Zaggle to Raise INR 60 Cr from Times Group and Promoter Entity

Fintech SaaS company Zaggle recently raised INR 595 crore through its first QIP in December last year. Now, the company's board has approved raising an additional INR 59.99 crore by issuing preferential warrants.

The company said in an exchange filing that it will raise the funds by issuing 10.58 lakh warrants at INR 567 each.

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These warrants will be allotted to two parties: the promoter group entity RAN Ventures Pvt Ltd and the non-promoter group company, media giant Bennett Coleman and Company Ltd (Times Group).

Zaggle didn't reveal exactly how it will use the newly raised funds. However, the company has been actively buying other businesses recently. Its latest move is to acquire Greenedge, a golf-focused rewards platform, for INR 25 Cr.

In another update, Zaggle said it will provide a loan of INR 15 Cr to Dice Enterprises to meet its working capital needs. The loan will be given over 12 months at an interest rate of 12% per year, in one or more installments, and can be repaid on demand.

Earlier, in June, Zaggle acquired Dice Enterprises, an enterprise spend management startup, for INR 123 Cr. At that time, the company said the deal would expand its product offerings, give access to Dice's customers, and help it grow in India and globally.

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Zaggle has also signed deals to acquire UPI payments startup Rio.Money and increase its stakes in Effiasoft and Mobileware Technologies this year.

This acquisition spree was fueled by its first QIP, completed in December. With these acquisitions, Zaggle aims to reach a gross revenue of INR 2,000 Cr and a net profit of INR 200 Cr by FY26.

In the first quarter of the fiscal year, Zaggle's total net profit jumped 56%, reaching INR 26.1 Cr compared to INR 16.7 Cr in the same quarter last year. Its revenue also grew 32% year-on-year to INR 252.2 Cr.

About Zaggle

Zaggle is an Indian fintech company started in 2011. It helps businesses manage spending, employee benefits, and rewards through its digital platforms. The company offers tools for expense tracking, payments, and channel incentives, and also provides prepaid cards to handle corporate expenses. According to Zaggle, its solutions make business spending simpler, more efficient, and transparent.

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