Zaggle CEO Avinash Godkhindi Ups Stake With 25K Shares

SUMMARY

With this, the promoters and promoter group’s total holding in Zaggle has increased from 44.01% previously

As the share purchase was made through the open market, the company's total equity share capital before and after the acquisition remains unchanged at 13.42 Cr equity shares of INR 1 each

In an exchange filing, the company also informed the bourses that Quadigo Ventures LLP became part of the promoter group, effective February 4, 2025

Zaggle’s promoters and promoter group have increased their stake in the fintech SaaS company by acquiring 25,000 shares from the open market.

With this, the group’s total holding in Zaggle now stands at around 44.03% from 44.01% previously. The promoters will now own 5.9 Cr+ shares (5,90,96,426 to be precise) carrying voting rights from 5,90,71,426 shares earlier.

“Avinash Ramesh Godkhindi (CEO and cofounder), promoter of Zaggle Prepaid Ocean Services Limited hereby submit the disclosure in respect of the purchase of 25,000 equity shares of Zaggle Prepaid Ocean Services Limited from the open market on February 13, 2025,” said Zaggle in an exchange filing on February 14.

The promoters and promoter group comprises Godkhindi, cofounder and executive chairman Raj Narayanam, and an entity called Quadigo Ventures LLP.

In an exchange filing, the company also informed the bourses that Quadigo Ventures LLP became part of the promoter group, effective February 4, 2025. This comes weeks after the fintech SaaS company appointed Narayanam as a designated partner, with a controlling interest of 98.05%, in Quadingo Ventures.

Quadingo owns 3.92% of the total equity share capital in Zaggle, as per the company.

As the share purchase was made through the open market, the company’s total equity share capital before and after the acquisition remains unchanged at 13.42 Cr equity shares of INR 1 each.

Founded in 2011 by Raj Narayanam, Zaggle currently provides expenses, payments, and corporate employee benefits solutions to enterprises. It offers a range of SaaS products, such as Zaggle Save for managing expenses and rewards, Zaggle Propel for employee rewards and incentives and Zaggle Zoyer for business spend management platform, among others.

At the end of Q3 FY25, the company claimed to have over 3,300 customers, including HT Media, Zomato’s Blinkit, BigBasket, Mumbai Metro One, among others.

Zaggle also reported a stellar financial performance in its third quarter (Q3) results for the financial year 2024-25 (FY25). Its consolidated profit for the quarter under consideration rose 30% year-on-year (YoY) to INR 19.74 Cr. Similarly, revenue from operations surged 69% YoY to INR 336.89 Cr in Q3 FY25.

This comes a week after the fintech SaaS major received its board approval to acquire an additional 16.67% stake in digital payments service provider Mobileware Technologies Private Limited in an all-cash deal.

This follows the company raising INR 594.84 Cr via a qualified institutional placement (QIP) by issuing 1.13 Cr shares to eligible buyers in December 2024. Company sources then informed Inc42 that the company was looking to make three more investments and acquisitions by March 2025 to expand its offerings.

Shares of Zaggle ended Friday’s (February 14) trading session 4.99% lower at INR 347.15 on the BSE.