Zaggle’s Revenues surges 5x to Rs 250 cr in FY21, turns Cash-flow Positive

Mumbai, April 21, 2021: Zaggle, a leading award-winning FinTech company has been growing exponentially with revenues significantly moving up as compared to last year. The company had a GTV of transactions through its platform of INR 3,500 Cr in the FY 2019-20 and estimated to reach a target GTV of INR 14,000 Cr closing March 2021.

The company had net revenues of INR 50 Cr in FY '19-'20 and is projected to hit 5X at INR 250 Cr by March '21. The company’s profit after tax from last year has grown by 14x in FY 2021. 

Currently Zaggle has over 200+ employees, in 10+ cities and 4500+ Clients, 10,500 merchants, and 4.5 million users across its platform. The adoption rate for corporates and SME’s opting for their Expense Management Solutions is now 90% as opposed to 60% before the pandemic.

The company has bagged 100+ new contracts in the last six months. On the international front, Zaggle commenced operations in Canada last year and will soon be expanding to other geographies in the European region as well. The company was seed funded by Mr. Raj. N- Founder, Zaggle’s earlier venture eYantra after which it raised funding from Ventureast and Argonaut Ventures. The company is aggressively and relentlessly working to launch its SME Neo-banking platform early next month.

Zaggle had opened office in Canada last year in partnership with Toronto Business Development Centre (TBDC) and plans to now open New Offices in London along with “The City of London” and in San Jose, USA.

Its Founder & Chairman, Mr. Raj. N commenting on the company’s growth said, “The unprecedented Covid-19 pandemic has brought in a lot of challenges and difficulties, but for companies like us it has been an opportunity to rise and flourish. The pandemic has helped us grow as the corporates have lately accepted the fact that the post-Covid era is going to throw up some very challenging economic circumstances for organizations. To manage these, financial discipline will have to be instilled at all levels. Our business has grown beyond our expectation and we have been seeing a massive demand for our expense management Platform with more and more corporates adopting to our SaaS based platforms.” 

Mr. Avinash Godkhindi, CEO & MD, Zaggle said, “The pandemic turned out to be a blessing in disguise for us. We have witnessed a 100% growth in our business in the past one year. With our efforts, we are anticipating to achieve beyond our target for this year as well. We are looking forward to another strong year and will hire 100+ employees across the country in the coming 12 months.”

About Zaggle:

Zaggle was founded in 2011 by Raj N, a Serial Entrepreneur and an Active Angel Investor with a vision to become a Global Digital Bank. We wanted to take Banking to Corporates and Consumers. Today the Banking processes and workflows are broken, which are mostly manual and partly digital, making Banking an extremely difficult process. With our experience and interaction with various business groups, we realized that businesses face lots of problems in managing their financial requirements and expense management. We figured out that payments and accounting in conventional ways are a bit broken, inefficient, and sluggish. Some of the Pain Points which businesses come across are:

• The complex and tedious workflow

• Payments still made in Cash

• No Real-time Control or Visibility over the Business Spends

 • Manual Accounting and a Reconciling Stack of Receipts and Spreadsheets

 • Lots of man-hours required

• Risk of Frauds and Duplication

All these called for a change - A Revolutionary Change!

Zaggle has 4,500+ clients, it also has users over 4.5 million users, has offices across 10 Cities with around 200+ with 100+ Hiring Employees and is geared towards building Network Agnostic Payment

System and Customer Experience.

Zaggle also offers:

Zaggle Propel: An Integrated Platform for Workforce Reward, Recognition, Engagement and state of the art AI powered Performance Management. Zaggle Propel helps organizations align their people to the company goals.

Zaggle Save: An all-in-one business expense management and employee benefits platform that empowers you to save taxes and spend smarter, therefore saving time and money; resulting in happy and satisfied workforce.

For more, information, please visit: https://www.zaggle.in/