Mumbai, Dec 18: Zaggle Prepaid Ocean Services Limited (“Zaggle”), India’s leading spend management and SaaS-led FinTech company, today announced that its Board of Directors has approved the allotment of 1,058,201 convertible warrants on a preferential basis, pursuant to shareholder approval obtained at the Extraordinary General Meeting held on October 31, 2025, and in-principle approvals received from the stock exchanges. The capital infusion by the Promoter Group and BCCL, which was announced in October 2025, has been undertaken in line with the company’s strategic growth plans.
The warrants have been issued at an issue price of INR 567 per warrant, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Of the total warrants allotted:
- 3,52,734 warrants have been allotted to RAN Ventures Private Limited, part of the promoter group
- 7,05,467 warrants have been allotted to Bennett Coleman and Company Limited (BCCL), a non-promoter investor
This dual reinforcement of internal conviction and external validation firmly positions Zaggle for its next phase of growth. The Promoters’ infusion stands as a clear testament to their belief in the company’s intrinsic worth. They have reiterated their view that even at this valuation, Zaggle remains significantly undervalued and expressed intent to further increase their stake, a move that strengthens long-term shareholder alignment and underscores their confidence in Zaggle’s future trajectory.
BCCL has consistently partnered with some of India’s fastest-growing enterprises, accelerating brand equity through media-first investments that build trust, drive customer acquisition and establish category leadership.
Management Commentary
Commenting on the development, Dr. Raj P. Narayanam, Founder & Executive Chairman, Zaggle, said,
“The allotment of warrants reflects the continued confidence of our stakeholders in Zaggle’s long-term strategy, governance standards, and growth trajectory. The proceeds from the preferential issue will further strengthen our capital base and support our strategic growth initiatives, while remaining fully aligned with regulatory requirements and shareholder interests. Together, these investments provide a strong foundation of stability and credibility, while also accelerating our execution, positioning Zaggle for sustained long-term success.”
The Zaggle Advantage lies in the dual reinforcement of promoter-led conviction and brand-led validation. This dual milestone not only strengthens governance and alignment but also accelerates market reach, empowering Zaggle to continue its mission of delivering intelligent, AI-led spend management solutions to enterprises across India.