About Zaggle Prepaid Ocean Services Limited

Zaggle Prepaid Ocean Services Limited is a home-grown SaaS fintech company incorporated on June 02, 2011, and listed on BSE and NSE on September 22, 2023, operating a B2B2C spend-management platform across rewards, expense automation, and invoice-to-pay solutions in India as of March 31, 2025. Its core products span three segments: Propel (channel and employee rewards/recognition), Save (expense management and employee tax-benefit tools), and Zoyer (data-driven invoice-to-pay with embedded finance), supported by co-branded prepaid and commercial credit cards issued via partner banks and networks. Operations are national with 8 offices across 7 states; no international offices are disclosed, and exports are nil, reflecting a primary India focus. As of FY 2024–25, the company served 3,455 customers and 3.28 million users, evidencing strong scale-up from the prior year. The company had one subsidiary—Span Across IT Solutions Private Limited (98.32% stake, acquired to expand employee-related software)—and one associate—Mobileware Technologies Private Limited (38.91% stake)—by March 31, 2025. Key milestones during FY 2024–25 include an HDFC Bank partnership for corporate credit cards integrated with Zaggle’s software, empanelment with Bank of India, and an expanded collaboration with Mastercard.

Zaggle Prepaid Ocean Services Limited Business Segment

• Segments: Propel (rewards and incentives), Save (expense management and benefits), Zoyer (invoice-to-pay).

• FY 2024–25 revenue from operations was H 13,037.57 million, with consolidated profit after tax of H 878.98 million, demonstrating robust year-on-year growth; unit disclosures in “H in Millions” indicate rupees in million, not lakh, so no lakh-to-crore conversion applies here.

• Geographic split: Not disclosed; exports contribution is nil per BRSR.

• Segment-wise revenue percentages: Not disclosed in the report; therefore, no segment percentage table is provided per instructions.

Zaggle Prepaid Ocean Services Limited Key Management

• Dr. Raj P. Narayanam — Executive Chairman.

• Mr. Avinash Ramesh Godkhindi — Managing Director and Chief Executive Officer.

• Mr. Venkata Aditya Kumar Grandhi — Chief Financial Officer.

• Ms. Hari Priya — Company Secretary and Compliance Officer.

• Independent Directors as of March 31, 2025: Mr. Abhay Deshpande Raosaheb; Mr. Aravamudan Krishna Kumar; Mr. Arun Vijaykumar Gupta; Ms. Prerna Tandon.

• Non-Executive, Non-Independent Director: Mr. Virat Sunil Diwanji (appointed in FY 2024–25).

Latest Updates on Zaggle Prepaid Ocean Services Limited

• Introduced BROME within Zoyer to manage branch/store recurring operating expenses with secure payments, automated compliance, and real-time insights; early adoption across healthcare, diagnostics, quick commerce, logistics, and financial services.

• Entered HDFC Bank partnership to integrate corporate credit cards with Zaggle platforms; empanelled with Bank of India for co-developing prepaid, forex prepaid, commercial cards, and digital onboarding; deepened collaboration with Mastercard to promote software and card solutions.

• Strategic partnerships: WSFX (Forex Cards referral), GIFT City (co-branded citizen prepaid card), Skydo Technologies (cross-border payments), travel TMCs Hummingbird/FCM/TBO Paxes (integrated travel-expense flow), Redington (Google devices for Smart Employee Purchase Programme), and Fibe for lending referrals on Zaggle app.

• Marquee clients signed in FY 2024–25 include PNB MetLife, Indus Towers, Tech Mahindra, Siemens, PhysicsWallah, BigBasket, Mamaearth, Blinkit, Zepto, HDFC ERGO, Blue Star, and more.

• Corporate actions: Completed Qualified Institutions Placement of 1,13,69,282 shares at H 523.20 per share raising H 5,948.41 million in December 2024; objects include strategic investments, acquisitions, debt prepayment, and general corporate purposes.

• Inorganic growth: Span Across became a subsidiary on September 30, 2024 (98.32%); Mobileware became an associate on March 25, 2025 with 38.91% holding by March 31, 2025; Board approved acquisition of 45.33% in Effiasoft for Rs 36.72 crore with intent to move to 51%.