SHAH

ACKNOWLEDGEMENT

I would like to express my gratitude to all those who gave me the possibility to complete the
project. I want to thank United World School of Business, Ahmedabad for giving me
permission to commence this project in the first instance, to do the necessary research work.
I am deeply indebted to our faculty whose help, stimulating suggestions and encouragement
helped us in all the time of research for and writing of this report. I am highly obliged to the
United world School of Business for arranging the programme of dissertation in such a
manner. I would like to extend my gratitude to all the staff and especially to Prof Priyanka
Nair of United world School of Business, who provided me useful information regarding the
subject with their cent percent participation and supported in making this project report a
successful task. It was a memorable experience to work and complete my project. Finally, I
express my intense gratitude to my parents whose blessings and helped me to translate my
efforts into fruitful achievement.

COMPANY PROFILE

Ditch Paper

Digitize your Meal Vouchers, Benefits &

Expense Management
Instant. Secure. Accepted everywhere.
Join the revolution. Switch to the modern way of giving
your employees tax benefits.

ZETA MEAL VOUCHERS:Digitized meal coupons that guarantee easy transactions & employee tax benefits.
Save up to 9,000 in taxes
Accepted across 100,000 outlets
100% tax compliant

ABOUT US

We at Zeta are on a mission to make digital payments more inclusive and accessible.

BHAVIN TURAKHIA
CEO AND CO-FOUNDER
Bhavin is the Founder & CEO of Directi, Ringo, Flock, Radix, & Media.net. These
businesses comprise 1500+ people across 8+ offices, with over 9 million customers, revenues
over $200 million, a net worth of over $500 million and multiple category leading global
brands across business areas as diverse as web presence (domains, hosting, cloudinfrastructure); online advertising (contextual advertising/ad networks); and communication
& collaboration (voice and messaging).
Bhavin is a respected entity in the internet/technology community, and a frequent speaker at
various seminars, tech conferences and colleges. He has won several awards, including the
Entrepreneur of the year award in 2005.
Bhavin was former chairman for the Global ICANN Accredited Registrars Constituency for
two consecutive terms.

RAMKI GADDIPATI
CTO AND CO-FOUNDER
Prior to this, Ramki was a Senior Director at Directi. In addition to being an integral part of
the Directi Groups success over the last 7 years, Ramki has actively lead the Riva group
businesses, under Bhavins guidance.
Before Directi, Ramki was the Co-Founder and CEO of Bridle Information and Technology
Solutions, a software company that focused on creating mobile applications in the education
and healthcare spaces for the Indian market. Ramki was amongst the five (5) people
identified as Asias Best Entrepreneurs Under 25 by BusinessWeek in 2006 for his role at
Bridle.
Ramki has also worked with Morgan Stanley. He completed his Masters in Management and
Masters in Software Systems from Birla Institute of Technology and Science (BITS), Pilani.

VIJAY RAJAGOPAL
NATIONAL SALES HEAD-AFFILIATE PARTNERSHIPS
Vijay heads the affiliate partners network across India for Zeta.
Vijays experience spans more than 11 years across Private Equity, Consulting and
Investment Banking. The last 6 years was in Private Equity investing, at Peepul Capital and
Aavishkaar Venture Capital. He has considerable experience in investing and managing firms
across Consumer Products, Financial Services, Industrials and Technology.
He has served as a Director on the Boards of five companies. His Consulting and Investment
Banking stints were with Tata Strategic Management Group and ICICI Bank's Global
Investment Banking Group (Singapore).
He has an MBA from IIM-Ahmedabad, an Engineering degree from BITS,Pilani
(Department topper) and has also completed his Chartered Financial Analyst degree (US).

RBL Bank, one of Indias fastest growing scheduled commercial banks, shares our
passion and mission. The Bank is the issuer of all prepaid instruments on Zeta.

OUR TEAM
Zeta began with a vision and a handful of people who were determined to build something
special. We have grown bigger since then but we all share a determination to change Indian
Payments Space for the better.
ZETA basically is a subsidiary company which has a parent company named DIRECTI.
Following will accomplish all the information about DIRECTI.

Established in - 1998
Number of Employees - 1500+
Offices - Mumbai, Delhi, Bengaluru, Dubai, New York, Los Angeles, Ras Al
Khaimah, Zurich
Revenue - $250+ million / year
Group Enterprise Value: $700+ million
Founders - Bhavin Turakhia, Divyank Turakhia

Directi comprises of a group of tech businesses owned, operated and invested in by Bhavin
Turakhia and/or Divyank Turakhia. The Group boasts of multiple business units that are run
independently by their respective management teams.
The Directi portfolio companies comprise of Media.net, Skenzo, Radix, Ringo, Flock, Zeta
and Codechef. Directi also comprised of BigRock, ResellerClub, LogicBoxes and
WebHosting.info which were sold to the Endurance International Group in a $160 million
transaction in 2014.
Across these businesses, Directi employs 1500+ people across 8 offices, with over 9 million
customers, revenues of over $250 million and a group enterprise value of over $700 million.
The company has invested in multiple category leading global brands across business areas as
diverse as web presence (domains, hosting, cloud-infrastructure), online advertising,
communication & collaboration (voice and messaging) and payments (benefits and
compensation).
Unique aspects about Directi:
All Directi businesses are bootstrapped. None of the portfolio companies have any external
debt or investments. All businesses (barring the newest ones) are profitable, and Directi
generates healthy and growing profits and cash flows each year. All businesses are amongst
the top 5 globally in their respective space. All of the 11 businesses of Directi are immensely
successful, an uncommon occurrence in the startup space.

MILESTONES
2015
April
Launched Zeta, a mobile app to revolutionise compensation and benefits
2014
September
Launched Flock, the smart enterprise communication app
May
Introduced Ringo, a low cost international and domestic calling app
January
Sold 4 business units (BigRock, Logicboxes, Webhosting.info, ResellerClub) to Endurance
International Group
2012
March
Introduced Radix, Asias leading registry for top-level extensions
2011
November
LogicBoxes crosses the 6 million domains mark
November
LogicBoxes launches .XXX on its platform
September
LogicBoxes launches .AU
August
LogicBoxes partners with WHMCS
March
LogicBoxes powers 5 million domains on its platform

February
LogicBoxes launches SiteBuilder & SiteDesign services
2010
November
LogicBoxes partners with HostGator
November
LogicBoxes launches .CA on its Platform
June
LogicBoxes & Skenzo organize the Brussels Beer Fest
March
LogicBoxes partners with .CO Internet
2009
September
Directi hosts National Case Study Competition 2009 which attracts 1400+ students from the
top B-Schools across India.
September
CodeChef comes out of Beta and is launched with new features and 15,000+ registered
programmers.
September
LogicBoxes launches Accreditation.com.
August
ResellerClub launches .CN - the second largest TLD ever.
July
LogicBoxes and ResellerClub launch Unlimited Web and Email Hosting Solutions.
June
Directi moves to its new headquarters in Mumbai - "Directiplex".

April
LogicBoxes and ResellerClub launch FREE DNS, Mail and Domain Forwarding for all
Partners and Resellers.
February
ResellerClub launches .TEL March 3rd, 2008: ResellerClub Launches .ASIA.
January
LogicBoxes surpasses the 4 million domains mark.
January
Directi launches CodeChef in Beta version - India's first, non-commercial, multi-platform
online programming competition; followed by the launch of DesignChef.
2008
December
For the fourth consecutive year, Directi features in the Technology Fast 500 Asia Pacific list
by Deloitte.
December
LogicBoxes announces Domainer Accreditation Program.
September
ResellerClub - Directi Group's wholesale arm crosses the 2 million domain names mark and
continues to be the 10th largest domain registrar worldwide.
January
Co-Founder, Divyank Turakhia, is featured as one of India's "New Business Leaders" by
Financial Express.
January
Skenzo is ranked as the #1 Fastest growing domain parking company worldwide for 2007 by
Revenue and Headcount.
2007
November
For the third consecutive year, Directi is ranked amongst the Technology Fast 50 list by
Deloitte and Touche.

August
Skenzo is featured in the List of Asia's Top 200 Private Companies by Red Herring.
April
Directi opens an office in China.
January
Skenzo is ranked as the #1 Fastest growing domain parking company worldwide for 2006 by
Revenue.
2006
November
For the second consecutive year, Directi is ranked among the Technology Top 50 India and
Technology Top 500 Asia-Pacific fastest growing technology companies by Deloitte and
Touche.
October
ResellerClub - Directi Group's wholesale arm is the second fastest growing domain registrar
in the world for the month.
August
Divyank Turakhia is featured in the list of Asia's Top Young Enterepreneurs by
BusinessWeek Magazine.
August
Directi is awarded the IT Day Award in the special achievement category.
August
Within seven months of its launch, ResellerClub - Directi Group's wholesale arm crosses the
1 million domain names mark becoming the 13th largest domain registrar worldwide.
July
Divyank and Bhavin Turakhia are featured as one of the country's Top Young Entrepreneurs
in an exclusive interview on CNBC.
February
Directi Group purchases a new office facility to house 2500 employees, and appoints Hafeez
Contractor for designing the same.

February
Directi Group launches its wholesale arm - ResellerClub that provides turnkey business
process automation and end to end Web Services to its 25,000+ strong channel partner
network.
2005
December
Skenzo, the new startup business unit, announces that it shall now be run under the direct
leadership of Divyank Turakhia. Turakhia plans to grow the startup into a full-fledged
business.
December
DirectI Group is ranked 147th fastest growing technology company among the top 500 fastest
growing technology companies according to Deloitte Technology Fast 500 Asia Pacific
Program.
November
Directi Group is ranked 10th fastest growing technology company among the top 50 fastest
growing technology companies according to Deloitte Technology Fast 50 India Program.
October
Directi Group surpasses the 500,000 customers' benchmark.
October
Directi Group hives off its Domain Registrar into a new Business Unit - Public Domain
Registry - an exclusive white-labeled Domain Registrar.
September
Bhavin Turakhia wins the Bharti Entrepreneur of the Year Award instituted by the
Entrepreneurship Development Institute of India.
January
Domain Registrar Business becomes one of the first 4 official .in Registrars.
2004
December
Directi Group's Domain Registrar Business Ranks 15th in the list of Fastest Growing
Registrars Worldwide.

June
Directi Group crosses 200,000 Customers worldwide.
2003
December
Directi Group Launches LogicBoxes, its software and consulting arm which powers
Registrars worldwide.
December
Directi Group Crosses the 100,000 Customers milestone.
September
Launches WebHosting.Info, the leading online news and statistics portal covering the Web
Hosting industry.
2002
April
Jumps 13 ranks to become the 63rd largest Registrar worldwide.
January
Jumps 12 ranks to become the fastest growing Registrar in Asia and the 76th largest Registrar
worldwide.
2001
May
Directi becomes the first and ONLY Company in India to get an ICANN Accreditation.

CURRENT BUSINESS UNITS

EXITED (ERSTWHILE BUSINESS UNITS)

NEWS AND MEDIA

BUSINESS UNITS
The Directi Group consists of several different Business Units. Depending on the services
you're interested in, you can visit the website of the appropriate Business Unit below:
Current Businesses:

Ringo - www.ringo.co
Flock - www.flock.co
Zeta - www.zeta.in
Radix - www.radix.website
Media.net - www.media.net
Skenzo - www.skenzo.com
Codechef - www.codechef.com
Exited:

LogicBoxes - www.logicboxes.com
ResellerClub - www.resellerclub.com
WebHosting.Info - www.webhosting.info
BigRock - www.bigrock.com

OFFICES
India

Mumbai
Directiplex,
Next to Andheri Subway,
Old Nagardas Road,
Andheri (East),
Mumbai,
Maharashtra 400069
Tel No: 91-22-30797500
Fax: 912230797508
India

Delhi
UM House, IInd Floor
Plot No. 35, Sector - 44
Landmark - behind Taj Vivanta Hotel
Gurgaon - 122002
Haryana, India
Tel: 91-124 4113280/82
Tel: 91-124 4115986
Tel: 91-124 4285147
India

Bengaluru
Directi Internet Solutions Pvt Ltd
BG 15, 7th Floor,
Pritech Park Annex,
Bellandur Village, Varthur Hobli,
Bengaluru East Taluk, Bengaluru Urban District,
Bengaluru - 560103
India

3CET REPORT
COMPANY:ZETA basically deals into digital meal vouchers that are given to the corporate people for
earning tax benefits yearly.
Paper free, Digital Meal vouchers revolutionising m-commerce

Established in 2015
Management Profile Bhavin Turakhia, Co-Founder and CEO
Ramki Gaddipati, Co-Founder and CTO

No. of employees - 100

Zeta is an innovative mobile payments platform that seeks to revolutionize m-commerce and
eliminate dependency on paper and plastic. The unique platform delivers multiple services
and applications that can potentially create a remarkable impact in the lives of millions of
employed professionals India.
Zeta Meal Vouchers serves as a substitute for tangible meal vouchers by crediting the amount
directly to ones personal Zeta wallet. The same digital money can be used to pay at any retail
outlet in the country. Zeta Meal Vouchers is a unique application that aims to revolutionise
benefits and reimbursements in the corporate space.

PRODUCT PORTFOLIO:As mentioned above ZETA deals into tax beneficial digital meal vouchers that can be
redeemed at stores which are been tied up with zeta. Following are the list of products that
are under ZETA.

ZETA MEAL VOUCHERS:Easy Paperless Distribution

Zetas one click operation helps you distribute meal vouchers instantly and efficiently to
multiple employees across offices, all in one go and without having to use paper at all.
100% Compliant

Zeta is the only meal voucher solution in India that is 100% compliant with RBI and Income
tax norms, as certified by KPMG and EY

Zero Cost*

Zeta is extremely cost effective and offers greater savings than any other solution available in
the market. And if you sign up today, you can avail a complete waiver on fees for the first
year. Hurry up!
Employees Love Zeta

Your employees dont have to carry bulky booklets or count coupons during payment. Zeta
vouchers are always available on their phones.
100,000 Merchant Outlets

Zeta Meal Vouchers can be used at over 1 lakh merchant outlets across the country
Cafeteria Integration

Zeta integrates seamlessly with your in-house cafeteria

Merchant Directory

Zetas intuitive technology provides you with a list of Zeta affiliated merchant outlets, basis
your current location so you never have to hunt for an outlet again.
Self sign Up

You can instantly start accepting Zeta Meal Vouchers in your in-house cafeteria with no
overheads whatsoever.

ZETA CLOUD CARD:Customize Your Programme

Upload offers, set expiry dates and send out reminders with our customizable solution.
Stay Connected
Send updates, images, videos and offers to customers and stay in touch with them always.
Intelligent Reports
Track performance and footfalls of stores using our geo maps.

Zeta Cashbacks
Send your customers cashbacks that can be spent at only your store.
Zeta Loyalty Stamps
Reward your most active customers for repeat visits at your store.
ZETA CLOUD CARD is basically a digital customer loyalty programme.

ZETA SUPER CARD:Use anywhere

The Super Card can be used at any outlet that accepts card payments.
Works like a debit card
Powered by Mastercard, the Super Card is as easy to use as any other debit card.
Online payments
The Super Card can be used to make online purchases too.
Fully customizable
Customize the Super Card right down to finer details so that its compliant with your company
regulations.
Smart verification
Zeta verifies merchant outlets based on products sold to make absolutely certain that it's used for
food and non-alcoholic beverages only.
Secure payments
Its safe, hassle free and protected by a PIN.
100% tax compliant
The Super Card is fully income tax and RBI compliant. Help your employees save on taxes.
The ZETA SUPER CARD is having all the benefits of ZETA APP in mobile which is accepted
everywhere.

ZETA BENEFITS (PRODUCT COMING SOON):Save > 20,000 in taxes

Medical, Conveyance, Insurance and more
100% Acceptance

ZETA EXPENSE CARD (PRODUCT COMING SOON):Define expense budgets

Manage spend categories

DISTRIBUTION NETWORK:As of now there is no need of distribution of meal vouchers from one place to another as in
the company had developed meal vouchers on digital platform which can be transferred to the
employees within a click. So distribution expenses for the company is next to zero.

SALES FORCE:As mentioned above there are in all 100 employees working under the banner of ZETA.
Talking about DIRECTI, we have just crossed over 1500 employees in this year. So by the
rapid expansion in the manpower of the company any person can judge the companys
profile.

PROMOTION STRATEGIES:Basically our target audiences include various restaurant owners, provision, cafes and bakery
owners. So as a part of our promotion strategy we provide them with various stickers which
can be stuck on the outer wall of their premises so that any customer passing by can know
that ZETA is been accepted here. Moreover, we also provide goodie bags to those customers
who tie up with us in the very first meeting. The goodie bag includes a water bottle, pen and a
tee.

 MARKET STRUCTURE:Being the part of meal voucher industry, the entry and exit of the company totally depends on
the government. It faces direct competition from sodexo and ticket restaurant.

MARKET SHARE:ZETA ranks no.1 in various states like Maharashtra, Delhi, Haryana, Karnataka, and many
more. It faces competition in Gujarat and other nearby states from sodexo and ticket
restaurant.

MEASUREMENT METRICS:Performance measurement is done by conducting semi-annual and annual gatherings whereby
all the sales people are invited and progress report of the company is been disclosed.
Moreover the person with highest sales margin is been awarded. Also appraisal form is also
been circulated through the wholesalers in order to know how well the company is being
adopted by their customers.

CUSTOMERS:As we all know that for any company, customer remains at the center. Similarly, ZETA also
follows the same pattern. Talking about the customers, mainly the customers of ZETA are
corporate people. It means that any corporate employee earning more than 3 lac per annum is
eligible to receive ZETA meal vouchers. So basically customers includes those corporate
employees where ZETA is been tied up for distribution of meal vouchers.

COMPETITION:Entry and exit in this particular meal voucher sector totally depends on the government.
Government is sole eligible to take upon decisions for the same. Talking about the
competition, ZETA faces competition from two relevant companies in this sector i.e.
SODEXO and TICKET RESTAURANT. People are only liable to tax benefits if the
transaction in the market happens through the above mentioned three companies i.e. ZETA,
SODEXO, TICKET RESTAURANT.

ENVIRONMENT:ZETA Corporate Values express our corporate culture in a concise manner. We expect all our
employees to understand the vision & mission of the organization and adhere to these values.
Robust implementation of ZETAs ideologies for quality, value and innovation will be the
cornerstones fostering your growth at ZETA.ZETA exposes you to varied functionalities of
the meal voucher industry such as Research & Development, Quality, Sales, Marketing,
Human Resources, Project Marketing, Administration, Finance and Strategic Planning. The
Human Resources Division of ZETA conducts several skill enhancement programs
periodically. We have cultivated an environment involving a genuine intent to foster the longterm learning & development of our employees. We also reinforce the importance of
conservation of natural and company resources through various initiatives.

From the above review, it is clearly understood that the working environment is perfect and it
maintains a perfect relation between work/life balance.

TECHNOLOGY:-

For HR managers

For employees

Instant, quick and one-click transfers to all employees

No need to carry paper vouchers

Fully-compliant with RBI and IT norms

Offers tax benefits of upto 30%

No cost of integration

Can be used for a purchase at any outlet

Completely secure

Incorporates location-sensitive merchant directory

Zeta, the newest portfolio company of the Directi group, introduces Zeta Meal Vouchers, a
mobile-based meal voucher platform. Introduced for the first time in India, this
revolutionary new solution will provide HR Managers with an instant one-click distribution
platform to employees across cities. This path breaking solution provides HR Managers a
simple desktop interface that can be used to initiate transfer of meal vouchers to hundreds
of employees at one go. Employees can then receive these meal vouchers on their
smartphones and start using them instantly. Whats even more interesting is that Zeta Meal
Vouchers can be used across any outlet for purchasing food and non-alcoholic beverages irrespective of whether the outlet is a Zeta affiliated partner or not. Zeta CEO and Cofounder Bhavin Turakhia said, "We are really excited about our new initiative and foresee a
lot of scope for this product. The meal voucher market today is worth about 4,000 crore
with approximately one million employees using meal vouchers in some form or the other.
The potential market size is estimated at over 10 million users. However, given the
cumbersome distribution process, many corporates and employees shy away from this
benefit. We genuinely think Zeta can make this process 10x better than any current
practice.
This tax saving instrument is also the only solution in India that is fully compliant with
Income Tax and RBI laws as prescribed under the new RBI norms updated in December
2014.
Paper Vouchers

Cards

Zeta Meal Vouchers

Reserve Bank Compliant

Income Tax Compliant

Tax Benefits to Employees

With Zeta, HR Managers can easily distribute vouchers digitally to employees without
wasting time or resources. This solution also eliminates the problem of storage of vouchers
until employees have collected them. The fact that these vouchers are available to employees
on their smartphones also implies that they do not have to carry bulky booklets or worry
about vouchers being damaged or stolen. The Zeta app ensures the vouchers are tamper-proof
and fully secure.

Zeta CTO and Co-founder Ramki Gaddipati said, Technology is at the heart of this product.
We have directed all our efforts to make Zeta a completely secure product. Zeta is smarter
and more relevant in this fast-changing world. Moving from paper to digital is the way to go.
Whether it is about saving trees from being sacrificed for paper manufacturing or making
complicated processes streamlined and quick, digital is the new way of life today.
Zeta Meal Vouchers are also equipped with many other features that make it even more
convenient for users. The app has a location-sensitive merchant directory that helps users
locate outlets in the vicinity. The app also eliminates transaction hassles caused by rigid
denominations in paper-based solutions, thereby allowing employees to pay odd amounts
without worrying about change. All-in-all it is the most convenient meal voucher solution in
the market today.
The Zeta app is supported on Android, Windows and IOS platforms currently.
About Zeta:
Zeta is the newest portfolio company of the Directi Group. It promises to give the world
ground breaking offerings and tech solutions that would change the face of commerce.
Completely digital in nature, Zeta believes in making commerce more inclusive and
accessible to more and more people. Zeta is co-founded by Bhavin Turakhia, the CEO and
co-founder of the Directi Group and Ramki Gaddipati, who is also the CTO of this techdriven company. To know more, log on to www.zeta.in
About Directi:
The Directi Group is a conglomerate of tech companies operating across India, USA,
China, Dubai and Europe. The current revenues of the group touch US$200 million. The
group boasts of a 17-year-long history of churning out successful mass-market
businesses, one after the other, without any outside funding. The group together offers 25
software products and has a customer base of over 2 million worldwide. It employs more
than 1500 people across its offices.

PEST ANALYSIS

POLITICAL SCENARIO:-

Government stability- Government stability comes under the political category

Tax policies- Tax policies paid to the government falls under this category.

ECONOMIC SCENARIO:-

Revenue - $250+ million / year

Group Enterprise Value: $700+ million
The Directi portfolio companies comprise of Media.net, Skenzo, Radix, Ringo, Flock, Zeta
and Codechef. Directi also comprised of BigRock, ResellerClub, LogicBoxes and
WebHosting.info which were sold to the Endurance International Group in a $160 million
transaction in 2014.
Across these businesses, Directi employs 1500+ people across 8 offices, with over 9 million
customers, revenues of over $250 million and a group enterprise value of over $700 million.
The company has invested in multiple category leading global brands across business areas as
diverse as web presence (domains, hosting, cloud-infrastructure), online advertising,
communication & collaboration (voice and messaging) and payments (benefits and
compensation).

Unique aspects about Directi:

All Directi businesses are bootstrapped. None of the portfolio companies have any external
debt or investments. All businesses (barring the newest ones) are profitable, and Directi
generates healthy and growing profits and cash flows each year. All businesses are amongst
the top 5 globally in their respective space. All of the 11 businesses of Directi are immensely
successful, an uncommon occurrence in the startup space.

SOCIAL SCENARIO:As mentioned above it has in all above 1500 employees working in the company belonging to
different caste, creed, religion and then also there is always a helpful atmosphere
@directiplex. Every single employee enjoys his/her work in the company. Moreover there is
no dress code for employees working @directi. Strength and Unity plays a vital role in
success of ZETA and DIRECTI as a whole. Every single want of the employee is been taken
care of @directi.

Above picture clearly states the social environment scenario in the company.

TECHNICAL SCENARIO:Easy Paperless Distribution

Zetas one click operation helps you distribute meal vouchers instantly and efficiently to
multiple employees across offices, all in one go and without having to use paper at all.

100% Compliant

Zeta is the only meal voucher solution in India that is 100% compliant with RBI and Income
tax norms, as certified by KPMG and EY
Zero Cost*

Zeta is extremely cost effective and offers greater savings than any other solution available in
the market. And if you sign up today, you can avail a complete waiver on fees for the first
year. Hurry up!
Employees Love Zeta

Your employees dont have to carry bulky booklets or count coupons during payment. Zeta
vouchers are always available on their phones.
100,000 Merchant Outlets

Zeta Meal Vouchers can be used at over 1 lakh merchant outlets across the country
Cafeteria Integration

Zeta integrates seamlessly with your in-house cafeteria

Merchant Directory

Zetas intuitive technology provides you with a list of Zeta affiliated merchant outlets, basis
your current location so you never have to hunt for an outlet again.
Self Sign up

You can instantly start accepting Zeta Meal Vouchers in your in-house cafeteria with no
overheads whatsoever.

MARKET RESEARCH

Paper Vouchers

Cards

Zeta Meal

Reserve Bank Compliant

NO

YES

YES

Income Tax Compliant

YES

NO

YES

Tax Benefits to Employees YES

NO

YES

Act and Compliance

Here's how we fare in comparison to our competitors

Open Cost

HIGH

MEDIUM

ZERO

Merchant Acceptance

LIMITED (~20,000) LIMITED (~20,000) HUGE (100,000+)

Work Through Mobile

NO

NO

YES

Distribution Logistics

HIGH

HIGH

NONE

Voucher Expiry

LARGE IMPACT

LARGE IMPACT

NO IMPACT

Cafeteria Integration

CUMBERSOME

CUMBERSOME

SEAMLESS

FINANCIALS
Revenue - $250+ million / year
Group Enterprise Value: $700+ million
The Directi portfolio companies comprise of Media.net, Skenzo, Radix, Ringo, Flock, Zeta
and Codechef. Directi also comprised of BigRock, ResellerClub, LogicBoxes and
WebHosting.info which were sold to the Endurance International Group in a $160 million
transaction in 2014.
Across these businesses, Directi employs 1500+ people across 8 offices, with over 9 million
customers, revenues of over $250 million and a group enterprise value of over $700 million.
The company has invested in multiple category leading global brands across business areas as
diverse as web presence (domains, hosting, cloud-infrastructure), online advertising,
communication & collaboration (voice and messaging) and payments (benefits and
compensation).
Unique aspects about Directi:

All Directi businesses are bootstrapped. None of the portfolio companies have any external
debt or investments. All businesses (barring the newest ones) are profitable, and Directi
generates healthy and growing profits and cash flows each year. All businesses are amongst
the top 5 globally in their respective space. All of the 11 businesses of Directi are immensely
successful, an uncommon occurrence in the startup space.

MERGERS AND ACQUISITONS

Endurance International Group completed its acquisition of the web presence business of
Directi this week. As part of the deal, Directis registration and hosting brands ResellerClub,
LogicBoxes, webhosting.info, and BigRock will become a part of EIG, expanding its
presence in India.
The basic agreement was referred to in an SEC filing in September ahead of EIGs Nasdaq
IPO. At the time, the acquisition of Directi Web Technologies was listed at around $110
million, though final terms are not included in the official announcement.
By acquiring Directis largest brands, EIG not only increases its footprint in Indias huge
emerging web market, but also acquires a team with direct experience in capturing share from
a market as it emerges.
We are very pleased to welcome Directi to the Endurance family. We believe this
acquisition represents an excellent opportunity for Endurance to expand its footprint and
positions us for further growth, Endurance CEO Hari Ravichandran said. They have
managed to build a blue chip organization without losing their entrepreneurial spirit. And in
fact, the Endurance team intends to learn from Directis approach to developing new
markets.
ResllerClub is a platform for designers, hosts, and domain resellers, and manages roughly
4.25 million domains. ResellerClub is also partnering with iNet Interactive to bring
HostingCon to Europe, China and India in 2014.
BigRock is a significant hosting presence in India despite being founded less than four years
ago. It received a bulk transfer of former Dynamic Dolphin domains from ICANN late in
2013.
LogicBoxes is a business technology automation provider and consultant, whose platform
serves over 100 registrars managing 3.75 million domains. EIG hosting company HostGator
is already among LogicBoxes client businesses. LogicBoxes launched a reseller program for
new gTLDs late last year.

CORPORATE SOCIAL RESPONSIBILITY

Startups Social Impact -Directi Celebrates Valentines Day With Underprivileged Kids,
Spreads #SmilesAtDirecti
Dipti Gore February 22, 2016
Directi and its employees chose to celebrate a slightly non-traditional Valentines Day this
year. They decided to celebrate love in its true sense and tied up with Hamara Foundation, a
Mumbai based NGO that works for street children, to organize a day full of fun, frolic and
love for over 50 kids from across the city.
The event turned out to be a great success, with the children thoroughly enjoying themselves
and taking inspiration for a more fruitful life. The volunteers, who were Directi employees
happily took part in the initiative and spent their special day with the kids at the office
premises. Several activities like drawing, craft, dance, quiz and games were planned not only
to engage with the children, but also to inspire them to imbibe a new interest. The evening
ended with a short inspiring talk on the importance of education and how it can help shape up
a better future for them.
The stories these little kids had to tell were literally heart breaking. They are bright children
who are being deprived of not just basic necessities in life, but also the opportunities to
change their life. If we can play a part in showing them the right path while bringing smiles
on their faces, thats the best way we could spend our Valentines Day, said one of the
volunteers.
Watch the video for glimpses of #SmilesAtDirecti
https://youtu.be/1toX5jihY7o
Above link shows how Directi celebrated valentines day with under privileged kids in
Mumbai.

GROWTH OF INDUSTRY VIS--VIS COMPANY

Serial tech entrepreneur Bhavin Turakhias digital payments platform Zeta has rolled out its
first product Zeta Meal Vouchers which aims to provide employees access to corporate
meal vouchers at the click of an app.
The corporate benefits and expense management is Zetas first vertical, under which the first
product is Zeta Meal Vouchers, Turakhia told Techcircle.in.
If you look at the corporate tax benefits, reimbursements, and expense management, the
processes are extremely cumbersome. Our goal is to eliminate paper and delays from
corporate benefits and corporate expense management, and for that we have created Zeta
wallet. There will be various instruments in this wallet, and the first product or instrument is
Zeta Meal Vouchers, he added.
Zeta, run by Better World Technology Pvt Ltd, was founded in April 2015 by Turakhia and
Ramki Gaddipati.
HR managers, through a desktop interface, can transfer meal vouchers to employees at onego. Employees can then receive these meal vouchers on their smartphones via the Zeta app.
The Zeta app is supported on Android, Windows and iOS platforms.
Since these meal voucher booklets or instruments are recognised as prepaid instruments by
the Reserve Bank of India, these require to be issued by a bank. Zeta has therefore entered
into a commercial engagement with RBL Bank for pan-India rollout of the meal vouchers.
These digital vouchers can be used to purchase food and non-alcoholic beverages
irrespective of whether the outlet is a Zeta affiliated partner or not, said Turakhia. The startup
has already partnered with 100,000 merchants, it claimed.
We have a massive team for both corporate sales and merchant sales across the country,
including Mumbai, Bangalore, Delhi, Kolkata, Chennai, Hyderabad, Pune, and Ahmedabad,
he added.
As of now, the Zeta Meal Voucher is available to the 1500 employees of Turakhias Directi
Group. Turakhia said Zeta is talking to multinational companies to get them on board. In
one year, our goal is to get 2 million employees in India to use Zeta meal vouchers,
Turakhia said.
Explaining the business model, Turakhia said Zeta will charge merchants 1-2 per cent
commission.
The startup said it will include medical and petrol reimbursements inside the Zeta wallet by
March 2016.
Meal voucher spend in India is about Rs 4,000 crore annually. Turakhia said only 1 million
employees in India use meal vouchers, compared to about 10 million employees who can use

these meal vouchers but do not because companies dont issue these vouchers as the entire
process is cumbersome, costly, and difficult to manage.
Sodexo and Ticket are the two biggest players in the meal voucher business in India. Sodexo
Merchant Network is spread across 1,500-plus cities and over 25,000 outlets in India, while
Ticket Restaurant Meal Vouchers operated by Edenred India is 14,000-plus outlets
strong and spans more than 3400 cities in India.
In two months, we aim to have more merchants on our platform than Sodexo and Ticket
have, said Turakhia.
Zeta was launched with $4 million internal funding, and is open to raising more funds if
required, Turakhia added.
The Directi Group is a conglomerate of tech companies operating across India, USA, China,
Dubai and Europe. The current revenues of the group touches $200 million. The Directi
brands include Media.net, Ringo, Flock, Radix, Reseller Club, WebHosting.info, Domain
Advertising, Skenzo and CodeChef.

SWOT ANALYSIS
STRENGTHS:

Instant. Secure. Accepted everywhere

Modern way of giving your employees tax benefits
Digitized meal coupons that guarantee easy transactions & employee tax benefits.
Save up to INR 9000 in taxes
Accepted across 100000 outlets
100% tax compliant
Send & receive meal vouchers on mobile in just one click
Zeta is one of the most modern and sophisticated mechanism to provide employees
with tax free meal benefits.
With Zeta, One never forgets to carry my vouchers since they are digitally available
on my phone. It is very convenient to use, something that all companies should adopt
today.
Zeta meal is reserve bank & income tax compliant
No distribution logistics
Meal vouchers never expire
Zeta integrates seamlessly with your in-house cafeteria
Zetas intuitive technology provides you with a list of Zeta affiliated merchant
outlets, basis your current location so you never have to hunt for an outlet again

WEAKNESSES:

Still coupon industry needs a boom in the Indian market scenario.

Many orthodox people dont understand the concept of digital coupons.
Orthodox merchants still dont trust the how money gets transferred directly to their
bank account.
ZETA CALL option is not trusted by many merchants.
ZETA CALL option is cumbersome to deal with.
ZETA itself is quite new in the market so people dont trust any new comer very
easily.
It is not still readily acceptable.
ZETA needs more corporate tie ups.

OPPORTUNITIES:

ZETA is full on digital platform and very new in the market. So it has an opportunity
to gain maximum share from the market.
Moreover the competitors are still luring around the old concept of paper based
coupons and ZETA has been named as a trend setter in the market. So it must bank on
the opportunity that comes in its way.

As ZETA can be accepted at any xyz outlet, it must tie up with maximum no. of
outlets.

THREATS:

Competition is considered as the biggest threat for any company. Similarly ZETA
also faces tough competition from SODEXO & TICKET RESTAURANT.
Even SODEXO is also coming up with digital card systems.
SODEXO has a greater market share in various states across India. So it can pose a
threat to the current working of ZETA.
Corporate tie ups plays an important role in the revenue earning of ZETA. So it is
very important to crack deals with the corporate companies and even it is very
important to convert SODEXO companies into ZETA companies.
Basically ZETA is very new in the market. So there is always a threat that it will not
work as per the desired standards.
Even ZETA people should be aware about the ill effects of black marketing.
A bad word of mouth will always create a negative impact on the minds of the
customers.

REVIEW LITERATURE

FROM PLACE TO SPACE: Migrating to Profitable Electronic Commerce

Business Models

Jeanne W. Ross
Massachusetts Institute of Technology (MIT) - Centre for Information Systems Research
(CISR)

Michael R. Vitale
affiliation not provided to SSRN

Peter Weill
Massachusetts Institute of Technology (MIT) - Centre for Information Systems Research
(CISR)
November 2001
MIT Sloan Working Paper No. 4358-01

Abstract:
The Internet is a powerful channel that presents new opportunities for touching customers,
enriching products and services with information, squeezing out costs through process
automation, and redesigning internal business processes through enhanced communication
and knowledge sharing. In most firms e-business processes are changing the nature of the
buyer-seller relationship, the role of information technology (IT), and the design of
organizational structures and roles. As firms attempt to capitalize on their existing
capabilities through the Internet, they necessarily disrupt their embedded processes. This
process of leveraging strengths and disrupting habits underlies the migration to e-business
from market place to market space. This report describes that migration using cross-case
analysis of nine firms' e-business efforts.

Understanding Digital Markets: Review and Assesment

Michael D. Smith
Carnegie Mellon University - H. John Heinz III School of Public Policy and Management

Joseph Bailey
University of Maryland

Erik Brynjolfsson
Massachusetts Institute of Technology (MIT) - Sloan School of Management; National
Bureau of Economic Research (NBER)
October 2001
MIT Sloan School of Management Working Paper No. 4211-01

Abstract:
As the Internet develops into a robust channel for commerce, it will be important to
understand the characteristics of electronic markets. Businesses, consumers, government
regulators, and academic researchers face a variety of questions when analyzing these nascent
markets. Will electronic markets have less friction than comparable conventional markets?
What factors lead to dispersion in Internet prices? What are the major electronic commerce
developments to watch in the coming years? This paper addresses these questions by
reviewing current academic research, discussing the implications of this research, and
proposing areas for future study. We review evidence that Internet markets are more efficient
than conventional markets with respect to price levels, menu costs, and price elasticity.
However, several studies find substantial and persistent dispersion in prices on the Internet.
This price dispersion may be explained, in part, by heterogeneity in retailer-specific factors
such as trust and awareness. In addition, we note that Internet markets are still in an early
stage of development and may change dramatically in the coming years with the development
of cross-channel sales strategies, infomediaries and shopbots, improved supply chain
management, and new information markets.

SIGNIFICANCE OF THE STUDY

E-commerce technology is different, more powerful than previous technologies. E-commerce

brings fundamental changes to commerce. It's a sector who is currently in growth. Few
reasons why E-commerce is so popular:

E-commerce business operates on the internet platform and today with the internets
power, you could get far more customers than you could by running an actual shop.

E-commerce business reduces destination barriers. With the internet, distance never
becomes an issue because the consumer can buy anything that he wants with the click of a
mouse.
This study will help us to understand the ecommerce market. Because it is a fact of business
and IS/IT is incorporating these technologies and processes into the companys infrastructure.
A separate study of e-commerce is appropriate today, to focus attention, and to alter mind
sets that were developed in a non-e-commerce world

OBJECTIVE OF THE STUDY

The objective of this study is to understand ecommerce domain companies, meal

voucher companies and consumers.

To study how ZETA has emerged in front of the big players like SODEXO &
TICKET RESTAURANT.

To study the financials, growth and technology development of ecommerce sector and
how digital meal vouchers will create an impact on the mind sets of the customers.

To understand the Opportunities, Threats, Strength and Weaknesses of the company.

To understand the prospects the company as in how a company must work in order to
be in top list of Meal Voucher Company and E-COMMERCE Industry as a whole.

KEY LEARNINGS

The basic key learning from the project is how E-commerce industry has created an
impact on the business portals.

Another key learning from the project is that how companies are generating new ideas
and taking their businesses on digital platform

The project helped me in understanding how political, legal, social, economical and
technological aspects affect the working of the company.

CSR has become an integral part for any company to earn accolades from the society.

ZETA is the first ever company into digitised meal vouchers.

Meal vouchers is the only product. It will be followed by other products like cloud
cards, expense cards, tax benefits, super card and many more.

It also helped in making me understand why everyone wants to put forward their
business proposal on digital platform. Simple reason is FUTURE IS
DIGITIZATION.

SUGGESTIONS AND RECOMMENDATIONS

ZETA should promote more in order to make people aware of its existence.

It should give proper service to its existing and new customers for enhancing
customer loyalty.

It should continue giving exclusive offers which makes it different from its
competitors.

It should also emerge in new markets trying out new products and services.

The company should work out on the negative review of the customers and try to
convert into positive ones.

The app should be developed more and should be costumer friendly.

More user friendly payment options must be developed other than collect card and
zeta pos.

CONCLUSION

It is indeed a great experience to get a chance to work in an ecommerce company as your first
job. Though I have completed one month working in this organisation still the learning is a
lot and my co-colleagues and circle head tries his best to make me understand everything
perfectly so that in future I become more confident and can close more deals. The working
environment is really super where everyone is treated equally irrespective of the post and
designations. Its indeed an amazing feeling to be a part of this amazing family. Though we
do get grilling when we are not able to achieve our target, we are also awarded with tagline
like best performer of the month and star performer which encourages us to do our work even
better.
If any merchants comes up with any kind of complaints we try our best to solve it at earliest
in order retain that merchant for a long period. Every company has got pros and cons and
ZETA is a small company which is taking its baby step in order to rise high in the ecommerce
market and with its vision and hard work I believe it will certainly become as one of the best
digital website where consumer will only think of ZETA at first instance whenever they have
to take any service or claim their reimbursements.

REFERRENCES
FROM PLACE TO SPACE: Migrating to Profitable Electronic Commerce Business
Models, Jeanne W. Ross, Massachusetts Institute of Technology (MIT) - Centre for
Information Systems Research (CISR); Michael R. Vitale, affiliation not provided to
SSRN; Peter Weill, Massachusetts Institute of Technology (MIT) - Centre for
Information Systems Research (CISR), November 2001, MIT Sloan Working Paper
No. 4358-01.

Understanding Digital Markets: Review and Assesment, Michael D. Smith,

Carnegie Mellon University - H. John Heinz III School of Public Policy and
Management, Joseph Bailey, University of Maryland, Erik Brynjolfsson,
Massachusetts Institute of Technology (MIT) - Sloan School of Management,
National Bureau of Economic Research (NBER), October 2001, MIT sloan school of
management working paper no, 4211-01

BIBLIOGRAPHY

www.zeta.in

www.directi.com

www.wikipedia.com