Zaggle Prepaid Ocean Services Ltd IPO

Zaggle Prepaid Ocean Services Limited was incorporated as `Zaggle Prepaid Ocean Services Private Limited' at Hyderabad as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated June 2, 2011 issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, the Company was converted into a public limited company under the Companies Act, 2013, pursuant to a special resolution passed by its Shareholders at the EGM held on August 22, 2022 and consequently, the name of the Company was changed to `Zaggle Prepaid Ocean Services Limited' and a fresh certificate of incorporation dated September 13, 2022 was issued by the Registrar of Companies, Telangana at Hyderabad (the RoC).

India's fintech ecosystem has grown rapidly and its market revenue is estimated to reach approximately Rs.8,341.0 billion in Fiscal 2027 as a result of supporting government policies which have fostered a cashless society and rising investments. India had the highest fintech adoption rate of 87.0% in Fiscal 2023, compared to other countries. India has the fastest-growing digital payments industry in the world, with a five-fold increase in contactless payments from 2016 to 2021 and the number of businesses accepting contactless payments grew six-fold from 2018 to 2021. In Fiscal 2022, UPI was expected to account for 86.0% of all consumer payments and digital payments from consumers to merchants were expected to reach 1,575.0% growth in Fiscal 2022. India's digital payments industry is expected to grow at a CAGR of approximately 22.0% from 2023 to 2027. The overall market for spend management software and services (in-house and outsourced; including procurement management, expense management, and payroll management) was estimated to surpass Rs. 200 billion by Fiscal 2027, with the share of outsourced spend management estimated to be around 60.0% during that period.

Incorporated in 2011, the company operates in the business-to-business-to-customer segment where it interacts and interfaces with its Customers (i.e., businesses) and end Users (i.e., employees) and are among a small number of uniquely positioned players with a diversified offering of fintech products and services, having one of the largest number of issued prepaid cards in India in partnership with certain of our banking partners (which constituted approximately 16.0% of India's total prepaid transaction volume, as of March 31, 2023), a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach. The Company is a leading player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of March 31, 2023. It offers a differentiated value proposition and diversified user base.