B2B fintech startup Zaggle has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer (IPO).
The startup is offering to sell new equity worth INR 490 Cr. along with an additional 10.5 million shares, according to the draft documents (OFS). In its draft documents, Zaggle has not specified the total value of the offer. Raj P. Narayanan, the company’s founder, and Avinash Godkhindi, its CEO, will each see their ownership of the company diluted by about 1.5 million shares as a result of the IPO. When compared to FY21, Zaggle’s profit increased 54% year over year (YoY), from INR 19.3 Cr to INR 41.92 Cr.