Zaggle: A Platform that empowers
Zaggle Prepaid Ocean Services Ltd (Zaggle), a leading player in spend management and digital financial solutions, has continued to strengthen its product portfolio and market reach. The BSE/NSE-listed fintech company, founded in 2011, has made rapid progress in the recent past as it focuses on providing innovative payment tools, corporate expense solutions and reward platforms to a diverse customer base.
Today, Zaggle is one of the largest spend management companies in India, even as it has emerged as a leading prepaid card issuer. Zaggle has issued over 50 million prepaid and credit cards through strategic alliances with leading banks, including HDFC Bank, Axis Bank, ICICI Bank, IndusInd Bank and NSDL Payments Bank, along with deep engagements with major network partners like Visa, Mastercard and RuPay.
Hyderabad-headquartered Zaggle has recently been on an acquisition spree to expand its product offerings and increase its market footprint aggressively. The Rs1,300 crore company, targeting annual revenue of around Rs9,000 crore in the next 5-7 years, has made as many as six acquisitions, of which four were completed in 2025. These acquisitions covered seven sectors, including payments, financing and accounting technology, and in-store retail technology. The most recent acquisition was Rio.Money, a fintech startup founded in 2023 in Bengaluru, which operates in the high-growth fintech, consumer credit cards and UPI payments domain. It was acquired in July 2025 for $2.5 million.
Across these acquisitions, the company has spent over Rs400 crore, which includes upfront costs as well as additional planned investments. Zaggle raised around Rs595 crore through its QIP in December 2024. A large portion of the QIP was earmarked for strategic M&A and inorganic growth. Apart from portfolio expansion, the company is also looking at geographies outside India, starting with the MENA region and subsequently the US.
Leveraging partnerships
“Across all these developments, one theme remains consistent: our focus on building a strong ecosystem rather than standalone products and platforms. The strength of our partnerships, the speed of our innovation, including the AI initiative, and the breadth of our global ambition are driving us towards the next phase of transformation. With deep roots in India and a vision that spans across markets, we are bringing together technology, innovation and collaboration to create enduring value. As a home-grown SaaS fintech innovator, we are reshaping how businesses in India and beyond manage their spending securely, seamlessly and smartly,” says Raj P Narayanam, 54, Founder & Executive Chairman, Zaggle.
“Along with this, I would also like to say that we are preparing to expand globally with a focus on the MENA and US markets, positioning the company for global scale and diversification. As part of this expansion plan, we will be setting up an office in GIFT City, giving us easier access to international markets to cater to holistic cross-border spend management solutions, followed by an office in the MENA region in the next few weeks,” adds Narayanam.
Zaggle is a Software-as-a-Service (SaaS) fintech platform that digitises business spends through automated workflows tailored for organisations of all sizes. Zaggle’s network of corporate customers (3,600 companies) spans diverse sectors ranging from banking and finance, and technology to healthcare, manufacturing, FMCG, infrastructure and automobiles. The company operates at the intersection of the SaaS and fintech ecosystems, delivering integrated, user-friendly solutions that optimise enterprise spend, automate processes and enhance financial control and operational efficiency.
Zaggle’s unified platform offers corporate administrators a configurable, intuitive dashboard and provides employees and ecosystem partners – such as vendors, suppliers and channel partners – with an easy-to-use mobile application. It enables businesses to digitise, automate and optimise their spend-related processes through a comprehensive suite of solutions integrated with payments, analytics and workflow automation.
The company has a comprehensive suite of innovative products. Zaggle Save is designed for employee reimbursements and tax savings, while Zaggle Zoyer enables end-to-end accounts payable automation. Similarly, Zaggle Propel is for channel partner rewards and recognition; Zaggle Zatix for intelligent spend analytics; Zaggle ZIP for compliant international payments; Zaggle Fleet Management for real-time fuel and mobility spend tracking; and Zaggle TaxSpanner for tax compliance and filings.
“Our portfolio includes a variety of SaaS solutions, such as expenses, payments and rewards management software, which cater to a wide array of touchpoints. We began our journey with a focus on corporate customers, providing them with financial instruments like prepaid cards for rewards and incentives. This initial focus allowed us to gain insights into corporate channel distribution and sales processes, enabling us to offer more products effectively. We pride ourselves on our differentiated value proposition and diversified user base,” explains the Zaggle chief.
The company, with a workforce of 425 employees, operates in the B2B2C segment and is among a small number of uniquely positioned players with a diversified offering of financial technology products and services. Zaggle has one of the largest issued prepaid card bases in India in partnership with its banking partners. Additionally, it has a diversified portfolio of SaaS products, including tax and payroll software, and wide touchpoint reach. The company has emerged as a leading player in spend management, with more than 50 million prepaid and credit cards issued in partnership with 19 banking partners and more than 3.5 million users, offering a differentiated value proposition and diversified user base.
The company went public (IPO size: Rs563.38 crore) in September 2023. The price band was set at Rs156-164 per share. The IPO was subscribed 13 times. Currently, the share is hovering around Rs345-350, with a 52-week high and low of Rs591 and Rs298, respectively.
Impressive performance
Zaggle has recently reported its highest-ever half-yearly and quarterly performance. For the quarter ended 30 September, 2025, the company registered year-on-year revenue growth of 42.4 per cent to Rs431 crore, while its PAT surged 79 per cent to Rs33.34 crore. Half-yearly revenue rose to Rs762.47 crore, registering 37.4 per cent year-on-year growth. PAT climbed to Rs59.21 crore in H1 FY26, reporting a 67.6 per cent increase. For the full year FY2025, Zaggle clocked a PAT of around Rs88 crore (almost 100 per cent year-on-year growth) on revenue of around Rs1,304 crore (68 per cent growth).
“Since our listing 2 years ago, we continue to deliver on our guidance, and our current results are no exception, with our best-ever half-yearly and quarterly performance across parameters. In light of our strong performance and sustained momentum across all business segments, we have recently upgraded our revenue growth guidance to 40-45 per cent, while our EBITDA guidance continues to remain in the range of 10-11 per cent,” avers Narayanam.
During the quarter ended 30 September, 2025, Zaggle continued to strengthen its product portfolio with the launch of two new products: Zaggle GlobalPay Forex Card and Zaggle × Mastercard Prepaid Card in its cards segment, each designed to enhance customer experience through smarter, safer and more rewarding spending solutions.
The company has also taken a significant step forward by entering the retail card segment in partnership with AU Small Finance Bank. This expansion meaningfully broadens its customer offering and strengthens its position in the retail payments space.
“Our management team has extensive experience in running retail card portfolios, and we will leverage this to successfully ramp up this offering to our established user network. We have also expanded our banking partner network by adding Standard Chartered Bank, AU Small Finance Bank and Suryoday Small Finance Bank. With the addition of retail cards, we are now present across multiple payment methods, including commercial credit cards, prepaid cards, retail cards and UPI. Further, with our expanded ecosystem of banking and network partners, we aim to create new synergies and drive further growth across business lines,” adds the Zaggle chief.
Narayanam is the driving force behind Zaggle’s journey from a rewards platform to a significant player in the digital payments and expense management space. A PGDBA from the prestigious FORE School of Management and an MBA from the Stern School of Management, he is a serial entrepreneur with deep experience in finance, technology and building successful ventures. He has built and sold multiple businesses across financial services, retail, internet, merchandising, reward and recognition, blockchain, open banking, expense management and credit cards. He is also an active angel investor, mentor and supporter of the startup ecosystem, having invested in over 47 companies either in his personal capacity or through AIFs.
Under his leadership, Zaggle has continued to build strategic partnerships to strengthen its product portfolio. The company has signed a fresh agreement with Mastercard Asia Pacific Pte Ltd. Through this agreement, Zaggle will introduce Mastercard-branded credit cards and a range of associated payment solutions for its existing clients and new prospects. The collaboration is designed to expand its payments portfolio and support deeper customer engagement across corporate and retail segments. Zaggle will also receive spend-linked incentives from Mastercard, which are expected to support revenue growth as card spends increase over time.
AU Small Finance Bank has struck a strategic partnership with Zaggle. The alliance aims to launch a co-branded retail credit and prepaid card programme equipped with a unique Third-Party Application Provider (TPAP) integration and a personalised recommendation engine. The new retail credit card is designed to offer customers greater value through smart spending tips, easy-to-earn rewards and seamless, tech-enabled experiences, making everyday spending more rewarding and effortless.
Broadening relationships
Beyond the retail credit card launch, AU SFB and Zaggle will broaden their partnership to develop a comprehensive commercial credit card portfolio. AU SFB will leverage its underwriting expertise, while Zaggle will utilise its extensive enterprise network to onboard eligible corporate customers. These customers will gain access to Zatix, Zaggle’s centralised SaaS platform, which provides real-time visibility, complete control and actionable insights into corporate spending.
The partnership also includes a co-branded prepaid card programme for corporate customers, supporting tax-saving benefits through multiple wallets across categories such as fuel, meals and gifts. Through this programme, corporates can manage expense reimbursement tracking and access support via the Zaggle mobile app. The objective is to empower both AU SFB and its corporate customers to efficiently manage and scale their commercial card programmes.
Zaggle has acquired a 100 per cent stake in Rivpe Technology Pvt Ltd (Rio.Money), a fast-growing fintech innovator specialising in consumer credit cards and UPI-based payment solutions. Additionally, the company will invest up to Rs75 crore in Rio.Money, in one or more tranches, to support product enhancement, technology advancement, go-to-market initiatives and expansion of consumer payment offerings.
Rio.Money, incorporated in 2023, offers co-branded consumer credit cards along with robust UPI payment capabilities. This acquisition marks a major step in Zaggle’s consumer payments strategy, enabling the company to enhance its presence in the rapidly evolving fintech ecosystem.
Avinash Godkhindi, Managing Director & CEO, Zaggle, says: “Rio.Money’s consumer credit and UPI capabilities align seamlessly with our growth strategy. By leveraging Zaggle’s 3.5 million users and 3,600 corporate clients, this acquisition, combined with our solid foundation in enterprise spend management and financial technology, will accelerate our expansion into new customer segments and markets.”
“The acquisition of Rio.Money is a strategic cornerstone in our ambition to build one of India’s most comprehensive fintech ecosystems. Rio.Money brings exceptional capabilities in UPI and consumer credit cards, two of the most transformative payment avenues in India today,” says Narayanam.
In August this year, Zaggle collaborated with Standard Chartered Bank. This partnership enables the bank to offer a comprehensive suite of value-added services to its corporate clients, positioning it as a one-stop destination for all spend management requirements.
As part of this collaboration, Zaggle has initially integrated two of its flagship platforms (Zaggle Zoyer and Zaggle Save) into the bank’s corporate banking ecosystem.
With all these developments in place, Zaggle has emerged as a significant player in the corporate payments landscape. As a home-grown SaaS fintech innovator, it is reshaping how businesses in India and beyond manage their spending. Zaggle has been proactive in aligning its offerings with the fast-evolving needs of the market. The company has been aggressively adapting its software solutions to meet emerging requirements. It is strengthening its product pipeline with smart solutions that will not only deepen its core capabilities in AI-driven intelligent spend management but also extend its reach into adjacent domains of corporate finance, unlocking new value for clients.