Zaggle Prepaid Ocean Services Limited has informed the Exchange about Investor Presentation
ZAGGLE/25-26/47
August 14, 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
To The Corporate Relations Department BSE LIMITED Phiroz Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai -400 001, Maharashtra
Company Symbol: ZAGGLE
Company Scrip Code: 543985
Dear Sir / Madam,
Sub: Investors Presentation for the quarter ended on June 30, 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 ended on June 30, 2025.
The same is also being uploaded on the website of the Company viz. https://ir.zaggle.in/wp- content/uploads/2025/08/investor-presentation-Q1FY26.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
August 2025
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…
“I am delighted to share that we have begun the year on a solid note, with Q1FY26 revenues reaching INR 3,314.9 Mn, a 31.4% YoY growth, along with an adjusted EBITDA margin of 9.9% and a PAT margin of 7.8%. This is by far our best first-quarter performance, despite being a slower quarter in the year.
With strong fundamentals in terms of growth in the total number of customers and users, healthy growth was visible across our revenue streams. Our recent strategic customer wins, such as Hindustan Pencils, Apollo Health, Mo Engage, Novozymes, DTDC, CK Birla Healthcare, Truecaller, etc., reinforce our value proposition.
We are unlocking new levels of scale and efficiency with AI at the core of our product strategy. Our AI initiatives in multiple areas, including sales automation, customer support & engagement, and bill processing, are at various stages of deployment.
Our inorganic growth plans are panning out the way we had envisioned, and we are already seeing encouraging results in existing investments. Moblieware delivered a stellar performance in Q1FY26. For TaxSpanner, we anticipate significant momentum to kick in in Q2 FY26 on account of an extension in the tax filing deadline. We remain disciplined in how we evaluate and execute M&A while we are constantly scanning the landscape for adjacencies to find the right strategic fits.
We would like to reiterate our guidance for the year, with topline growth expected in the range of 35% to 40% and EBITDA margins projected between 10% and 11%.”
3
Raj P Narayanam Founder and Executive Chairman
Performance Highlights
44
Healthy financial performance across metrices
Q1 FY26
₹ 3,314.9 Mn
₹ 327.2 Mn
₹ 258.8 Mn
₹ 346.7 Mn
YoY + 31.4%
YoY + 27.9%
YoY + 54.8%
YoY + 57.6%
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)
31.4%
3,315
2,522
15.5%
1,637
1,418
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Adjusted EBITDA (₹ Mn)
Reported EBITDA (₹ Mn)*
Cash PAT (₹ Mn)
27.9%
327
256
37.7%
309
224
PAT + Depreciation & Amortization + ESOP Expense
57.6%
347
220
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
• 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)
14.0%
3,559
3,119
KPIs
+17.3%
3.3
2.8
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Software Fees
Program fees
Propel platform revenue
Revenue Mix (₹ Mn)
+19.8%
101
84
+14.6%
1,455
1,269
+50.6%
1,759
1,168
Q1FY25
Q1FY26
Q1FY25
Q1FY26
Q1FY25
Q1FY26
• Above performance represents standalone financials
7
Profit and loss statement (standalone)
Particulars (₹ Million, unless stated otherwise)
Revenue from operations:
Cost of point redemption / gift cards
Consumption of cards
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 & amortization
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
Q1FY26
3,314.9
1,675.4
2.4
1,637.1
49.4%
151.2
955.6
203.1
327.2
9.9%
18.3
309.0
9.3%
117.1
69.7
356.3
10.7%
10.8
345.6
86.8
258.8
7.8%
346.7
10.5%
1.93
1.92
Q1FY25
2,522.1
1,100.6
4.0
1,417.5
56.2%
109.5
896.5
155.7
255.8
10.1%
31.4
224.3
8.9%
45.2
21.4
248.1
9.8%
20.6
227.6
60.4
167.2
6.6%
220.0
8.7%
1.37
1.36
YoY
31.4%
15.5%
27.9%
37.7%
43.6%
54.8%
57.6%
Q1FY26 – Key Highlights
Highest ever revenue in the first quarter
The YoY growth in the topline is attributed to :
o This healthy performance is visible across all revenue streams due to operational leverage
o Newer clients & Users addition
o Cross sell initiatives
The rise in employee costs, Incentives and cashback aligns with the overall business growth
Increase in depreciation & amortization new driven by product technology developments, reflecting continued investment in innovation.
capitalization and
of
The total ESOP expenses in FY26 are expected to be approx. INR 60-70Mn
8
Quarterly revenue contribution (Q3 &Q4 are higher revenue quarters)
3,314.9
2,522.0
1,185.0
886.0
FY23
FY24
FY25
FY26
3,026.0
3,364.0
1,842.0
1,303.0
1,995.0
1,476.0
4,114.0
2,734.0
1,869.0
Q1
Q2
Q3
Q4
16.0%
15.3%
19.4%
23.5%
23.8%
23.2%
26.7%
25.7%
25.8%
33.8%
35.2%
31.6%
33.7%
112.9%
31.4%
41.4%
64.2%
35.1%
68.6%
46.3%
50.5%
FY23
FY24
FY25
FY26
FY23
FY24
FY25
FY23
FY24
FY25
FY23
FY24
FY25
Revenue from operations (₹ Mn)
Revenue Contribution
YoY growth
9
Strategic Alliances
Mesh Payments
Mastercard
Grant Thornton
Tata Capital
One Assist
Contract brief
Duration
►
►
►
►
►
The collaboration with Mesh Payments enhances our offering to Indian customers looking to streamline global expenses and also helps to unlock and access global go-to-market opportunities
3 Years
We have further strengthened our partnership with Mastercard by signing a seven year customer business agreement for MasterCard Premium Foreign Currency co-branded Prepaid Cards further strengthening our forex offering
7 Years
Grant Thornton will offer the Zaggle Spend Management platform to its corporate clients and large enterprises
3 Years
This collaboration with Tata Capital enhances the financial flexibility and affordability offered to employees, allowing them to access attractive leasing options for their purchases under the Smart EPP
5 Years
One Assist has been onboarded as our insurance partner for the smart EPP covering theft and AD/LD
5 Years
10
Recent customers wins for growth
Contract brief
Duration
Mo Engage India
►
Zaggle would provide Mo engage India Private Limited the Zaggle Save (Employee expense management & benefits)
Perpetual
DTDC Express
►
Zaggle would provide DTDC Express Limited, Zaggle Zoyer & Zaggle Save (Employee expense management & benefits) propositions
5 Years
Novozymes South Asia
►
Zaggle would provide Novozymes South Asia Private Limited the Zaggle Save (Employee expense management & benefits) & Zaggle Propel propositions
CK Birla Healthcare
Zaggle would provide CK Birla healthcare Private Limited the Zaggle Save (Employee expense management & benefits) and Zaggle Zoyer Propositions
►
3 Years
3 Years
Apollo Health and Lifestyle
White Oak Investment Management
►
►
Zaggle would provide Apollo Health and Lifestyle Limited and its Subsidiaries, Zaggle Zoyer & Zaggle Save (Employee expense management & benefits) propositions
3 Years
Zaggle would provide White Oak Investment Management Private Limited, Zaggle Save (Employee expense management & benefits) & Zaggle Zoyer propositions
Truecaller International
►
Zaggle would provide Truecaller International LLP the Zaggle Save (Employee expense management & benefits)
3 Years
3 Years
Hindustan Pencil
►
Zaggle would provide Hindustan Pencil Private Limited the Zaggle Propel Platform (Channel Partner Loyalty Programme)
1 Year
11
What we do
1212
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
3,500+ 3,500+ Corporates Corporates
3.3 Mn+ 3.3 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
6 6 2 2 Y Y F F 1 1 Q Q
Rs. 13,026.5 Mn Rs. 13,026.5 Mn 68.0% (YoY) 68.0% (YoY)
Rs. 3,314.9Mn Rs. 3,314.9Mn 31.4% (YoY) 31.4% (YoY)
Rs. 1,244.9 Mn Rs. 1,244.9 Mn 45.5% (YoY) 45.5% (YoY)
Rs. 327.2 Mn Rs. 327.2 Mn 27.9% (YoY) 27.9% (YoY)
Rs. 874.8 Mn Rs. 874.8 Mn 98.7% (YoY) 98.7% (YoY)
Rs. 258.8 Mn Rs. 258.8 Mn 54.8% (YoY) 54.8% (YoY)
13
… 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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d n e p S
P m
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i
n s t r
u m e n t
B a n k n g
i
l i
c e n s e s &
m o n e t i
z a
t i o n
D
i r
e c t
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
14
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
15
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
16
– 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
17
– 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
18
– 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
19
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
20
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”
Stake: 98.3%
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.
Consideration: INR 568.3 Mn
Status: Completed in September 2024
Leader in digital payment solutions, offers services such as UPI, IMPS, and an API banking platform named "TransXT."
Stake: 38.34%
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
Consideration: INR 228.5 Mn
Status: Completed in March 2025
21
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
22
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
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
23
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
24
Historical financials
2525
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
26
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
27
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
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Annexure
2929
Key awards, accreditations and recognitions
Fintech Brand of the Year Award at 5th Edition BW Businessworld Fintech Awards 2025
Pioneering FinTech Innovation in Spend Management at the 5th Edition of ET Excellence Telangana – 2025.
Great Indian B2B FinTech Brand Award organised by Transformance
Telangana Best Employer Brand Awards 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
Business Awards 2025 organized by Franchise India
FINIXX 2024 - Best use of Customer Loyalty Program & Best use of Print Ad
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.
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
30
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
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