The funds raised from the issuance of fresh equity shares will be used for customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes. It intends to use ₹300 crore for customer acquisition and retention over three financial years from FY24 to FY26; ₹40 crore for the development of technology and products; ₹17.08 crore to repay debts; and remaining capital for general corporate purposes.

As of March 2023, Zaggle had total outstanding borrowings of ₹90.03 crore.

ICICI Securities, Equirus Capital, IIFL Securities, and JM Financial are the merchant bankers overseeing the IPO. KFin Technologies is the registrar handling the IPO process.

Incorporated in 2011, Zaggle operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. It has one of the largest numbers of issued prepaid cards in India in partnership with certain of its banking partners (12.7% of the country’s total prepaid transaction value as of March 31, 2022). Zaggle collaborated with three banking partners; i.e., IndusInd Bank Limited, Yes Bank Limited and NSDL Payments Bank Limited; and has issued more than 45 million co-branded prepaid cards since inception of our business.

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Zaggle sets price band at ₹156-164 for its ₹563 cr IPO; issue opens on Sept 14