Zaggle
Zaggle Prepaid Ocean Services Limited is an Indian FinTech SaaS company that provides unified corporate spend management — prepaid and commercial credit cards, expense management, procure-to-pay, employee benefits, tax, fleet and channel rewards — to enterprises, SMEs and consumers via 19 banking partners and the Visa, Mastercard and RuPay rails.
- Company typePublic
- Founded2011
- HeadquartersHyderabad, India
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Zaggle does
Zaggle Prepaid Ocean Services Limited is a publicly listed Indian spend management and FinTech SaaS company headquartered in Hyderabad, founded in 2011 and listed on the NSE and BSE since September 14, 2023 under ticker ZAGGLE. The company operates a unified B2B SaaS platform combining prepaid and commercial credit card programs, procure-to-pay workflows, employee benefits, tax compliance, fleet management and channel partner rewards — built on a dual AI engine (in-house spend-intelligence models plus third-party language and document processing) and integrated with 19 banking partners and the Visa, Mastercard and RuPay network rails. It has issued 50M+ cards across 3.9M+ users at 3,900+ corporate clients including PepsiCo, ITC, Tata Power, Wipro, Mahindra, Adani, PNB, Adani Total Gas, BNP Paribas and Times Group, with marquee recognitions including Forbes DGEMS 2025 Select 200 and Hurun India's Top 200 Self-Made Entrepreneurs 2025.
The business model combines enterprise SaaS subscriptions (multi-year contracts of 3-7 years with custom quote-based pricing) with a card loading-fee revenue model and transaction-based economics on 50M+ cards, supplemented by professional services for tax compliance, channel rewards/affiliate commissions and cross-border forex card revenue via WSFx. Distribution is hybrid: direct enterprise sales via demo CTAs, self-serve mobile apps for SMB/consumer prepaid and benefit cards, and an extensive channel network of 19 banking partners issuing and co-branding cards. Sub-brands include Zaggle Save (expense management/benefits), Zaggle Propel (channel rewards), Zoyer (accounts payable), TaxSpanner (tax solutions, subsidiary), 86400 (digital payments, minority stake), and Zagg.Money (consumer UPI credit and RuPay co-branded cards).
FY26 (year ended March 31, 2026) was the company's strongest year on record: revenue of ₹19,076 million (up 46.3% YoY), PAT of ₹1,388 million (up 51.8% YoY) — the first year profit growth materially outpaced revenue, confirming operating leverage — with management guiding ~40% revenue growth for FY27 and standalone adjusted EBITDA margin target of 14-15% over 4-5 years. Aggressive M&A-led expansion (TaxSpanner, Mobileware/86400, Greenedge, Rivpe/Zagg.Money, DICE assets) funded primarily by a ₹595 crore QIP (December 2024) and ₹59.99 crore preferential allotment (October 2025) is being paired with geographic expansion into GIFT City, Abu Dhabi (MENA) and US/EU/LATAM via the Mesh Payments partnership.
Zaggle firmographics
Firmographics- Name
- Zaggle
- Legal name
- Zaggle Prepaid Ocean Services Limited
- Website
- https://zaggle.in
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Zaggle Prepaid Ocean Services Limited is an Indian FinTech SaaS company that provides unified corporate spend management — prepaid and commercial credit cards, expense management, procure-to-pay, employee benefits, tax, fleet and channel rewards — to enterprises, SMEs and consumers via 19 banking partners and the Visa, Mastercard and RuPay rails.
- Ownership category
- akta.pro rank
Zaggle industry classification
Industry- Product category
- Corporate Spend Management Software
- NAICS
- Credit Card Issuing (522210), Custom Computer Programming Services (541511), Activities Related to Credit Intermediation (5223)
- SIC
- Short-Term Business Credit Institutions (6153), Finance Services (6199)
- akta.pro primary industry
- Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)
- akta.pro secondary industries
- Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Cross-Border & FX Payments Platforms (BPAMAFAK), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)
Keywords
Where Zaggle is headquartered
LocationHeadquarters
- HQ city
- Hyderabad
- HQ country
- India
- HQ region
- Asia
Offices12 records
Markets served
Zaggle business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- SaaS subscription / platform fees: Recurring SaaS platform fees from enterprise customers (Finance, HR, Sales & Marketing, Operations & Admin functions) for spend management modules including Procure-to-Pay, Cards & Payments, Employee Benefits, Tax Solutions, Business Recurring Expenses, Travel & Expenses, Channel Partner Rewards, Fleet Management, Employee Purchase Program and Wellness Benefits.
- Card loading and transaction-based fees: Bulk budget allocation structured as a loading fee model instead of per-transaction fees, generating revenue each time prepaid/commercial credit cards are loaded with funds; supplemented by per-transaction economics on the 50M+ cards issued.
- Professional services - tax compliance and advisory: Expert-assisted tax advisory and compliance support, including bulk proof verification, salary restructuring, ITR filing and review, GST registration and return filing, TDS computation and reconciliation, business/statutory registrations, and handling of notices, assessments and follow-ups.
- Channel partner / customer rewards and gift card commissions: Revenue from the Zaggle Propel rewards platform used by brands like Puma, Sony, Skullcandy, Kalyan, Lenskart and Myntra for channel partner rewards and recognition, distributing rewards via vouchers, prepaid cards or bank transfers.
- Cross-border / forex card revenue (WSFx Global Pay partnership): Revenue from co-branded forex cards with WSFx Global Pay offering airport lounge access, expense management tools and international travel payment services across 100+ cities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom enterprise SaaS pricing with loading-fee model |
| Subscription | Multi-year contract | Custom subscription contracts (3-5 year terms) |
Go-to-market motion5 records
Distribution channels6 records
Marketing channels10 records
Zaggle product offering
Product offeringCore offering
Zaggle provides a unified SaaS-based spend management platform combining prepaid and commercial credit card programs, procure-to-pay workflows, employee benefits, tax compliance, fleet management and channel partner rewards for corporations, SMEs and startups. The platform integrates with 19 banking partners and runs on Visa, Mastercard and RuPay rails, supported by a dual AI engine for spend intelligence, agentic workflow automation and OCR-based invoice processing. It has issued over 50 million prepaid cards and serves more than 3.9 million users across 3,900+ corporate customers in industries including banking, technology, healthcare, manufacturing, FMCG, infrastructure and automobiles.
Differentiator
Problem solved
Functional benefit
Brands
- TaxSpanner: Tax solutions platform operated via subsidiary Span Across IT Solutions
- 86400
- Zagg.Money
- Zoyer
- Zaggle Save
- Zaggle Propel
- XPNS
- ZGolf by Zaggle
Products and services
- Zaggle Save Employee expense management and benefits platform offering tax-saving allowances, automated approvals, real-time spend visibility and policy-driven controls for corporate customers across industries.
- Zoyer Accounts payable platform offering AP automation including bulk proof verification, invoice management, salary restructuring, ITR/GST/TDS workflows, and reconciliation for businesses.
- Zaggle Propel Channel partner rewards and recognition platform for distributing channel incentives via vouchers, prepaid cards or bank transfers; used by brands like Puma, Sony, Skullcandy, Kalyan, Lenskart, Myntra and Supreme Industries.
- XPNS DIY expense automation platform that reduces expense management time and costs by up to 75% through automated receipt capture, policy checks and reimbursements.
- TaxSpanner Tax solutions platform operated via subsidiary Span Across IT Solutions, offering bulk proof verification, salary restructuring, ITR filing and review, GST registration and return filing, TDS computation and reconciliation, business/statutory registrations, and handling of notices, assessments and follow-ups.
- Zagg.Money (Rio Money / Rivpe Technology) Consumer payments platform for UPI-based credit payments and RuPay co-branded cards, supporting consumer-facing digital payments and embedded credit; entered India's underpenetrated consumer credit market.
- 86400 (Mobileware Technologies) Digital payments infrastructure platform supporting UPI, IMPS, AEPS, BBPS, and proprietary TransXT API banking platform, powering over 100 financial institutions and integrated into Zaggle's spend management offerings.
- PNB-Zaggle Co-Branded Twin Credit Cards Biodegradable eco-friendly co-branded twin credit cards combining Visa and RuPay networks, offering lounge access, OTT subscriptions, fitness memberships, and fuel surcharge waivers to India's underpenetrated consumer credit market.
- GlobalPay Co-Branded Forex Card Co-branded forex card with WSFx Global Pay offering airport lounge access, expense management tools and international travel payment services across 100+ cities for Indian businesses and global travelers.
- Closed-Loop CNG Benefit Card Program Closed-loop prepaid CNG fleet card with up to Rs 15,000 in refuelling benefits, real-time vehicle validation via the Parivahan database, OCR-based transaction authentication, split-payment functionality and a SaaS-based fleet management dashboard.
- Zaggle Corporate Expense Cards Corporate expense card program with SaaS-led spend management for employee and associate card programmes, offering real-time spend oversight, automated reconciliation and policy-based financial controls.
- Zaggle Spend Management Platform Unified SaaS-based spend management platform with modules spanning procure-to-pay, cards and payments, employee benefits, tax solutions, business recurring expenses, travel and expenses, channel partner rewards, fleet management, employee purchase program and wellness benefits, integrated with banking networks and ERP systems.
Quantifiable outcome
- 40% reduction in manual processing time for travel and expenses (company-stated)
- +10 more outcomes
Companies that use Zaggle
Customer profileNamed customers62 records
Segments1 record
Ideal customer profiles4 records
Zaggle technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration18 records
AI capability5 records
Feature8 records
Zaggle partnerships and signals
Strategic signalPartnerships
30 partnerships are on record, tiered flagship, core and minor.
- Punjab National Bank (PNB)flagship5-year co-branding agreement (signed June 19, 2026) to jointly launch a co-branded retail credit card product, including biodegradable PNB-Zaggle Twin Credit Cards combining Visa and RuPay networks. PNB leverages Zaggle's existing corporate customer base for customer acquisition, marketing, and promotion. Not classified as a related-party transaction.
- Crompton Greaves Consumer Electricalscore5-year services agreement (signed June 10, 2026) to provide the Zaggle Save platform for employee expense management and benefits. Contract value is variable and dependent on the number of active users and actual spends. Not classified as a related-party transaction.
- The Supreme Industriescore3-year agreement to provide the Zaggle Propel reward platform for channel rewards and recognition. Domestic, not a related-party transaction.
- The Federal Bankcore3-year contract to deploy the Zaggle Save platform for employee expense management and benefits; classified as a domestic entity agreement and not a related-party transaction.
- Generali Central Insurance Companycore2-year service agreement to deploy the Zaggle Zoyer platform. Domestic entity, not a related-party transaction.
- Fanuc IndiacoreStrategic partnership to deploy Zaggle's employee expense management solution for Fanuc's industrial automation operations.
- Blue Star Limitedcore3-year contract to deploy Zaggle Save platform for employee expense management and benefits; no related-party concerns.
- Adani Total Gas Limited (ATGL) & Hyundai Motor IndiaflagshipClosed-loop CNG Benefit Card program launched at the ATGL-Hyundai CNG Drive event in Ahmedabad, offering up to ₹15,000 in CNG refuelling benefits with real-time vehicle validation via the Parivahan database, OCR-based transaction authentication, split-payment functionality, and a SaaS-based fleet management dashboard.
- Superking Ventures Private Limited (Chennai Super Kings owner)core1-year deal to deploy Zaggle's Corporate Expense Card Program with SaaS-led spend management for Superking Ventures' employees, associates and players, including real-time spend oversight, automated reconciliation and policy-based financial controls.
- Saurashtra Cement Limitedcore5-year agreement to deploy the Zaggle Save platform for employee expense management and benefits; no related-party or promoter-group interests.
- Chennai Super Kings Cricket Limitedcore1-year agreement to provide Zaggle Corporate Expense Cards to the IPL franchise's employees and associates. Marks Zaggle's formal entry into the sports and entertainment segment.
- Rebel Foodscore1-year agreement to provide the Zaggle Zoyer platform. Domestic entity contract.
- Euronet Services IndiacoreCo-branding partnership to launch co-branded prepaid card solutions for corporate clients. The offering integrates with Zaggle's existing spend management platform to provide enhanced control, real-time visibility, and automated expense management.
- Dr Batra's Positive Health CliniccoreAgreement to provide the Zaggle Zoyer Platform; effective until termination. No related-party concerns.
- HDFC Ergo General Insurancecore3-year partnership for the Propul Platform.
- IRM Energy Limitedcore5-year Fleet Program Agreement.
- Visa Worldwide Pte. Limitedflagship7-year growth agreement to launch and promote co-branded domestic prepaid cards on the Visa network in India.
- Rivpe Technology (Rio Money / Zagg.Money)coreZaggle acquired 100% of Rivpe Technology (parent of consumer payments startup Rio Money) for up to ₹75 crore in a full equity and preference share purchase, rebranded to Zagg.Money. Initially acquired a 100% stake in Rio Money for ₹22 crore to enter the UPI and consumer credit card segment via UPI credit and RuPay co-branded cards.
- AU Small Finance BankcorePartnership for entry into the retail card segment with AU Small Finance Bank, supporting Zaggle's expansion into the consumer-facing credit card market.
- Megha City Gas Distribution Pvt Ltdcore5-year agreement to implement the Zaggle Fleet Program for digital fleet management and payment solutions. Standalone transaction with no promoter involvement.
- Ayush Mhatre (Brand Ambassador)minorFive-year brand ambassador partnership with cricketer Ayush Mhatre (India U19, Mumbai, Chennai Super Kings) to increase engagement with digital consumers and businesses.
- WSFx Global PaycoreCo-branded GlobalPay Forex Card launched in India with airport lounge access, expense management tools, and forex services across 100+ cities, combining WSFx's forex expertise with Zaggle's enterprise network to serve Indian businesses and global travelers.
- GreenEdge EnterprisescoreZaggle acquired GreenEdge Enterprises, a rewards/loyalty solutions firm, as part of its acquisition-led growth strategy using the ₹595 crore QIP proceeds. Reinforces Zaggle's channel partner rewards and recognition offerings (Zaggle Propel).
- Mesh PaymentsflagshipStrategic partnership to enable seamless cross-border spend management for businesses. Indian MNCs can issue corporate cards for employees and subsidiaries across the US, Europe, and LATAM using Mesh's capabilities, while Mesh's global clients operating in India can access Zaggle's localized compliance and support. Combines corporate credit cards, prepaid cards, forex cards, and travel solutions.
- Mobileware Technologies (now 86400)coreZaggle invested Rs 15.60 crore for a 26% stake on a post-issue, fully diluted basis plus an additional 12.34% purchased from promoters for Rs 7.25 crore, bringing its total holding to 38.34% (a strategic investment). The investment leverages Mobileware's digital payments infrastructure (UPI, IMPS, AEPS, BBPS, TransXT API banking platform) to enhance spend management offerings and develop new solutions for lending, credit, and card management. Mobileware has since rebranded to 86400.
- Span Across IT Solutions (TaxSpanner)coreZaggle invested Rs 32.07 crore to acquire a controlling stake in Span Across IT Solutions (TaxSpanner), making it a subsidiary. The acquisition expanded Zaggle's tax solutions portfolio and presence in tax solutions.
- DICE EnterprisescoreZaggle revised the acquisition to an asset purchase and IP assignment of DICE's complete AI-enabled Spend Management Platform for approximately ₹68 crore (down from the originally announced ₹123 crore), transferring AI-enabled platform, intellectual property, enterprise customer contracts and around 100 technology professionals including the CTO and CPO. Strengthens AI and enterprise automation roadmap.
- Network of 19 Banking Partners (Indian Bank, SBI Card, DBS, Canara Bank, Axis Bank, Yes Bank, IndusInd Bank, HSBC, HDFC Bank, ICICI Bank, Kotak, BOBCARD, PNB, NSDL Payments Bank, IDFC FIRST Bank, Suryoday, AU Small Finance Bank, Standard Chartered)flagshipDistribution and co-branded card issuance partnerships with 19 banking partners that issue and distribute Zaggle's prepaid and credit cards to their customer bases, route customers to the Zaggle spend management platform, and provide core banking infrastructure.
- Visa, Mastercard, RuPay (Network Partners)coreNetwork-level integrations enabling Zaggle-issued prepaid and credit cards to ride on Visa, Mastercard and RuPay rails for pan-India acceptance across categories.
- Tata Capital, RazorpayX, Marsh, Thomas Cook, Riya, STRADA, Google, ekincare (Ecosystem Partners)minorEcosystem partnerships displayed on the corporate website covering capital (Tata Capital), payouts (RazorpayX), insurance (Marsh), travel (Thomas Cook, Riya, STRADA), workplace (Google), and health benefits (ekincare).
Scale indicators14 records
Recent moves8 records
Expansion highlights6 records
Zaggle competitors and assessment
Company assessmentDirect peers
- Karbon Card: Indian corporate card and expense management startup focused on startups and SMEs. Competes with Zaggle's SMB/inside-sales motion and corporate prepaid card programs.
- Happay: India-based corporate spend management and prepaid card platform serving enterprises with travel, expense and vendor payments. Closest direct Indian competitor to Zaggle's core prepaid/expense SaaS offering, competing for the same mid-market and enterprise accounts.
- EnKash: Indian B2B spend management platform offering corporate cards, payable automation and expense workflows for SMEs and enterprises. Directly comparable to Zaggle Save and Zoyer on the procure-to-pay and T&E use cases.
- Niyo Solutions: Indian fintech offering corporate expense cards, salary accounts and travel cards through bank partnerships. Overlaps with Zaggle's prepaid card programs and co-branded card distribution model.
- Plural: India-based corporate spend management platform offering corporate cards, expense management and vendor payments for enterprises and startups. Comparable product breadth and target customer segment to Zaggle.
- Mesh Payments: US-based AI-driven corporate T&E and spend management platform with cross-border card-issuing capability. Already a strategic partner of Zaggle for cross-border spend in the US/EU/LATAM, and a direct comparator on AI-led expense automation.
Broad incumbents
- Brex: US-listed global corporate card and spend management platform offering cards, bill pay, travel and expense software. Larger and broader incumbent serving similar enterprise treasury and T&E use cases as Zaggle at global scale.
- Ramp: US corporate cards, bill payments and finance automation platform that has expanded from SMB into mid-market and enterprise. Overlaps with Zaggle's procure-to-pay, expense automation and CFO-facing workflows at scale.
- SAP Concur: Global incumbent in corporate travel and expense management software, owned by SAP. Competes for large enterprise T&E and expense automation RFPs where Zaggle Save is also positioned.
Emerging players
- RazorpayX: Indian business banking and payouts platform from Razorpay, offering corporate accounts, payroll and vendor payouts. Adjacent fintech SaaS targeting overlapping SMB and enterprise finance teams, with deeper banking integrations through Razorpay's wider stack.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Zaggle social profiles
Digital presenceZaggle financial estimates
Financial estimateRevenue estimate
Valuation estimate
Zaggle leadership team
Management profileNumber of profiles
Profiles8 records
Zaggle subsidiaries and ownership
Company hierarchySubsidiaries6 records
Zaggle funding detail
Funding detailFunding overview
Funding rounds6 records
Investors25 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Zaggle M&A and investment
M&A and investmentM&A7 records
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Zaggle
What does Zaggle do?
Zaggle provides a unified SaaS-based spend management platform combining prepaid and commercial credit card programs, procure-to-pay workflows, employee benefits, tax compliance, fleet management and channel partner rewards for corporations, SMEs and startups. The platform integrates with 19 banking partners and runs on Visa, Mastercard and RuPay rails, supported by a dual AI engine for spend intelligence, agentic workflow automation and OCR-based invoice processing. It has issued over 50 million prepaid cards and serves more than 3.9 million users across 3,900+ corporate customers in industries including banking, technology, healthcare, manufacturing, FMCG, infrastructure and automobiles.
Is Zaggle a public or private company?
Zaggle is a public company. It is classified as public and is currently operating.
When was Zaggle founded?
Zaggle was founded in 2011. It employs 251 to 500 people.
Where is Zaggle based?
Zaggle is headquartered in Hyderabad, India, in the Asia region.
How does Zaggle make money?
Five revenue lines are on record. SaaS subscription / platform fees are the primary driver. The others are card loading and transaction-based fees, professional services - tax compliance and advisory, channel partner / customer rewards and gift card commissions and cross-border / forex card revenue (WSFx Global Pay partnership).
Who are Zaggle's main competitors?
Direct peers on record are Karbon Card, Happay, EnKash, Niyo Solutions, Plural and Mesh Payments. Broad incumbents are Brex, Ramp and SAP Concur. RazorpayX is listed as an emerging player.
Does Zaggle have an API?
No public API is recorded for Zaggle.
What industry is Zaggle in?
Zaggle's product category is Corporate Spend Management Software. Its primary akta.pro industry code is FSAMANAK, Prepaid Card Program Managers & Issuers (BIN Sponsors), with a secondary code of FSAGALAB, Embedded Payments (Pay-ins, Pay-outs, Wallets). Its NAICS code is 522210 and its SIC code is 6153.