Other Deals
Fintech firm Zaggle attracts Rs.25-Cr from ValueQuest
Hyderabad-headquartered fintech player Zaggle Prepaid Ocean Services has raised INR 25 crore from ValueQuest Scale Fund in the pre-IPO (initial public offering) round. Zaggle issued 15,24,390 equity shares to ValueQuest at INR 164 apiece. The firm had raised INR 73 crore from a clutch of investors through a private placement last week. With the latest fund infusion, the combined fund raising by the firm reached INR 98 crore in two tranches. Zaggle filed its draft papers with capital markets regulator Sebi in December 2022 to raise funds through an IPO. The IPO comprises fresh issue of equity shares worth INR 490 crore and an offer for sale (OFS) component of 1.05 crore stocks by promoters, investors and other shareholders. Proceeds from the fresh issue would be used to acquire customers, develop technology and products, and repay debt. Founded in 2011, Zaggle operates in the business-to-business-to-consumer (B2B2C) segment. It offers solutions for spends management through prepaid cards and employee management (through SaaS).
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