Zaggle

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.

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

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

• Spend management software
• Corporate expense management
• Prepaid card programs
• Procure-to-pay solutions
• Channel partner rewards

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Go-to-market motion5 records

Distribution channels6 records

Marketing channels10 records

Core 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

Named customers62 records

Segments1 record

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability5 records

Feature8 records

Partnerships

30 partnerships are on record, tiered flagship, core and minor.

• Punjab National Bank (PNB)flagshipChannel Partner/ Reseller/ Distributor · 19 June 20265-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 ElectricalscoreStrategic or Co-development Partner · 10 June 20265-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 IndustriescoreStrategic or Co-development Partner · 7 May 20263-year agreement to provide the Zaggle Propel reward platform for channel rewards and recognition. Domestic, not a related-party transaction.
• The Federal BankcoreStrategic or Co-development Partner · 17 April 20263-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 CompanycoreStrategic or Co-development Partner · 11 April 20262-year service agreement to deploy the Zaggle Zoyer platform. Domestic entity, not a related-party transaction.
• Fanuc IndiacoreStrategic or Co-development Partner · 1 April 2026Strategic partnership to deploy Zaggle's employee expense management solution for Fanuc's industrial automation operations.
• Blue Star LimitedcoreStrategic or Co-development Partner · 6 March 20263-year contract to deploy Zaggle Save platform for employee expense management and benefits; no related-party concerns.
• Adani Total Gas Limited (ATGL) & Hyundai Motor IndiaflagshipStrategic or Co-development Partner · 27 February 2026Closed-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)coreStrategic or Co-development Partner · 27 February 20261-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 LimitedcoreStrategic or Co-development Partner · 26 February 20265-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 LimitedcoreStrategic or Co-development Partner · 26 February 20261-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 FoodscoreStrategic or Co-development Partner · 12 February 20261-year agreement to provide the Zaggle Zoyer platform. Domestic entity contract.
• Euronet Services IndiacoreTechnology or Integration · 10 February 2026Co-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 CliniccoreStrategic or Co-development Partner · 3 February 2026Agreement to provide the Zaggle Zoyer Platform; effective until termination. No related-party concerns.
• HDFC Ergo General InsurancecoreStrategic or Co-development Partner · 22 January 20263-year partnership for the Propul Platform.
• IRM Energy LimitedcoreStrategic or Co-development Partner · 22 January 20265-year Fleet Program Agreement.
• Visa Worldwide Pte. LimitedflagshipStrategic or Co-development Partner · 1 January 20267-year growth agreement to launch and promote co-branded domestic prepaid cards on the Visa network in India.
• Rivpe Technology (Rio Money / Zagg.Money)coreStrategic or Co-development Partner · 5 December 2025Zaggle 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 BankcoreChannel Partner/ Reseller/ Distributor · 11 November 2025Partnership 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 LtdcoreStrategic or Co-development Partner · 23 October 20255-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)minorGTM or Marketing Partner · 14 October 2025Five-year brand ambassador partnership with cricketer Ayush Mhatre (India U19, Mumbai, Chennai Super Kings) to increase engagement with digital consumers and businesses.
• WSFx Global PaycoreStrategic or Co-development Partner · 9 October 2025Co-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 EnterprisescoreStrategic or Co-development Partner · 1 September 2025Zaggle 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 or Co-development Partner · 15 May 2025Strategic 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)coreStrategic or Co-development Partner · 27 March 2025Zaggle 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)coreStrategic or Co-development Partner · 26 September 2024Zaggle 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 EnterprisescoreStrategic or Co-development Partner · 1 June 2023Zaggle 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)flagshipChannel Partner/ Reseller/ DistributorDistribution 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)coreTechnology or IntegrationNetwork-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)minorOthersEcosystem 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

Direct 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

• Xx.com/zaggleapp
• YouTubeyoutube.com/@Zaggleapp
• Facebookfacebook.com/zaggleapp
• LinkedInlinkedin.com/company/zaggleapp
• Instagraminstagram.com/zaggleapp

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors25 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zaggle