Home/IPOs/ZAGGLE
Start Date14-09-2023
Application Timing10am-5pm
Price Range₹156 - ₹164
Min Qty90
Min. Investment₹14040
Listing DateNA
Close Date18-09-2023
About Zaggle Prepaid Ocean Services Limited
Incorporated in 2011, Zaggle offers diversified bouquet of fintech products and services, having one of the largest number of issued prepaid cards in India with its banking partners (with approx 16% of India’s total prepaid transaction volume), a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach. They are a leading player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served.
They are placed at the intersection of the SaaS and fintech ecosystems, and the SaaS platform is designed for:
- Business spend management (including expense management and vendor management)
- Rewards and incentives management for employees and channel partners
- Gift card management for merchants, which we refer to as customer engagement management system (CEMS).
India’s fintech ecosystem has grown rapidly and its market revenue is estimated to reach approximately Rs. 8341 billion in Fiscal ‘27 as a result of supporting government policies which have fostered a cashless society and rising investments. India had the highest fintech adoption rate of 87.0% in Fiscal ‘23, compared to other countries. India’s digital payments industry is expected to grow at a CAGR of 22% from ‘23 to ‘27.
The overall market for spend management software and services (in-house and outsourced; including procurement management, expense management, and payroll management) is estimated to surpass Rs. 200 billion by Fiscal 2027, with the share of outsourced spend management estimated to be around 60% during that period.
Why To Invest in Zaggle Prepaid Ocean Services Limited
FIntech, SaaS player having one of the largest number of issued prepaid cards in India offering tax, payroll software and spend management. The IPO proceeds will be used towards customer acquisition, technology development expenses and prepayment of debt.
Strengths And Risks
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Differentiated SaaS-based Fintech Platform: : The platform combines a unified SaaS-based platform with a comprehensive product stack that digitises business and employee spend management, and rewards for businesses, along with payment instruments.
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Diverse Customer Relationships: : They have a diverse customer base covering leading brands across multiple industry verticals and relationships with some of the well-known names e.g. Persistent Systems, Tata Steel, Vitech, PCBL etc.
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In-house Technology: : They provide a composite SaaS and fintech offering under a single application and payment instrument. They also offer CEMS, customer engagement management system that enables merchants to comprehensively manage their customer experiences.
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Diverse Revenue Sources:: Their business model is a key differentiator acquiring large user bases through corporate and SMB Customers to limit costs incurred on the acquisition of new users relative to other B2C/retail focused players.
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Experienced Promoter: : Company is led by experienced Promoter, CEO and able management with experience in technology, fintech industry and banking industry.
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Third Party Risk: : Company is dependent on third-party payment networks, channel partners and third-party providers for various aspects of business and growth, and any failure to maintain these relationships could adversely affect business.
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High Competition:: India’s spend management market and the fintech space is rapidly evolving, is increasingly competitive, fragmented, and subject to changing technology, shifting user and customer needs, new market entrants.
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Seasonality: : The business is impacted by seasonal variations in sales volumes which may cause revenues to vary between different quarters in a financial year.
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Legal & Regulatory Risk: : Laws and regulation governing business and operations may continue to change and introduction of new laws and regulation may adversely affect the financial condition.
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