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Fintech Firm Zaggle Files IPO Papers With SEBI To Mobilise Funds

The company will utilise the funds in customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes

Fintech Firm Zaggle Files IPO Papers With SEBI To Mobilise Funds
POSTED ON December 20, 2022 6:14 PM

Fintech player Zaggle Prepaid Ocean Services Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.

The IPO (initial public offering) comprises a fresh issue of equity shares worth Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS include promoters—Raj P Narayanam and  Avinash Ramesh Godkhindi and investors—VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.

The company will utilise the funds for customer acquisition and retention, development of technology and products, payment of debt and general corporate purposes.

Founded in 2011, the company operates in the business-to-business-to-customer segment. It has created a market niche in the country by offering a combined solution for spend management through prepaid cards and employee management (through SaaS). It offers digitized solutions for employee tax benefits, expense management, corporate gifting and rewards and recognition programmes.

The company has 1,896 customers and 19.82 lakh users as of June-end.

ICICI Securities, Equirus Capital, IIFL Securities and JM Financial have been appointed as merchant bankers to manage the IPO. The equity shares of the company will be listed on the BSE and NSE. 

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