Fintech player Zaggle files papers with SEBI for mobilising funds through IPO

Preliminary papers have been filed by the Fintech player Zaggle Prepaid Ocean Services Ltd with Securities and Exchange Board of India (SEBI) to raise funds via Initial Public Offering (IPO). Proceeds from the fresh issue are going to be used for customer acquisition and retention, payment of debt, development of technology and products, and for general corporate purposes. The IPO contains fresh issues of equity shares amounting to Rs 490 crore. It comprises an offer for sale (OFS) of 1.05 crore stocks by promoters, investors and other shareholders as per the draft red herring prospectus (DRHP). The promoters offering shares in the OFS are Raj P Narayanam and Avinash Ramesh Godkhindi. Investors who are offering shares include GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, VenturEast Proactive Fund LLC, and Ventureast Trustee Company. Equirus Capital, IIFL Securities, ICICI Securities, and JM Financial are the merchant bankers for managing the IPO. The company’s equity shares are going to be listed on National Stock Exchange (NSE) and Bombay Stock Change (BSE). Zaggle Prepaid Ocean Services was formed in 2011. The company deals with the B2B2C (business-to-business-to-customer) segment. It provides a combined solution for spend management via prepaid cards and employee management through Software as a service (SaaS). The fintech firm offers digitised solutions for expense management, corporate gifting, employee tax benefits, and rewards and recognition programmes. The corporation comprises 1,896 customers and 19.82 lakh users as of June-end. According to Zaggle, its eco system enables parties with complementary services to connect. This creates a network effect for businesses, customers, channel partners, employees, merchants and banks as per the company. It aims to build a state of art financial solutions workflow and products which would allow automation and empowerment of businesses. The firm intends to increase the businesses’ accuracy, efficiency, transparency, and productivity. This would eventually allow India to achieve its goal of becoming a digital economy as per the company’s website. Zaggle states that it is dedicated to build a sustainable future for the Fintech industry and make a positive impact among the people. According to the fintech player, it is consistent in providing the most reliable products for its customers.
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