A leading fintech solutions provider has successfully secured Rs 595 crore through a Qualified Institutional Placement (QIP), marking a significant milestone in its growth trajectory. The strategic fundraising involved the allocation of 1.14 crore shares at Rs 523.2 per share, setting the stage for enhanced market expansion and technological advancement in the digital payments sector.
Share Price Movement
The share price of Zaggle Prepaid Ocean Services Limited went up by 3.98 percent to Rs. 549.95 per share on Friday, an increase from its previous close of Rs. 528.90 per share. The market capitalisation now stands at approximately Rs. 6,584 crore as of December 24, 2024.
What happened
Zaggle Prepaid Ocean Services Limited allotted 1,13,69,282 equity shares at ₹523.20 each to qualified institutional buyers, raising Rs. 595 crore. The issue, which opened on December 18 and closed on December 23, increased the company’s paid-up capital to ₹13,42,05,215.
A list of major allottees includes:
- Bank of India ELSS Tax Saver: 1,911,314 shares (16.81%)
- Société Générale – ODI: 1,051,221 shares (9.25%)
- ICICI Prudential Technology Fund: 764,525 shares (6.72%)
- Nuvama Enhanced Dynamic Growth Equity Fund: 764,525 shares (6.72%)
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Zaggle Prepaid Ocean Services’s consolidated revenue from operations has increased by 64.67 percent YOY from Rs. 184 crore in Q2 FY24 to Rs. 303 crore in Q2 FY25 and increased by 20.23 percent QoQ from Rs. 252 crore in Q4 FY24.
The company’s consolidated net profit has increased by 137.5 percent, from Rs. 19 crore in Q2 FY24 to Rs. 8 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has increased by 11.76 percent QoQ from Rs. 17 crore.
Market Outlook
India’s fintech industry is growing rapidly, valued at US$ 584 billion in 2022 and projected to reach US$ 1.5 trillion by 2025. The broader payments market is also expanding, with expectations to hit US$ 100 trillion in transaction volume by 2030. Factors like the India Stack, technology advancements, internet and smartphone access, and financial inclusion efforts are fuelling this growth. Future opportunities include embedded finance, decentralised finance (DeFi), AI and machine learning integration, and the use of APIs to enhance financial services.
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Shareholding Pattern
As of the December 2024 shareholding pattern, Zaggle Prepaid Ocean Services Limited is primarily held by the promoters at 43.88 percent, foreign institutional investors hold 6.14 percent, and the public with 39.27 percent. Furthermore, Ashish Kacholia holds a 2.37 percent stake in this company.
About Company
Zaggle Prepaid Ocean Services Pvt. Ltd., founded in 2011, is a leading fintech company based in India. The company delivers digital solutions that streamline expense management, improve employee tax benefits, and enhance corporate gifting and incentives. Zaggle’s offerings help organisations reduce costs and boost employee engagement.
Zaggle’s product suite includes tools like *Zaggle Save* for expense management, *Zaggle Propel* for automated reimbursements, and *Zaggle Gift Cards* for corporate gifting. The company also offers *Zaggle Propel Prepaid Cards* and *Zaggle Infinity*, which empower businesses to manage employee benefits and build loyalty programs. Additionally, *Zaggle Edge* optimises corporate incentives, driving employee motivation.
Serving prominent clients like TATA Steel, Persistent Systems, and Pitney Bowes, Zaggle has become a key player in India’s fintech landscape. With its innovative solutions, the company is setting new standards for expense management and employee engagement across industries.
Written By Fazal Ul Vahab C H
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