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

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

author-image

Soham Das

1 reads
author-image

Soham Das

1 reads

Powered by interchange fees and commissions, Zaggle grew to a Rs 380 crore revenue company in FY22. Now looking to IPO, it’s keen to position itself as a SaaS-fintech firm. A closer look at its DRHP, however, reveals that its SaaS business is still nascent. Its accounting, too, raises questions.

January 25, 2023

8 MINS READ

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.

share

Share this read

bookmarklike
like
bookmark
share
share

Share this read

bookmarklike
like
bookmark
share
share-button
like-button
share-button

For subscribers only

Premium Reads

>>

View More >>

Deeply reported and objective news on the country´s fastest-growing companies and the people behind them.