SaaS fintech Zaggle plans at least two acquisitions next fiscal year to drive growth

New Delhi, Dec 27 (PTI) SaaS fintech platform Zaggle Prepaid Ocean Services Ltd plans to acquire at least two companies in the next fiscal to drive growth, a senior official said on Friday.

New era fintech presented this week $Rs 595 crore through qualified institutional placement.

Raj Narayanam, founder and executive chairman of Zaggle, said: “We are evaluating 5 to 6 potential targets in the SaaS fintech space, including areas such as merchant card software, accounts receivable and FASTag solutions, and plan to acquire them in the next fiscal year At least two companies.”

“Our goal is to achieve a revenue target of $1 billion in the next five to six years,” Raj noted.

He added that the company hopes to strategically accelerate its growth trajectory through strategic acquisitions.

Zaggle recently invested in approx. $480 million to acquire stake in two companies. It acquired a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner) through a capital injection $320.7 Crores Rs. $Invested Rs 1,560 crore to acquire 26% stake in Mobileware Technologies.

Zaggle raises money this week $Rs 595 crore came from qualified institutional investors including Indian Bank ELSS Tax Savings Institution, Societe Generale – ODI ICICI Prudential Technology Fund and Nuvama Enhanced Dynamic Growth Equity (Edge) Fund. place.

Board committee approves allotment of equity capital of Rs 113 crore $Qualified institutional buyers sold shares at $523.20 per share on Monday.

Zaggle reports consolidated net profit triples $203 million in the July-September quarter. Operating income for the September quarter was $3.025 billion, an increase of 64.22% over the same period last year.