The fintech company Zaggle Prepaid Ocean Services announced that ValueQuest Scale Fund has contributed Rs 25 crore to its pre-IPO (initial public offering) round. The previous week’s funding of Rs 73 crore came after the new monies.
With the most recent infusion of cash, the company has successfully raised a total of Rs 98 crore over two separate payments. According to Zaggle, it gave ValueQuest 15,24,390 equity shares at a cost of Rs 164 each.
In order to raise money through an IPO, Zaggle submitted its draft papers to SEBI, the capital markets regulator, in December 2022.The IPO consists of a new issue of equity shares valued at Rs 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by the promoters, investors, and other shareholders, according to the draft papers.
The proceeds from the new issue would be used for general company objectives, debt repayment, product development, technology advancement, and client acquisition and retention.
The company’s market is business-to-business-to-customer. By providing a combined solution for personnel administration (via SaaS) and expenditure management using prepaid cards, it has carved out a market niche in the nation.
Zaggle builds world-class financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows.