Zaggle Prepaid Ocean Services Limited has informed the Exchange about Investor Presentation
ZAGGLE/25-26/14
May 12, 2025
To Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, Plot No C/1, G Block Bandra Kurla Complex, Bandra (East), Mumbai -400 051, Maharashtra Company Symbol: ZAGGLE
To The Corporate Relations Department BSE LIMITED Phiroz Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai -400 001, Maharashtra Company Scrip Code: 543985
Dear Sir / Madam,
Sub: Investor Presentation for the quarter and financial year ended on March 31, 2025.
Pursuant to the Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulations, 2015, we enclose herewith Investors Presentation for the quarter and financial year ended on March 31, 2025.
The same is also being uploaded on the website of the Company viz. https://ipo.zaggle.in/wp- content/uploads/2025/05/inverstor-presentation-Q4FY25.pdf.
We request you to kindly take the same on record.
Thanking you
Yours faithfully,
For Zaggle Prepaid Ocean Services Limited
Hari Priya Company Secretary and Compliance Officer
Encl: As above
Investor Presentation
Zaggle Prepaid Ocean Services Limited Zaggle Prepaid Ocean Services Limited Zaggle Prepaid Ocean Services Limited
Q4 and FY25
1
Safe harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Zaggle Prepaid Ocean Services Limited
(the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment
whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed
information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,
completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain
all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is
expressly excluded.
This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability,
which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking
statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations
in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to
attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations,
government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not
undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any
forward-looking statements made from time to time by or on behalf of the Company.
2
From the Founder’s desk…
“This year has been exceptional with our highest yearly performance ever. FY25 revenues have surpassed our guidance, crossing the INR 13,000 million mark and achieving a 68.0% year-on-year growth. Also, our PAT at INR 874.8 Mn was almost double that of last year. This combination of high growth and strong profitability is a clear sign of the longevity of our business model and discipline in execution.
We recorded our highest ever performance for the third time in a row, with a topline of INR 4,114.5 Mn a 50.5% YoY growth and PAT of INR 319.6 Mn a 66.8% YoY growth.
This year has been a year of strategic execution, with a few strategic investments and product innovations that align with our long-term goal of growing our umbrella of offerings to meet the expansive needs of our customers. This ever-evolving portfolio positions us well in this dynamic world.
Innovation remains a cornerstone of our success, and we are continuously focusing on deploying emerging AI technologies to fundamentally reshape the way we engage with our customers and users.
Building on our strong performance, we project our organic FY26 topline growth to range between 35% to 40% and we are upping our guidance for EBITDA Margin in the range of 10% to 11%. As we continue to scale, we remain focused on driving margin expansion through increased operating leverage, operational efficiencies, and cross-sell opportunities."
3
Raj P Narayanam Founder and Executive Chairman
Performance Highlights
44
Highest ever performance across metrices
Q4 FY25
FY25
₹ 4,114.5 Mn
₹ 379.3 Mn
₹ 319.6 Mn
₹ 394.1 Mn
YoY + 50.5%
YoY + 39.6%
YoY + 66.8%
YoY + 85.5%
₹ 13,026.5 Mn
₹ 1,244.9 Mn
₹ 874.8 Mn
₹ 1,114.3 Mn
YoY + 68.0%
YoY + 45.5%
YoY + 98.7%
YoY +65.4%
Revenue from operations
Adjusted EBITDA (before ESOP)
PAT
Cash PAT
• Above performance represents standalone financials
5
Quarterly financial highlights
Revenue from operations (₹ Mn)
Gross Profit (₹ Mn)
68.0%
13,026
50.5%
4,114
2,734
7,756
17.6%
1,898
1,615
57.8%
6,228
3,947
Q4FY24
Q4FY25
FY24
FY25
Q4FY24
Q4FY25
FY24
FY25
Adjusted EBITDA (₹ Mn)
Reported EBITDA (₹ Mn)*
Cash PAT (₹ Mn)
45.5%
1,245
39.6%
379
272
856
34.6%
367
272
63.2%
1,152
PAT + Depreciation & Amortization + ESOP Expense
85.5%
394
65.4%
1,114
706
212
674
Q4FY24
Q4FY25
FY24
FY25
Q4FY24
Q4FY25
FY24
FY25
Q4FY24
Q4FY25
FY24
FY25
• Reported EBITDA is after reducing the ESOP expenses • Above performance represents standalone financials
6
Key operational performance indicators
Total customers catered to (number)
Aggregate users on the platform (million)
14.6%
3,455
3,016
20.1%
3.28
2.73
KPIs
FY24
FY25
FY24
FY25
Software Fees
Program fees
Propel platform revenue
Revenue Mix (₹ Mn)
11.7%
84
93
12.5%
312
352
69.5%
5,456
70.8%
7,218
3,218
14.7%
1,370
1,571
4,225
91.4%
2,450
1,280
Q4FY24
Q4FY25
FY24
FY25
Q4FY24
Q4FY25
FY24
FY25
Q4FY24
4FY25
FY24
FY25
• Above performance represents standalone financials
7
Profit and loss statement (standalone)
Particulars (₹ Million, unless stated otherwise)
Q4FY25
Q4FY24
YoY
Q3FY25
QoQ
FY25
FY24
YoY
Q4FY25 – Key Highlights
Revenue from operations:
4,114.5
Cost of point redemption / gift cards
2,208.8
Consumption of cards
7.3
2,733.7
1,115.1
3.9
50.5%
Gross Profit
Gross Profit Margin
Employee benefits expense
1,898.3
1,614.7
17.6%
46.1%
157.8
59.1%
83.2
Incentive and cash back
1,083.6
1,097.9
Other Expenses
Adjusted EBITDA
Adjusted EBITDA Margin
ESOP Cost
Reported EBITDA
Reported EBITDA Margin
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
Tax
Profit After Tax
PAT Margin
Cash PAT (PAT+DA+ESOP)
Cash PAT Margin
EPS - Basic
EPS - Diluted
277.6
379.3
9.2%
12.8
366.5
8.9%
127.3
61.6
432.2
10.5%
11.1
421.1
101.5
319.6
7.8%
394.1
9.6%
2.38
2.37
162.0
271.6
9.9%
-0.6
272.2
10.0%
46.8
21.5
297.5
10.9%
37.9
259.6
68.0
191.6
7.0%
212.5
7.8%
1.57
1.56
39.6%
34.6%
45.3%
66.8%
85.5%
3,364.4
1,854.0
3.9
1,506.5
44.8%
145.2
828.9
217.7
314.6
9.4%
20.1
294.4
8.8%
35.3
39.5
290.2
8.6%
22.5
267.6
65.3
202.4
6.0%
262.1
7.8%
1.65
1.64
22.3%
13,026.5
7,756.0
68.0%
6,781.0
3,797.2
17.0
12.3
26.0%
6,228.5
3,946.5
57.8%
47.8%
563.4
50.9%
363.1
3,598.7
2,168.3
821.4
20.6%
1,244.9
9.6%
92.6
24.5%
1,152.3
8.8%
245.1
146.9
49.0%
1,250.5
9.6%
76.3
1,174.2
299.4
874.8
6.7%
58.0%
50.4%
1,114.3
8.6%
6.96
6.93
559.5
855.7
11.0%
149.8
705.9
9.1%
112.7
83.6
735.0
9.5%
137.2
597.8
157.6
440.2
5.7%
673.6
8.7%
4.06
4.03
45.5%
63.2%
70.1%
98.7%
65.4%
Highest ever quarterly and yearly ended Revenue, Adjusted EBITDA and PAT.
•
•
The YoY growth in the topline is attributed to : o A notable rise across all revenue lines primarily through Zoyer solution and organic growth in Save & Propel
o Newer clients & Users addition o Cross sell initiatives
The rise in employee costs aligns with the overall expansion of the business
Incentives and cashback reduced on a YoY basis for the Q4’25. For the year, increase includes higher costs of funds owing to the credit cards portfolio
Increase in depreciation expenses is largely due to capitalisation of product suites like Zatix & Fleet Solutions
The total ESOP expenses in FY26 are expected to be approx. INR 90-100Mn
8
Balance sheet (standalone)
Particulars (Rs. in Millions)
March 31, 2025
March 31, 2024
Particulars (Rs. in Millions)
March 31, 2025
March 31, 2024
396.83
100.93
544.07
220.17
815.79
8.45
418.46
18.21
5.60
27.23
25.32
119.10
81.56
498.63
259.83
0.00
46.12
11.00
27.60
27.22
2,555.74
1,096.38
EQUITY AND LIABILITIES
EQUITY
Equity share capital
Other equity
Total equity
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
Provisions
Total non-current liabilities
Current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables
ASSETS
Non-current assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Intangible asset under development
Financial assets
(i) Investments
(ii) Loans
(iii) Other financial assets
Other non-current assets
Income-tax assets (net)
Deferred tax assets (net)
Total non-current assets
Current assets
Inventories
Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
6,151.52
(v) Other financial assets
Other current assets
Total current assets
102.76
1,740.81
10,527.30
3.31
0.00
2,148.99
379.91
3.58
5.20
1,746.21
79.40
2,713.67
30.40
1,286.52
5,864.98
- Total outstanding dues of micro and small enterprises
- Total outstanding dues of creditors other than micro and small enterprises
(iii) Other financial liabilities
Provisions
Other current liabilities
Current tax liabilities (net)
Total current liabilities
Total liabilities
Total assets
13,083.04
6,961.36
Total equity and liabilities
13,083.04
134.21
12,341.91
12,476.12
122.49
5,631.33
5,753.82
0.00
77.90
20.79
98.69
50.90
35.50
2.21
32.82
45.05
1.00
327.45
13.30
508.23
606.92
154.73
87.57
16.40
258.70
581.29
42.68
6.53
13.10
21.11
0.95
281.77
1.41
948.84
1,207.54
6,961.36
FY25 – Key Highlights
Rise in intangible
assets is due to the capitalisation of Zatix and Fleet Solutions
Intangible asset under development represents investment towards the development of new products and modules in existing products
Investments represents strategic acquisitions made towards Tax Spanner & Mobileware
9
Quarterly revenue contribution
Sample box Q3 & Q4 are higher revenue quarters in the business
Contribution to annual revenues
Revenue from operations (₹ Mn)
16.0%
23.5%
26.7%
33.8%
15.3%
23.8%
25.7%
35.2%
19.4%
23.2%
25.8%
31.6%
4,114
3,364
3,026
2,734
2,522
1,869
1,842
1,995
1,303
1,476
1,185
886
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
YoY +33.7%
YoY +41.4%
YoY +35.1%
YoY +46.3%
YoY +112.9%
YoY +64.2%
YoY +68.6%
YoY 50.5%
• Above performance represents standalone financials
10
Strategic Alliances
Contract brief
Gujarat International Finance Tec-City Company
►
Zaggle shall provide the solutions of CoBrand Pre-Paid Citizen Card and Visitor Management system for GIFTCL
Google / Redington
►
Zaggle will be the authorized reseller & program manager for Google Smart EPP device lease program.
Thomas Cook
Bank of India
Keka HRMS
►
►
►
This collaboration will redefine the corporate travel experience globally with Thomas Cook’s end-to-end travel expertise embedded with Zaggle’s cutting-edge expense management platform
Zaggle has been empanelled with the bank to develop use cases on domestic prepaid, forex prepaid, commercial cards and onboarding journeys
Zaggle Save solution to list on Keka Marketplace as an offering
Keka to also refer corporate customers from its portfolio to Zaggle
Duration
5 Years
5 Years
2 Years
2 Years
3 Years
11
Recent customers wins for growth
Indus Towers
Tech Mahindra
Siemens Limited
Honasa Consumer (Mamaearth)
PhysicsWallah
►
►
►
►
►
Contract brief
Zaggle would provide Indus Towers Limited the Zaggle Save (Employee expense management & benefits)
Zaggle would provide Tech Mahindra the Zaggle Zatix platform backed by a credit card offering. Tech Mahindra is an existing user of the Zaggle Save platform.
Zaggle would provide Siemens Limited, the Zaggle Propel reward platform.
Zaggle would provide Honasa Consumer Limited, Zaggle Zoyer Platform
Zaggle would provide PhysicsWallah Limited , Zaggle Zoyer Platform
PhysicsWallah is an existing user of the Zaggle Save platform.
Wonder Home Finance
►
Zaggle would provide Wonder Home Finance, Zaggle Zoyer & Zaggle Save (Employee expense management & benefits) propositions.
Forbes Marshal
►
Zaggle would provide Forbes Marshal Pvt Ltd, the Zaggle Propel reward platform
Duration
Perpetual
1 Year
3 Year
3 Years
2 Years
2 Year
1 Year
12
What we do
1313
Zaggle: #1 Spend Management company in India
t e e F
l
t n e m e g a n a M
S a e s
l
l
S a e s C o m m
i s s i o n
l
C h a n n e S a P l e a s r t n e r /
Corporate Spends Need
What we have built
3,400+ 3,400+ Corporates Corporates
3.2 Mn+ 3.2 Mn+ Users Users
( < 1.5% Churn) ( < 1.5% Churn)
50 Mn+ 50 Mn+ Cards issued Cards issued
#1 Prepaid Card #1 Prepaid Card issuer in country issuer in country
SaaS
`
Fintech
Multilingual interface
GDPR Compliant
Products are customizable
16 16 Bank partners Bank partners
425+ 425+ Employees Employees
Omni-Channel offering with a combination of payment instruments, mobile application and API integrations
Revenue from operations (standalone) Revenue from operations (standalone)
Adjusted EBITDA (standalone) Adjusted EBITDA (standalone)
Profit After Tax (standalone) Profit After Tax (standalone)
Robust Numbers
5 5 2 2 Y Y F F
4 4 2 2 Y Y F F
Rs. 13,026.5 Mn Rs. 13,026.5 Mn 68.0% (YoY) 68.0% (YoY)
Rs. 7,756.0 Mn Rs. 7,756.0 Mn 40.1% (YoY) 40.1% (YoY)
Rs. 1,244.9 Mn Rs. 1,244.9 Mn 45.5% (YoY) 45.5% (YoY)
Rs. 855.7 Mn Rs. 855.7 Mn 36.9% (YoY) 36.9% (YoY)
Rs. 874.8 Mn Rs. 874.8 Mn 98.7% (YoY) 98.7% (YoY)
Rs. 440.2 Mn Rs. 440.2 Mn 92.2% (YoY) 92.2% (YoY)
14
… with strong network effect
Key customers
Sell software Monetize GTV
Corporates
User base
Key Partners
Banking Banking
Network Network
VASVAS
Users / deals
Software / users
Merchants
Comprehensive Monetization
Corporates - SaaS fees
Partners - Program fees
Merchants – Merchant Commission
Employees/User/ SMB’s – VAS Fees (From Lending and other BFSI products)
Partners
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i
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u m e n t
B a n k n g
i
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c e n s e s &
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t i o n
D
i r
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Employees /Users/ SMB’s
Note: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only
15
Omni Channel Offerings
Offering a combination of payment instruments, mobile application and API integrations
Co – Branded Cards with Banks
Zaggle App to Manage Spends
Omni Channel Offerings
Multiple Banks & network partners
Dashboard to manage reporting & analytics
Note: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only
16
Innovative Product Offerings
Comprehensive suite of products for a large & growing addressable market
Rewards & recognition platform
Channel rewards and incentives
Employee rewards and recognition
Employee expense management & benefits
Expense Management
Employee Reimbursements
Employee tax benefits
Embedded-finance
Integrated data-driven business spend management platform with embedded finance capabilities
Empower businesses with full control over spends through dashboard and corporates
Zaggle
Fleet Management
Fleet Payment solution for fleet owners as well as Oil Marketing Companies (OMC) / Compressed Natural Gas (CNG) providers
Live Products at the time of IPO
Continuing innovation
Zaggle International
Payments (ZIP)
Simplifying international payments with complete compliance and transparency
17
– Supercharging Channel Partner Performance
Key Features
Seamless Partner Onboarding
Scheme Management
Campaign Management - QR Scan & Earn, Scratch & Win
Metric-Based Incentive Computation
Lead Management
Leaderboards and Achievements
Automated Claim Management
Performance Management
Redemption
Reports and Analytics
Payments / Redemption Solutions
Revenue Streams
Prepaid Cards
Merchant Vouchers
Interchange fee share from
banks (Program Fees)
Merchant commission (Sales –
Purchase value of vouchers)
SaaS Fee
18
– Digitize Employee Expense, Reimbursements & Benefits – Digitize Employee Expense, Reimbursements & Benefits
Key Features
Automatic Expense Reporting
Mobile-First Experience (Intuitive App with Smart OCR)
Seamless Transaction Reconciliation against Scanned Receipts
Set Up Policies & Limits Easily
Consolidated Statement for the Admin and Individual statement For Every User
Multiple Billing Cycles To Match Corporate Expense Management Requirements
Controls at MCC, MID & Transaction Type Level Wide Acceptance
100% RBI and Income Tax Regulations Compliant Powerful Dashboard With Advanced Analytics & Reporting
Real-Time Expense Approval
100% Policy Enforcement
Payments / Redemption Solutions
Revenue Streams
Prepaid + Corporate Credit
Interchange fee share from
Cards
banks (Program Fees)
SaaS Fee
* OCR – Optical Character Recognition MID - Merchant Identification Number MCC - Merchant Category Code
19
– Digitized Vendor Procure-to-Pay Solutions
Key Features
Seamless Petty Cash Management Through The Mobile App & Corporate Credit/Prepaid Card
Consolidated Statement for The Admin and Individual Statement for Every User
Multiple Billing Cycles to Match Corporate Expense Management Requirements
Controls At Merchant Category Codes, Merchant Identification Number & Transaction Type Level
Automated Invoice Processing
Integrated Payables and Credit Cards
Multiple Payment Options via Zoyer Pay
Utility Payments Powered by BBPS
Real-Time Payment Alerts and Self-Service App
Seamless ERP and Accounting Integration
Payments / Redemption Solutions
Revenue Streams
Corporate Credit Cards
Interchange fee share from
banks (Program Fees)
SaaS Fee
* BBPS – Bharat Bill Pay System
20
Recent innovations
Intelligent Spend Analytics Platform
Newly launched analytics platform, designed to empower businesses with greater cost efficiencies. Available as part of a bundled solution offered by banks, combining corporate credit cards with cutting - edge SaaS technology
Fleet Management Managing Fleet Expenses Efficiently
Zaggle International Payments (ZIP) Simplifying Global Transactions
Fleet program offers a spend management system tailored for fleet management
ZIP ensures seamless international payments with full compliance and transparency
Full control over spends through dashboard for corporates
Dashboard & analytics for Fleet owners as well as oil marketing companies/CNG providers
Live FX Rates with Timestamps
Digital journey for employee card
Advanced Spend Controls for fleet owner
Foreign Remittance Certificate Issued
Key Features
Granular level visibility of employee card
Automated Approval Workflow
Download customize transaction reports
Self-servicing tools for corporates
Multi-currency Forex Cards for Individuals and Corporates
Segregate business and personal forex
spends
21
Inorganic initiatives to strengthen the business portfolio
Overview
Transaction Details
One of the largest income tax and e-filing companies specializing in digital solutions for tax and accounting. Operates under the brand “TaxSpanner”
Span Across IT Solutions
►
This transaction strengthens Zaggle’s presence in the spend management space by capitalizing on TaxSpanner’s comprehensive tax services which fit right across our entire product offering
Zaggle has already integrated TaxSpanner’s solutions across its existing product offerings and we have seen initial success already.
Stake: 98.3%
Consideration: INR 568.3 Mn
Status: Completed
Leader in digital payment solutions, offers services such as UPI, IMPS, and an API banking platform named "TransXT."
Mobileware Technologies
►
This transaction aligns with Zaggle’s aim to strengthen its presence in the SaaS FinTech industry by capitalizing on Mobileware’s established infrastructure and expertise
Zaggle plans to integrate Mobileware's innovative solutions into its ecosystem, enhancing its capabilities in embedded payments and streamlining transaction experiences
Stake: 38.34%
Consideration: INR 228.5 Mn
Status: Completed
22
Seasoned management team and board (1/2)
Dr. Raj P Narayanam Founder and Executive Chairman
Avinash Ramesh Godkhindi Managing Director and CEO
Leadership
•
Founded Zaggle in 2011 with a vision to simplify corporate spends
• Honorary Doctorate Degree (D. Litt) by Chitkara University,
Punjab
• Completed post-graduate diploma in business management
with specialization in finance from the FORE School of Management - New Delhi
• He has experience in the technology and fintech industry. He has made varying levels of investments in certain companies at different points in time. Has served on the board of the company since 2012
Board of Directors
Aravamudan Krishna Kumar Independent Director
• Non-Executive Chairman at UCO Bank • He retired in 2014 from State Bank of India as MD • Holds a bachelor’s degree in arts and economics (honors
course) from the University of Delhi
• Certified associate of the Indian Institute of Bankers • Directorships: MTAR Technologies, TVS Wealth, Sathguru
Catalyser
•
Leading Zaggle’s growth ; Served on the board of the company since 2012
• Holds a bachelor’s degree in engineering from Bangalore University,
Bengaluru, and MBA from the University of Chicago, Chicago
• Has served on the board of the company since 2012 • Awarded the “Inspiring CEO” award by the Economic Times in 2022 • He has experience in the banking industry Prior to joining Zaggle,
Avinash worked with Citibank in India
Virat Sunil Diwanji Non – Executive, Non – Independent Director
• Appointed as National Head – Consumer Banking & Senior
Management Personnel of Federal Bank
• 30+ years of experience in building, managing and growing Retail
•
•
Consumer Businesses cutting across Liabilities and Assets; Successfully managed JVs with international partners (Ford Credit International) and executed the merger of mid-size bank – ING Vysya Served as Non-Executive Director, for over 9 years, on Board of Kotak General Insurance Limited from its inception stage
• Prior to joining Kotak Group, he has worked with management consultancy division of A. F. Ferguson & Co for 6 years handling assignments cutting across Private and Public sector enterprises in India and UAE
23
Seasoned management team and board (2/2)
Board of Directors
Abhay Deshpande Raosaheb Independent Director
• 20+ years of experience in Financial banking • PhD Economics and engineering from the Dr. Babasaheb Ambedkar Marathwada University, Aurangabad, Maharashtra
• Directorships: Rapidue Technologies,
• Co-founder of Markjack which he exited post
Payswiff Technologies, Recykal Foundation, Anubhuti Welfare Foundation, Sarvah Incubation Foundation, Musika Solutions Private Limited, Apr Reality Llp
sale to Capillary
Prerna Tandon Independent Director
• Holds a master’s degree in business administration from
•
the Panjab University, Chandigarh She worked as the Vice President – operations at Infosys BPO Limited & Vice President – productivity & digitization leader at Genpact India
Arun Vijaykumar Gupta Independent Director
• Holds a bachelor’s degree in commerce from the P.D. Lion’s College of
Commerce and Economics, University of Bombay
• Directorships: Route Mobile, Absolute Sports Private Limited
Aditya Kumar Chief Financial Officer
Key Managerial Personnel
Hari Priya Company Secretary & Compliance Officer
• Member of The Institute of Chartered Accountants of India, New
• Member of the Institute of Company Secretaries of India, New Delhi and
Delhi
• He has experience in the financial services industry • Prior to joining Zaggle, he worked at Spandana Sphoorty Financial
Limited as Vice President Investor Relations-Finance
bachelor’s degree in law from Osmania University,
• Prior to joining Zaggle, she worked at Spandana Sphoorty, Gayatri Projects
and Axis Clinicals
24
Zaggle in a nutshell
Seasoned management team and board
Seasoned team
Multi-product strategy
SaaS based platform with a comprehensive product stack
Revenues from operations in FY25 have grown y-o-y at 68.0% with a corresponding growth in Reported EBITDA y-o-y of 63.2% over the same period
Customer churn rate is less than 1.5%
Robust financial metrics
Consistent customer Retention
Technology and network
In-house technology with strong network effect
Large addressable market
Overall estimated market revenue (2027) for Payments in India : ₹ 1750+ Bn *
Customer acquisition costs of less than 5% of total revenue
Low CAC and retention costs
Ecosystem- based approach
Business model with diverse sources of revenue across SaaS and fintech
Note: FY: Financial Year
*Source : Frost & Sullivan Report
25
Historical financials
2626
Historical financial and operating metrics
Corporate customers
Aggregate users (1) (Mn)
Revenue from operations (₹ Mn)
3,455
3,016
2,411
1,753
1,092
2.73
2.27
1.72
0.90
3.28
13,026
7,756
5,535
3,713
2,400
FY2021
FY2022
FY2023
FY2024
FY2025
FY2021
FY2022
FY2023
FY2024
FY2025
FY2021
FY2022
FY2023
FY2024
FY2025
Adjusted EBITDA & EBITDA margin(₹ Mn)
Reported EBITDA & EBITDA margin (₹ Mn)
Cash PAT & Cash PAT margin (₹ Mn)
11.5%
16.1%
11.2%
11.0%
9.6%
11.5%
16.1%
8.6%
9.1%
8.8%
8.9%
11.8%
7.6%
8.7%
8.6%
1,245
856
599
625
1,152
706
599
481
276
276
1,114
674
440
435
214
FY2021
FY2022
FY2023
FY2024
FY2025
FY2021
FY2022
FY2023
FY2024
FY2025
FY2021
FY2022
FY2023
FY2024
FY2025
Note: (1) Total number of users (Employees, channel partners, and customers of Customers) served by the company, FY: As of and for the year ended March 31 Above performance represents standalone financials
27
Historical profit and loss statement (standalone)
Particulars (₹ Million, unless stated otherwise)
Revenue from operations
Gross Profit
Gross Profit Margin
Employee benefits expense
Incentive and cash back
Other Expenses
Adjusted EBITDA
Adjusted EBITDA Margin
ESOP Cost
Reported EBITDA
Reported EBITDA Margin
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
Tax
Profit After Tax
PAT Margin
Cash PAT (PAT+DA+ESOP)
EPS - Basic (₹)
EPS – Diluted (₹)
FY25
13,026.5
6,228.5
47.8%
563.4
3,598.7
821.4
1,244.9
9.6%
92.6
1,152.3
8.8%
245.1
146.9
1,250.5
9.6%
76.3
1,174.2
299.4
874.8
6.7%
1,114.3
6.96
6.93
FY24
7,756.0
3,946.5
50.9%
363.1
2,168.3
559.5
855.7
11.0%
149.8
705.9
9.1%
112.7
83.6
735.0
9.5%
137.2
597.8
157.6
440.2
5.7%
673.6
4.06
4.03
FY23
5,534.6
2,328.3
42.0%
291.7
1,002.0
409.5
625.0
11.3%
144.1
481.0
8.7%
11.1
61.9
430.1
7.8%
113.7
316.3
87.3
229.0
4.1%
435.1
2.48
2.46
FY22
3,712.5
2,259.6
60.8%
154.3
1,176.4
330.4
598.5
16.1%
-
598.5
16.1%
4.0
20.9
581.6
15.7%
69.8
511.7
92.5
419.2
11.3%
440.1
4.57
4.57
FY21
2,399.7
2,087.9
87.0%
124.6
1,380.3
306.6
276.3
11.5%
-
276.3
11.5%
3.2
20.4
259.0
10.8%
77.1
182.0
(11.3)
193.3
8.1%
213.8
2.11
2.11
28
Historical balance sheet (standalone)
Particulars (Rs. in Millions)
2025
2024
2023
2022
2021
Particulars (Rs. in Millions)
2025
2024
2023
2022
2021
ASSETS
Non-current assets
Property, plant and equipment
396.83
25.32
100.93
544.07
119.10
81.56
220.17
498.63
23.5
196.7
68.9
108.7
19.8
55.2
44.3
15.0
815.79
259.83
4.9
0.0
8.45
418.46
18.21
5.60
27.23
0.00
46.12
11.00
27.60
27.22
14.7
119.0
23.1
29.8
7.3
21.4
123.6
24.6
311.1
Right-of-use assets
Intangible assets
Intangible asset under development
Financial assets
(i) Investments
(ii) Loans
(iii) Other financial assets
Other non-current assets
Income-tax assets (net)
Deferred tax assets (net)
Current assets
Inventories
Financial assets
(i) Investments
Total non-current assets
2,555.74
1,096.38
589.2
3.31
3.58
1.0
1.1
2.7
0.00
5.20
12.3
(ii) Trade receivables
2,148.99
1,746.21
1,026.6
(iii) Cash and cash equivalents
379.91
79.40
195.9
(iv) Bank balances other than (iii) above
6,151.52
2,713.67
(v) Other financial assets
102.76
30.40
30.1
1.2
Other current assets
1,740.81
1,286.52
491.4
Total current assets
10,527.30
5,864.98
1,758.4
0.0
429.5
7.1
29.0
0.0
148.7
615.5
0.0
226.8
27.9
5.0
0.0
99.5
361.9
9.5
36.8
27.0
0.0
0.0
4.1
0.0
74.7
106.9
258.9
EQUITY AND LIABILITIES
EQUITY
Equity share capital
Other equity
Total equity
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
Provisions
Total non-current liabilities
Current liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables
134.21
122.49
12,341.91
5,631.33
12,476.12
5,753.82
92.2
395.3
487.5
0.00
77.90
20.79
98.69
154.73
87.57
16.40
258.70
513.3
158.7
11.4
683.4
50.90
35.50
581.29
42.68
697.4
44.1
1.8
-37.4
-35.6
483.3
51.0
7.2
541.5
161.5
7.4
1.8
-457.3
-455.5
376.9
31.9
5.7
414.5
313.9
7.9
- Total outstanding dues of micro and small enterprises
- Total outstanding dues of creditors other than micro and small enterprises
2.21
6.53
9.6
7.8
0.1
32.82
13.10
82.6
99.6
191.0
(iii) Other financial liabilities
45.05
21.11
23.7
Total assets
13,083.04
6,961.36
2,347.6
926.5
620.8
Total equity and liabilities
13,083.04
6,961.36
Provisions
1.00
0.95
Other current liabilities
327.45
281.77
Current tax liabilities (net)
13.30
1.41
Total current liabilities
Total liabilities
508.23
948.84
606.92
1,207.54
0.2
271.3
47.8
1,176.7
1,860.1
2,347.6
0.1
144.3
0.0
420.6
962.1
926.5
0.1
148.9
0.0
661.8
1,076.3
620.8
29
Annexure
3030
Key awards, accreditations and recognitions
Business Awards 2025 organized by Franchise India
FINIXX 2024 - Best use of Customer Loyalty Program & Best use of Print Ad
Telangana Best Employer Brand Awards 2024
Transformation Tech Award” at Deloitte Technology Fast 50, 2024 INDIA
International Startup Festival: Lifetime Achievement Award to Dr. Raj P Narayanam, 2024
BW Businessworld Festival of Fintech Conclave Awards: Fintech Leader of the Year, 2024
Govt of Telangana: Recognized Pride of Telangana, 2024
BW Businessworld Festival of Fintech Conclave Awards: Fintech Brand of the Year, 2024
Best Digital Expense Management Platform (India) 2024 by CFI.co - Capital Finance International
11th Payments Industry Awards: Best Spend Management System Provider, 2024
5.76
11th Payments Industry Awards: Best Card Initiative for Zaggle ZatiX Provider, 2024
Top 50 Indian Digital Finance Influencers 2024: Promoter Raj Narayanam was awarded for his visionary contributions persistently guide the FinTech revolution in India.
Global Banking & Finance Award: Excellence in Innovation Business Spend Management Software India 2023
10th Payments Industry Awards: Best B2B Payment Solution Provider, 2023
BW Businessworld Festival of Fintech Conclave Awards: Winner – Best Payments Solutions of the Year, 2023
31
Thank you
Company
Zaggle Prepaid Ocean Services Limited
CIN: L65999TG2011PLC074795 Hari Priya, Company Secretary & Compliance Officer Email id: Investor.Relations@zaggle.in
Investor Relations Advisor
Strategic Growth Advisors Pvt Ltd.
CIN: U74140MH2010PTC204285 Shikha Puri / Srushti Pathak Email id: shikha.puri@sgapl.net / srushti.pathak@sgapl.net Tel No: +91 9819282743 / +91 8308245280
32