Zaggle Prepaid Ocean Services Ltd, a SaaS-based fintech platform, intends to acquire at least two companies in the upcoming financial year to fuel its growth, a senior company executive announced on Friday.
Earlier this week, the fintech firm raised ₹595 crore through a qualified institutional placement.
“We are evaluating 5 to 6 potential targets in the SaaS FinTech space, including areas like merchant card software, accounts receivables, and FASTag solutions with plans to acquire at least two companies in the upcoming financial year,” Zaggle founder and Executive Chairman Raj Narayanam said.
“We are aiming for a billion-dollar revenue target within the next 5 to 6 years,” Raj noted.
He added that the company is looking to accelerate its growth through strategic acquisitions.
Zaggle recently invested approximately ₹48 crore to acquire stakes in two companies. It secured a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner) with an infusion of ₹32.07 crore and invested ₹15.60 crore to acquire a 26% stake in MobilewareTechnologies.
This week, Zaggle raised ₹595 crore through a qualified institutional placement from investors, including Bank of India ELSS Tax Saver, Societe Generale ODI, ICICI Prudential Technology Fund, and Nuvama Enhanced Dynamic Growth Equity (Edge) Fund.
On Monday, a board committee approved the allocation of 1.13 crore equity shares to eligible qualified institutional buyers at a price of ₹523.20 per share.
Zaggle reported a threefold increase in consolidated net profit, reaching ₹20.3 crore for the July-September quarter. The company’s revenue from operations during the same period stood at ₹302.5 crore, marking a 64.22% growth compared to the same quarter last year.
