B2B fintech startup Zaggle raised INR 50 crore from Vivriti Asset Management

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IPO-bound B2B fintech startup Zaggle raised INR 50 crore in debt funding from alternative investment fund platform Vivriti Asset Management (VAM).

Zaggle will use the fresh capital to grow its products such as the newly-launched accounts payable platform ‘Zoyer’. Zoyer is a data-driven, SaaS-based business spend management platform with automated finance capabilities embedded in core invoice-to-pay workflows.

The new funds will also be used for working capital and business expansion. According to a statement, the investment was made through the purchase of debentures through VAM’s performing credit fund and will be amortised over the next 40 months, paying interest quarterly.

Zaggle is a spend management and corporate employee benefits platform that was founded in 2011. The fintech startup assists businesses in automating their accounts and, in collaboration with banking partners, issues prepaid cards for businesses to reward their employees with incentives and gifts.

Zaggle filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) in December (IPO).

According to the draft documents, the startup intends to sell new equity worth INR 490 Cr. The public offering will also include an offer for sale (OFS) for 10.5 million shares.

Zaggle’s profit after tax (PAT) increased 2.2X to INR 41.92 Cr in fiscal year 2021-22 (FY22) from INR 19.33 Cr the previous year. Revenue from operations increased to INR 371.25 Cr in FY21 from INR 239.97 Cr the previous fiscal year, while total revenue increased 1.5X to INR 371.66 Cr from INR 240.29 Cr the previous fiscal year.

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B2B fintech startup Zaggle raised INR 50 crore from Vivriti Asset Management

IPO-bound B2B fintech startup Zaggle raised INR 50 crore in debt funding from alternative investment fund platform Vivriti Asset Management (VAM).

Zaggle will use the fresh capital to grow its products such as the newly-launched accounts payable platform ‘Zoyer’. Zoyer is a data-driven, SaaS-based business spend management platform with automated finance capabilities embedded in core invoice-to-pay workflows.

The new funds will also be used for working capital and business expansion. According to a statement, the investment was made through the purchase of debentures through VAM’s performing credit fund and will be amortised over the next 40 months, paying interest quarterly.

Zaggle is a spend management and corporate employee benefits platform that was founded in 2011. The fintech startup assists businesses in automating their accounts and, in collaboration with banking partners, issues prepaid cards for businesses to reward their employees with incentives and gifts.

Zaggle filed its draft red herring prospectus (DRHP) for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) in December (IPO).

According to the draft documents, the startup intends to sell new equity worth INR 490 Cr. The public offering will also include an offer for sale (OFS) for 10.5 million shares.

Zaggle’s profit after tax (PAT) increased 2.2X to INR 41.92 Cr in fiscal year 2021-22 (FY22) from INR 19.33 Cr the previous year. Revenue from operations increased to INR 371.25 Cr in FY21 from INR 239.97 Cr the previous fiscal year, while total revenue increased 1.5X to INR 371.66 Cr from INR 240.29 Cr the previous fiscal year.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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