Setting Foot into the Unicorn Club

As one of the strongest players in India’s expense management market, Zaggle is now ready for the global spend management market, which is estimated to be worth $9 trillion.   

Zaggle works with 4,500 corporate clients including big brands like Microsoft, Dr Reddy’s, Infosys, AT&T, Pitney Bowes. HUL, Emami Group, and 16 Tata Group companies, with more than 4.5 lakh end users. We have expanded rapidly over the last 5 years, and today have a presence across India as well as abroad with 10 offices. We have established our brand in the FinTech sector with over 4 banking partners (IndusInd Bank, Yes Bank, NSDL Bank, and RBL) and a couple of network partners like Visa and RuPay. Having just recently established our presence in the Canadian market, we plan to open new offices in the UK, and USA (San Francisco) by March 2023.  

Our performance has been nothing short of stellar. Zaggle has clocked revenues of Rs. 225 crore and PAT of Rs. 27 crore in FY21. We are looking at a Rs. 375-400 crore turnover with PAT of about Rs. 50-75 crore in FY22. Our gross transaction value (GTV) has grown from just Rs. 4 crore per annum in 2012 to about Rs. 15,000 crore per annum now, in the $1 trillion addressable Indian Spend Management Market.  

With a core focus on providing complete spend management solutions, Zaggle is now planning to raise around $200 million over the next 2-4 months. We are exploring both the PE funding route as well as the initial public offering (IPO) mode for the fundraise by June 2022. In a recent interview with Times of India, our founder and chairperson, Raj N shared, “Zaggle is a nonicorn, the unicorn no one knows about, and achieved this status sometime in September-October 2021 based on the valuation of over $1 billion by interested investors”. 

For the full story published in Times of India, click here