Stories
Zaggle to Set Up Wholly Owned Subsidiary in Abu Dhabi for FinTech, SaaS and AI
- •Zaggle Prepaid Ocean Services is establishing a wholly owned subsidiary in Abu Dhabi Global Market to expand its international presence in fintech, SaaS, and AI.
- •The new entity, tentatively named Zaggle Holding Limited, will act as a holding company for investments in group companies and third-party entities.
- •Founder and Executive Chairman Dr Raj P Narayanam stated that the move will support international plans and create a structure for strategic investments.
- •The expansion coincides with expectations that Zaggle's Zoyer spend management platform could contribute up to half of the company's future revenue.
- •Zaggle shares closed 1.27 percent higher at ₹172.49 following the announcement as the company targets positive free cash flow over the next 18-24 months.
Key Questions Answered
Zaggle Prepaid Ocean Services is establishing a wholly owned subsidiary in the Abu Dhabi Global Market (ADGM) to expand its international presence, pursue opportunities across fintech, SaaS, and AI, and serve as a holding company for strategic investments in group and third-party entities.
Founder and Executive Chairman Dr Raj P Narayanam stated that Zaggle's Zoyer spend management platform could contribute up to 45% to 50% of the company's revenue going forward as it adds new enterprise clients and expands its software offerings.
Under a five-year agreement signed on June 30, Zaggle provided its Zoyer procurement and spend management platform along with its Zaggle Save employee expense management and benefits solution to APAC Financial Services.
