Zaggle board approves Abu Dhabi subsidiary with $10,000 initial capital

Zaggle Prepaid Ocean Services Ltd on Tuesday said its board has approved the incorporation of a wholly owned subsidiary in Abu Dhabi Global Market (ADGM), as the fintech company looks to expand its presence in global technology and financial services.

The proposed entity, Zaggle Holding Limited, will have an initial capital of $10,000, or its INR equivalent, which will be infused in one or more tranches in accordance with applicable local laws and requirements, according to the company’s stock exchange filing. 

The subsidiary will be 100% owned by Zaggle. The incorporation process will now be initiated and will be subject to approvals from the ADGM Registration Authority and any other authorities, as may be required.

Focus on fintech, SaaS and AI

The proposed Abu Dhabi entity will undertake businesses in FinTech, SaaS and AI, while also acting as a holding company for investments in group companies and third-party entities, depending on business requirements.

Zaggle said the move will provide a platform to pursue opportunities across technology and financial services and support its international expansion.

“The proposed incorporation in Abu Dhabi Global Market is an important step in building the foundation for Zaggle’s international ambitions. The UAE is an important global hub for financial services, technology and innovation,” Dr Raj P Narayanam, founder and executive chairman, Zaggle, said.

He added that the new entity would provide Zaggle with a platform to pursue opportunities across FinTech, SaaS and AI, while creating a flexible structure for strategic investments.

“It will also create a flexible structure for strategic investments as we continue to evaluate opportunities that can strengthen our capabilities, expand our addressable markets and support Zaggle’s long-term growth,” Narayanam said.

Subsidiary to support global expansion

The company said the proposed incorporation is aligned with its strategy of building scalable, technology-led businesses, expanding its international presence and selectively pursuing strategic investment opportunities.

Zaggle said the entity could also be used to hold investments in both group companies and third-party entities, giving it a structure to pursue future strategic opportunities.

Zaggle, incorporated in 2011, operates in spend management and has a portfolio of financial technology and SaaS products. As of June 30, 2026, the company had issued more than 50 million prepaid cards in partnership with 19 banking partners and served more than 4.03 million users, according to the release.  

Shares of Zaggle Prepaid ended 1.27% higher at ₹172.49 apiece on the NSE on Tuesday. The stock has slipped over 50% over the past year, underperforming the Nifty Total Market Absolute Returns Index, which has fallen nearly 3.5% during the same period.