Zaggel Prepaid Ocean Services Ltd. was incorporated in 2011 and interacts with businesses and end users (i.e., employees). The company is among a small number of uniquely positioned players with a diversified offering of fintech products and services, having one of the largest number of issued prepaid cards in India. It has partnered with certain banking partners (constituting approximately 16% of India’s total prepaid transaction volume, as of 31st March 2023), and offers a diversified portfolio of SaaS, including tax and payroll software, and a wide touchpoint reach (Source: Frost & Sullivan Report).

The company is placed at the intersection of the SaaS and fintech ecosystems, with their SaaS platform designed for (i) business spend management (including expense management and vendor management); (ii) rewards and incentives management for employees and channel partners; and (iii) gift card management for merchants, which is referred to as customer engagement management system (CEMS).

With more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of 31st March 2023, the company stands as a leading player in spend management, offering a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report).

Their network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where the company has established relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries.