Fintech Company Zaggle IPO – Learn all actionable insights

zaggle card IPO, zaggle card IPO review, Zaggle IPO Details, Zaggle Company Reviews

Zaggle Card IPO opened for subscription from September 14, 2023 to September 18, 2023. Zaggle Prepaid Ocean Services Limited filed Red Herring Prospectus (DRHP) with market regulator SEBI on December 19, 2022, for an Initial public offering (IPO). Zaggle Limited is coming up with an Offer for Sale (OFS) of 10,449,816 shares with face value of ₹1 per Equity Shares and a fresh issue of ₹392 Crore.

The face value of each equity share is INR 1.  The promoter Raj P Narayanam, Avinash Ramesh Godkhindi, Koteswara Rao Meduri, and Malvika Poddar are selling a part of their stake in the company through OFS. Investors such as VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company Private Limited (acting on behalf of Ventureast Proactive Fund), and Zuzu Software Services Private Limited are selling some part of their stake in the company.

Zaggle Company Reviews

Zaggle Company Reviews, zaggle card IPO, zaggle card IPO review, Zaggle IPO Details,

Founded on June 2, 2011, in Hyderabad, Zaggle is a leading player in spend management. The company offers a combined solution for spend management through prepaid cards and employee management (through SaaS).

The company is the largest provider of issued prepaid cards in India in partnership with some banks. Around 12.7% of the country’s total prepaid transaction value is handled by the company by March 31, 2022. Zaggle operates in the business-to-business-to-customer (“B2B2C”) segment.

  • The products or services can be categorized under three such
    • Zaggle Zoyer – business spend management (including expense management)
    • Zaggle Save – rewards and incentives management for employees and channel partners
    • Zaggle Propel – customer engagement management system
  • The company is focusing on Startups, SMEs, and Corporate.
  • Zaggle established strong relations with its clients such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, and Wockhardt.
  • Serves across Industries such as banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, etc.
  • 7 offices across India with over 1.7 million users and more than 1750 clients.
  • Over 45 million prepaid cards distributed by the company since its inception.
  • Zaggle was awarded Best Software Product – Enterprise Solutions – at the 27th annual HYSEA Innovation Summit.

Zaggle Company Reviews – Founders and Leadership team

  • The company is founded by Mr. Raj P Narayanam and Mr. Avinash Ramesh Godkhindi. 
  • Mr. Raj P Narayanam is the Executive Chairman of the company. He holds a post-graduate diploma in business management with a specialization in finance from the FORE School of Management.
  • Mr. Avinash Ramesh Godkhindi is the Managing Director and Chief Executive Officer of the company. He holds a bachelor’s degree in engineering from Bangalore University, Bengaluru. He also holds a master’s degree in business administration from the University of Chicago, Chicago.

Zaggle Company Reviews – Revenue and profits

Zaggle reported strong revenue despite the economic contraction caused by Covid 19. The company operating revenue has increased from ₹683.33 million in FY 2020 to ₹3,712.55 million in FY2022. Profit after tax of the company has increased from ₹37.19 million in FY 2020 to ₹419.21 million in FY2022. Net cash flows from operating activities have gone up from negative ₹(204.12) million from FY2020 to ₹200.81 million FY2022.

Zaggle card IPOFinancial Details

All amounts in INR Million
(Year ended March 31)
Revenue Operation683.332,399.663,712.55
Total Income683.632,402.933,716.64
EBITDA Margin (%)16.2511.5116.12
Profit After Tax37.19193.30419.21
Earnings Per equity Share-Diluted0.412.114.57
Net Cash from Operating Activities(204.12)34.14200.81
Debt/Equity Ratio (%)(1.02)(1.52)(18.12)
Debt Service Coverage Ratio1.534.635.17
Net Capital Turnover Ratio (%)(3.45)(8.00)19.05
NAV per Equity Share (₹)(7.04)(4.94)(0.39)
Zaggle IPO Details – Financial Snapshot

Zaggle IPO Details

Zaggle IPO DetailsZaggle IPO Details Price Band,
Date and other details
Zaggle Card IPO DateSeptember 14, 2023 to September 18, 2023
Zaggle Card IPO Price band₹156 to ₹164 per share
Zaggle Card IPO Allotment dateFriday, September 22, 2023
Refunds Initiation dateMonday, September 25, 2023
Credit of Shares to Demat AccountTuesday, September 26, 2023
Listing DateWednesday, September 27, 2023
Fresh IssueINR 392 Crore
Offer for Sale10,449,816 shares of ₹1
(aggregating up to ₹171.38 Cr)
Equity Shares outstanding prior to the Offer92,218,710 Equity Shares
Maximum bid (lot size) 
For retail investor    
13 lots (1170 shares)
total investment of ₹191,880
Minimum bid (lot size)    
For retail investor                                                 
1 lot (90 shares)
total investment of ₹14,760
Face ValueINR 1 per share
Listing on BSE & NSE
Zaggle IPO Details

Zaggle Card IPO Review: Do you invest?

  • Zaggle Limited is one of the leading companies in spend management through prepaid cards and employee management through SaaS.
  • The profit after tax of Zaggle doubled from INR19.33 Cr in FY21 to INR42 Crore in FY22.
  • The fintech’s total revenue for FY22 rose 1.5X to INR 371.66 Cr from INR 240.29 Cr in FY21.
  • Zaggle to collaborate with NPCI for contactless credit cards on RuPay. Along with partner banks, the company would use this platform to launch multiple credit cards for SMEs, Corporate, and consumers
  • Good customer feedback – the product is innovative. The website has several options to redeem the card.
  • This is a new-age company and has been in profit for the last three fiscal years.
  • I would invest in Zaggle IPO as a long-term investor.

Zaggle card IPO review – Lead Managers and Contacts

Contact DetailsLead Managers
Unit no. 602 and 603 6th Floor,
Hyde Park Opposite Ansa Industrial Estate,
Saki Vihar Road, Andheri East,
Mumbai – 400 072
Maharashtra, India
Telephone: +91 40 2311 9049
1. ICICI Securities Limited
2. Equirus Capital Private Limited
3. IIFL Securities Limited
4. JM Financial Limited

Zaggle IPO Details Lead Managers

Zaggle IPO Details Allotment Status

Zaggle card IPO allotment status will be available on KFin Technologies website website. To know your allotment status, get ready with your PAN number and click on this link. You may also reach out to Telephone: +91 40 6716 2222, E-mail:

Zaggle IPO GMP

DateZaggle IPO GMP Zaggle Card IPO Price
15-09-2023Rs 20Rs 164
14-09-2023Rs 20Rs 164

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