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.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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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.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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