Zaggle Prepaid board approves fundraising up to ₹950 crore through QIP

Hyderabad-based B2B SaaS fintech firm Zaggle Prepaid Ocean Services announced to raise up to ₹950 crore through issue of equity shares and other securities after its board meeting held on October 30, 2024.

The company provided detailed information about the proposed securities, which include shares, convertible bonds and non-convertible instruments. Zaggle aims to use the funds for strategic growth and operational improvements while adhering to Securities and Exchange Board of India (SEBI) regulations.

In addition to the fundraising announcement, the board appointed Virat Sunil Diwanji as a Non-Executive, Non-Independent Director with immediate effect.

From a financial perspective, Zaggle Prepaid reported 112% revenue growth in the April-June 2024 quarter (Q25). Earnings before interest, taxes, depreciation and amortization (EBITDA) margin for the quarter was 10.7%, compared to 7.9% last year and 11.7% in the previous quarter.

The company has not yet announced its second quarter results for fiscal 2025.

Zaggle’s shares closed down 0.3 percent ₹439 on Wednesday. The stock, which was launched on September 22 last year, has more than doubled from its IPO price of ₹164. The IPO was subscribed approximately 13 times in three days.

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