Zaggle Prepaid Ocean Services Ltd Company Summary

Zaggle Prepaid Ocean Services Ltd Summary

Zaggle Prepaid Ocean Services Limited was incorporated as Zaggle Prepaid Ocean Services Private Limited at Hyderabad as a Private Limited Company dated June 2, 2011. Subsequently, Company was converted into a Public Limited on August 22, 2022 and the name was changed to Zaggle Prepaid Ocean Services Limited vide fresh Certificate of Incorporation on September 13, 2022.The Company is a B2B2C Fintech SaaS Company, which is a leading player in spend management, with a differentiated value proposition and diversified user base. Incorporated in 2011, it interact with Customers (i.e., businesses) and end Users (i.e., employees) and are among a small number of uniquely positioned players with a diversified offering of financial technology products and services, having one of the largest number of issued prepaid cards in India in partnership with certain banking partners, a diversified portfolio of software as a service (SaaS), including tax and payroll software.The core product portfolio include: Propel, a corporate SaaS platform for channel rewards and incentives, employee rewards and recognition; Save, a SaaS-based platform and a mobile application to offer expense management solution for business spendmanagement facilitating digitised employee reimbursements and tax benefits; CEMS, a customer engagement management system that enables merchants to comprehensively manage their customer experiences including rewarding merchants through gift card and loyalty benefits; Zaggle Payroll Card, a prepaid payroll card that allows Customers to pay contractors, consultants, seasonaland temporary employees, and unbanked wage workers as an alternative to direct deposits to bank accounts or cash payments; and Zoyer, an integrated data driven, SaaS based business spend management platform with embedded automated finance capabilities in core invoice to pay workflows.The Company is sector-agnostic, and their network covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it maintains relationships with TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt,MAZDA, PCBL (RP - Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries. In 2019. it launched a prepaid card powered by IndusInd Bank Limited, a channel incentive and engagement platform, namely, Propel and an expense management card platform, namely, Save.In 2022, it launched an integrated data-driven business, Zoyer. It launched a wearable contactless payment device, Zakey. In September 2023, Company made an Initial Offer by issuing 34,352,255 Equity Shares aggregating to Rs 563.37 Crore comprising a Fresh Issue of 23,902,439 Equity Shares aggregating to Rs 392 Crore and 10,449,255 Equity Shares aggregating to Rs 171.37 Crore through Offer for Sale. In 2023, the Company launched its Spend analytics platform Zatix. The Company signed up with BOB Financial Solutions Limited (BFSL) for Implementing Commercial card Onboarding & value-added services platform for BFSL.Zaggle Technologies Limited (ZTL) was incorporated as a wholly-owned subsidiary in the United Kingdom on January 12, 2023 during FY 2022-23.