Listed Fintech SaaS Zaggle Reappoints Avinash Ramesh Godkhindi As MD & CEO

Listed fintech startup Zaggle has announced the reappointment of Avinash Ramesh Godkhindi as its managing director and chief executive officer. 

Godkhindi has been at the helm of the fintech SaaS startup since 2012, a year after the startup’s incorporation in 2012. 

Between 2012 and 15, he was the CEO and whole-time director of  Zaggle Prepaid Ocean Services. In 2015, he became the MD and CEO of the company. 

The fintech SaaS entity made its stock market debut under his leadership in September last year.

Founded in 2011, Zaggle is a spend management and corporate employee benefits platform. It helps businesses automate their accounts and issues prepaid cards, in partnership with banking partners, to reward their employees with incentives and gifts.  

Moving on, Godkhindi, during his two-decade-long career in the banking space, has also worked with Citibank, Barclays, and ING Bank. 

He has done MBA in Finance, Strategy and International Business From the University of Chicago. 

The reappointment of Godkhindi comes two days after VC firm Ventureast sold Zaggle’s 22.27 Lakh shares in a block deal worth INR 67.26 Cr.

Last month, brokerage firm Equirus Securities initiated coverage on Zaggle with ‘LONG’ rating and a price target of INR 400. 

In February this year, the fintech SaaS startup posted a net profit of INR 15.2 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24). Operating revenue increased 35.1% to INR 199.5 Cr in Q3 FY24 from INR 147.6 Cr in the corresponding quarter of the previous fiscal.

In the same month, the Zaggle stock hit its all-time high of INR 278.2 on the BSE. 

Shares of the fintech SaaS company closed 1.56% higher at INR 292.45 on the BSE on May 8.