Zaggle aims to raise Rs 750 cr in IPO, raises a few questions instead

Hyderabad-based Zaggle has been around for nearly a dozen years, nearly all of them spent under the radar. Even as many fintech firms of Zaggle’s vintage (and even younger) have gone on to raise tens, if not hundreds, of millions of dollars in the process of entering India’s unicorn stable, Zaggle has remained largely bootstrapped. According to private markets intelligence tracker Tracxn, it has raised a shade under $2 million across its entire lifetime.

Zaggle’s relative anonymity shouldn’t come as a surprise nor be held against it, in all honesty. It operates in the decidedly unsexy space of expense management, offering corporates everything from prepaid cards for employees to tax and payroll software. 

Despite not being a household name, Zaggle has quietly racked up some impressive achievements. The company claims to have over 1,500 corporate customers—including Microsoft, Infosys, and a smattering of Tata Group entities—and services some 1.7 million-odd end users. It also claims to be India’s biggest issuer of prepaid cards, having issued over 45 million since the product’s inception.