[Update] Zaggle Raises INR 15 Cr, Sets Up Subsidiary In GIFT City

Update | December 16, 16:58 IST

Fintech SaaS major Zaggle has raised about INR 15 Cr from Times Group parent Bennett Coleman and Company Ltd (BCCL) and promoter group entity RAN Ventures via issuance of 10.58 Lakh warrants. The company allotted 7.06 Lakh warrants to BCCL and 3.53 Lakh warrants to RAN Ventures at an issue price of INR 567 apiece.

The warrants can be converted to an equal number of equity shares on payment of 75% balance of the issue price within 18 months. The current investment is 25% of the total price under the agreement. 

Besides allotting the warrants to the Times Group parent, Zaggle also entered into an advertisement agreement with BCCL yesterday. Under this, the media conglomerate would advertise the company, its subsidiaries, and their products, services and brands in media.

Further, Zaggle incorporated a new wholly owned subsidiary, Zaggle Payments IFSC Ltd, to undertake the business of providing spend management solutions to corporates and their users through their online platform and solutions. Typically, companies set up subsidiaries in GIFT City to access the global financial and IT services hub that offers tax benefits and a relaxed regulatory environment. 

Following the flurry of developments, shares of Zaggle ended today’s trading session 4.69% higher at INR 362.65 on the BSE.

Original | October 3, 14:06 IST

After raising INR 595 Cr via its maiden QIP in December last year, fintech SaaS company Zaggle’s board has now approved raising INR 59.99 Cr from preferential allotment of warrants. 

In an exchange filing, the company said it will raise the capital via allotment of 10.58 Lakh warrants at INR 567 apiece to promoter group entity RAN Ventures Pvt Ltd and non-promoter group company and media conglomerate Bennett Coleman and Company Ltd (Times Group).

The company didn’t disclose how it plans to use the freshly raised funds, but it is pertinent to mention that Zaggle has been on an acquisition spree of late. Most recently, it announced plans to acquire golf-centric rewards platform Greenedge for INR 25 Cr. 

In a separate development, Zaggle said yesterday that it has entered into an agreement to extend a loan of INR 15 Cr to Dice Enterprises for working capital requirements of the latter. The loan will be provided for a period of 12 months at an interest rate of 12% per annum  in one or more tranches, repayable on demand.

Notably, Zaggle announced the acquisition of enterprise spend management startup Dice Enterprises for INR 123 Cr in June. Back then, Zaggle said that the acquisition will strengthen its product portfolio, give access to Dice’s customer base, and help it scale both in India and globally.

Besides, Zaggle has entered agreements to acquire UPI payments startup Rio.Money and increase stakes in Effiasoft and Mobileware Technologies this year.

Zaggle’s acquisition spree was charged by its maiden QIP which was completed in December. Back then, Zaggle had plans to touch a gross revenue of INR 2,000 Cr in FY26, along with a net profit of INR 200 Cr on the back of these acquisitions.

For the first quarter of the fiscal, Zaggle’s consolidated net profit surged 56% to INR 26.1 Cr in Q1 FY26 from INR 16.7 Cr in the year-ago quarter. Its top line surged 32% YoY to INR 252.2 Cr.   

Zaggle’s shares were trading 1.29% higher at INR 344.95 as of 13:37.