Secondary Issues
Fintech-SaaS firm Zaggle raises Rs.595-Cr via QIP
Hyderabad-based fintech SaaS firm Zaggle has raised INR 594.84 crore through a Qualified Institutions Placement (QIP) by issuing 1.13 crore equity shares of INR 523.20 per share, reflecting a 5% on the floor price of INR 550.73 per share. Post the QIP, the company's paid-up equity share capital will increase to 13.42 crore from 12.28 crore.From the raised proceeds, INR 500 crore will be utilised for investments and acquisitions, while INR 59.1 crore will be used for payment of outstanding borrowings availed by the company, and the remaining amount will be used for general corporate purposes.Founded in 2011 by Raj Narayanam, Zaggle provides a spend management and corporate employee benefits platform that helps businesses automate their accounts and issue prepaid cards. It serves clients across industries including, banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automobiles.
Between Nov 2017 and Aug 2023, Zaggle had raised about USD 3 M from ValueQuest and Ventureast. The company went public in Sep-23.
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