Fintech company Zaggle files papers with Sebi to mobilise funds via IPO
- ByStartupStory | December 21, 2022
Zaggle Prepaid Ocean Bank Services, Pvt Ltd, a financial technological (fintech) company operating in the B2B2C (Business to Business to Customer) segment, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.
The IPO, according to the Draft Red Herring Prospectus (DRHP), consists of a new 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 various media reports, the proceeds from the new issue will be used for customer acquisition and retention, technology and product development, debt repayment, and general corporate purposes.
Raj P Narayanam and Avinash Ramesh Godkhindi are among the top promoters in OFS, as are investors VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.
Zaggle, an ISO-certified startup with the motto “spend management solutions to power your business growth,” is a startup for everyone. Since its inception, it has over 1.7 million users and 45 million Prepaid cards. The company has worked with other top-tier fintech firms such as IndusInd Bank, Tata Capital, RP- Sanjiv Goenka Group, and others.
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