SaaS Fintech Zaggle raises ₹595 crore via QIP; eyes acquisitions
The Hindu
Zaggle Prepaid Ocean Services eyes acquisitions after raising ₹595 crore through QIP, aiming to become billion-dollar revenue company.
B2B Software-as-a-Service (SaaS) fintech Zaggle Prepaid Ocean Services having raised ₹595 crore through Qualified Institutional Placement (QIP) route is now eying at least two acquisitions in the next 12 months, it is learnt.
“The company is evaluating five to six potential targets in the SaaS FinTech space, including areas such as merchant card software, accounts receivables and FASTag solutions,” Raj Narayanam, founder & executive chairman, Zaggle Prepaid Ocean Services Limited, said.
Zaggle aims to become a billion-dollar revenue company over the next five to six years and according to Dr. Narayanam, these acquisitions will fuel the company’s growth rate by 70% to 75%.
The company recently raised ₹595 crore through a QIP with the Special Purpose Committee of its board of directors approving the allotment of 1.13 crore of equity shares to eligible qualified institutional buyers.
Some of the institutions which had participated in this QIP round include BOI AXA MF, Whiteoak, ICICI Prudential MF, Mirae Asset MF, DSP MF, Tata MF, ITI MF, Motilal MF, SBI General, Bandhan MF, DE Shaw, Nuvama AMC.
The company has informed the exchange that Bank of India ELSS tax saver has secured 16.8% stake, Societe Generale – ODI has picked up 9.2% and both ICICI Prudential Technology Fund and Nuvama Enhanced Dynamic Growth Equity (Edge) Fund have taken a 6.7% stake respectively.
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