ZAGGLE/24-25/27

May 23, 2024

To To
Listing Department, The Corporate Relations Department
NATIONAL STOCK EXCHANGE OF INDIA LIMITED BSE LIMITED
Exchange Plaza, Plot No C/1, G Block Phiroz Jeejeebhoy Towers,
Bandra Kurla Complex, Bandra (East), 25th Floor, Dalal Street,
Mumbai -400 051, Maharashtra Mumbai -400 001, Maharashtra

Company Symbol: ZAGGLE Company Scrip Code: 543985

Dear Sir / Madam,

Sub: Investor Presentation for the quarter and year ended March 31, 2024

Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, we enclose herewith Investors Presentation for the quarter and year ended on March 31,
2024.

The same is also being uploaded on the website of the Company viz. https://ipo.zaggle.in/wp-
content/uploads/2024/05/investor-presentation-zaggle-Q4FY24.pdf.

We request you to kindly take the same on record.

Thanking you

Yours faithfully,
For Zaggle Prepaid Ocean Services Limited
Haripri Digitally signed
by Haripriya

ya Date: 2024.05.23
16:40:24 +05'30'

Hari Priya
Company Secretary and Compliance Officer

Encl: as above
Zaggle Prepaid Ocean Services Limited
Investor Presentation
May 2024
Safe harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Zaggle Prepaid Ocean Services Limited
(the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment
whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed
information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,
completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain
all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is
expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability,
which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking
statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations
in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to
attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations,
government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not
undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any
forward looking statements made from time to time by or on behalf of the Company.

2
From the Founder’s desk…
“In FY24 and Q4FY24 we set a new record in terms of revenue from SaaS fees, Program fees,
and Propel Points. This led to our highest ever performance across key profitability metrics
during these periods.
In FY24, our revenue growth was 40.1% with an adjusted EBITDA margin (before ESOP expense)
of 36.9%, successfully fulfilling our guidance.
During the quarter, we had a 46.0% YoY growth in revenues and a 12.7% YoY growth in
adjusted EBITDA (before ESOP expenses). Our track record of consistent financial performance
over the years continues to be strong.
At Zaggle, we are pleased about our recent strategic alliance with Span Across IT Solutions, as
now we will be able to offer taxation and financial wellness solutions to our customers. Further,
some of our recent noteworthy developments include onboarding Axis Bank into our bouquet
of bank partners and our contract with EaseMyTrip & Riya Travels to offer bundled expense
and travel solutions to our customers.
We doubled our revenue over the last 3 years and are poised to double our revenue over the
next 2 years through organic growth. Our expectation of revenue growth for this fiscal year is
to the tune of 45%-55%. We are focused on garnering more market share and making
significant investments in technology, specifically building deeper AI capabilities to cater to
the massive demand for Spend management solutions.

We intend to pursue inorganic growth opportunities through mergers and acquisitions.

Additionally, we plan to expand geographically into the US markets as part of our growth
Raj P Narayanam
strategy.
Founder and Executive
Chairman The opportunity for Zaggle to shape the future of spend management in India is enormous.
With a broad array of solutions, we are well-positioned to truly digitize Corporate India’s spend.
We see abundant opportunities ahead and remain optimistic about the upcoming quarters.”

3
Performance highlights
Growing revenue and profitability

Highest ever quarterly Highest ever Annual

Revenue, EBITDA & PAT Revenue, EBITDA and PAT

₹ 2,733.7 Mn ₹ 271.6 Mn ₹ 272.2 Mn ₹ 212.5 Mn

Q4FY24

YoY + 46.3% YoY + 9.1% YoY + 53.9% YoY + 20.3%

₹ 7,756.0 Mn ₹ 855.7 Mn ₹ 705.9 Mn ₹ 673.6 Mn

FY24

YoY + 40.1% YoY + 36.9 % YoY 46.8% YoY + 54.8%

Revenue from Adjusted EBITDA

Reported EBITDA Cash PAT
operations (before ESOP)

5
Annual highlights for FY24

Successful listing on NSE Accounts Payable solution

Highest ever annual revenue & Zoyer started contributing
and BSE PAT. Profitable for last 5 years to the revenues

Launch of credit cards as a

Multiple strategic alliances product. The monthly volume of
for growth: Torrent Gas Ltd – fleet Onboard high quality bank
transactions for credit cards
loyalty program, Visa – Forex partners – SBI Cards, Kotak
exceeded the monthly volume
Cards, T& E solution with EMT and Mahindra bank, Axis Bank, BOB
of transactions for prepaid card
Riya travels, Card amongst others

Awards won
Customer base expansion with Zaggle Zatix – our analytics - Best Digital Expense Management
~620+ new corporates including platform launched this FY & Platform (India) 2024
marquee names such as Wipro, offered by Banks as bundled - Global Banking & Finance Award
Bennett Coleman, etc. solution of Corporate Credit (2023)
Cards + SaaS. - Top 50 Indian Digital Finance
Influencers 2024

6
Recent strategic alliances for growth

Contract brief Value proposition Duration

Indian Bank Digital journeys and solutions for emerging products,

Offer SaaS solutions to the bank and
Fintech banking process automation; digital payment solution 3 years
its corporate as well as individual
Empanelment provider, forex solutions, beyond banking solutions;
customers
Omnibus workflow solution provider

Canara Bank As an empaneled company we

Empanelment would have an opportunity to 2 years
Empanelment as an additional Fintech company participate in Canara banks future 3 months
tenders for fintech or digitization
requirements

PNB Fintech
Empanelment Offer SaaS solutions to the bank and
To digitise processes/ products and services for PNB its corporate as well as individual 3 years
customers

Riya Travels Integrated Travel & Expense Management Solutions to

Integrated Travel & Expense 3 years
Management Solutions to Corporate
Corporate Clients
Clients

7
Recent strategic alliances for growth

Contract brief Value proposition Duration

Integrated Travel & Expense Management Solutions Bundling their travel platform with our Save
Ease My 3 years
to Corporate Clients solution to provide an Integrated value
Trip proposition to Corporate Clients

Co-branded partnership to carry out

Partnership for forex card to carry out activities such activities such as Sales and Distribution,
5 year
as Sales and Distribution, Marketing and Campaigning Marketing and Campaigning bundled
Nishi Forex bundled with Zaggle expense management to drive with Zaggle expense management to
card spends & greater usage of the software drive card spends & greater usage of the
software

Integrated Travel & Expense Management Solutions Bundling their travel platform with our Save
Riya Travel & solution to provide an Integrated value 3 years
to Corporate Clients
Tours proposition to Corporate Clients

Referral partner of WSFx Ltd. to carry out activities

such as Sales and Distribution, Marketing and
WSFx Global Pay Campaigning bundled with Zaggle expense Bundled offering for Zaggle’s expense 1 year
Limited management to drive forex card spends & greater management
usage of the software

8
 Quarterly financial highlights
Revenue from operations (₹ Mn) Gross Profit (₹ Mn)

+46.3% +79.3%

2,734 1,615

1,867
900

Q4FY23 Q4FY24 Q4FY23 Q4FY24

Adjusted EBITDA (₹ Mn) Reported EBITDA (₹ Mn)* Cash PAT (₹ Mn)

PAT + Depreciation & Amortization + ESOP Expense

+9.1% +53.9% +20.3%

272 272 212

249
177

177

Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24

* Reported EBITDA is after reducing the ESOP expenses 9
Key operational performance indicators
Total customers catered to (number) Aggregate users on the platform (million)

25.1%

Key 3,016
20.3%
Performance 2,411
2.73
KPIs
Indicators
2.27

FY23 FY24 FY23 FY24

Software Fees Program fees Propel platform revenue

17.4%
89.9%
4,225
29.0% 3,598
Revenue 3,218
Mix
+116.8%
(₹ Mn) 312
242 1,695 +9.0%
+34.4% 1370
1,174 1,280
84 632
62

Q4FY23 Q4FY24 FY23 FY24 Q4FY23 Q4FY24 FY23 FY24 Q4FY23 Q4FY24 FY23 FY24

10
10
Quarterly revenue contribution
Q3 & Q4 are higher revenue quarters in the business

Contribution to
annual 16.0% 23.5% 26.7% 33.8% 15.3% 23.8% 25.7% 35.2%
revenues

2,734

• The business's upward

1,995 momentum keeps rolling
1,869 1,842 into Q4, fueled by a
Revenue from surge in spending and
operations 1,476
1,303 transactions across our
(₹ Mn)
1,185 product range
886

Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24

YoY YoY YoY YoY

+33.7% +41.4% +35.1% +46.3%

11
Profit and loss statement
Particulars (Rs. Million, unless stated
Q4FY24 Q4FY23 YoY Q3FY24 QoQ FY24 FY23 YoY
otherwise)
Revenue from operations 2,733.7 1,868.5 46.3% 1,995.1 37.0% 7,756.0 5,534.6 40.1%
Cost of point redemption / gift cards 1,115.1 958.8 968.0 3,797.2 3,188.7
Consumption of cards 3.9 9.3 2.9 12.3 17.5 Q4FY24 – Key Highlights
Gross Profit 1,614.7 900.4 79.3% 1,024.1 57.7% 3,946.5 2,328.4 69.5%
• Highest-ever quarterly revenue,
Gross Profit Margin 59.1% 48.2% 51.3% 50.9% 42.1%
marking the highest quarterly revenue
Employee benefits expense 83.2 81.9 86.8 363.1 291.7
from SaaS, Program Fees and Propel
Incentive and cash back 1,097.9 466.4 562.6 2,168.3 1,002.0
Other Expenses 162.0 103.3 146.2 559.5 409.6
Revenue
Adjusted EBITDA 271.6 248.9 9.1% 228.6 18.8% 855.7 625.1 36.9% • Highest ever EBITDA and PAT on
Adjusted EBITDA Margin 9.9% 13.3% 11.5% 11.0% 11.3% quarterly and annual basis
ESOP Cost -0.6 72.1 24.7 149.8 144.1
Reported EBITDA 272.2 176.9 53.9% 203.8 33.5% 705.9 481.0 46.8%
• The revenue contribution from Zoyer
Reported EBITDA Margin 10.0% 9.5% 10.2% 9.1% 8.7%
has experienced significant growth
Other Income 46.8 9.0 44.7 112.7 11.2 • During the year the debt reduced
Depreciation 21.5 29.0 18.1 83.6 62.0 from Rs. 1210 Mn to Rs. 736 Mn. This led
EBIT 298.1 84.8 252% 230.4 29% 735.0 430.1 71%
to a reduction in Finance costs on YoY
EBIT Margin 10.9% 4.5% 11.6% 9.5% 7.8%
basis. However, on a sequential basis
Finance Cost 37.9 55.4 21.4 137.2 113.8
the increase is due to fees paid on the
Profit before Tax 259.6 101.4 209.0 597.8 316.4
prepayment of debt
Tax 68.0 25.8 56.8 157.6 87.3
Profit After Tax 191.6 75.6 153.4% 152.2 25.9% 440.2 229.0 92.2% • The increase in other income stems
PAT Margin 7.0% 4.0% 7.6% 5.7% 4.1% from higher interest income on
Cash PAT (PAT+DA+ESOP) 212.5 176.6 20.3% 195.0 9.0% 673.6 435.1 54.8% increased cash/ bank balances post
Cash PAT Margin 7.8% 9.5% 9.8% 8.7% 7.9% IPO
EPS - Basic (Rs.) 1.57 0.21 1.47 4.06 2.48
EPS – Diluted (Rs.) 1.56 0.21 1.45 4.03 2.46

12
Balance sheet
March 31, March 31, March 31, March 31,
Particulars (Rs. in Millions) Particulars (Rs. in Millions)
2024 2023 2024 2023
ASSETS EQUITY
Non-current assets Equity share capital 122.5 92.2
Property, plant and equipment 25.3 23.5 Other equity 5,631.3 395.3
Total equity 5,753.8 487.5
Right-of-use assets 119.1 196.7
LIABILITIES
Intangible assets 81.6 68.9
Non-current liabilities
Intangible asset under development 498.6 108.7 Financial liabilities Q4FY24 – Key Highlights
Financial assets (i) Borrowings 154.7 513.3
• Intangible asset under
(i) Investments 259.8 4.9 (ii) Lease liabilities 87.6 158.7
(iii) Other financial liabilities 0.0 0.0 development
(ii) Other financial assets 46.1 14.7
Provisions 16.4 11.4 represents investment
Other non-current assets 11.0 119.0
Total non-current liabilities 258.7 683.4 in Zoyer for product
Income-tax assets (net) 27.6 23.1 Current liabilities
enhancement and
Deferred tax assets (net) 27.2 29.8 Financial liabilities
building of Zatix, an
Total non-current assets 1,096.4 589.2 (i) Borrowings 581.3 697.4
(ii) Lease liabilities 42.7 44.1 analytics platform
Current assets
Inventories 3.6 1.0 (iii) Trade payables • Investment includes
- Total outstanding dues of micro and
Financial assets 6.5 9.6 strategic investment in
small enterprises
(i) Investments 5.2 12.3 - Total outstanding dues of creditors Span Across IT Services
13.1 82.6
(ii) Trade receivables 1,746.2 1,026.6 other than micro and small enterprises
(iii) Cash and cash equivalents 79.4 195.9
(iii) Other financial liabilities 21.1 23.7
(iv) Bank balances other than (iii) above 2,713.7 30.1
Provisions 1.0 0.2
(v) Other financial assets 30.4 1.2
Other current liabilities 281.8 271.3
Other current assets 1,286.5 491.4
Current tax liabilities (net) 1.4 47.8
Total current assets 5,865.0 1,758.4 Total current liabilities 948.8 1,176.7
Total liabilities 1,207.5 1,860.1
Total assets 6,961.4 2,347.6 Total equity and liabilities 6,961.4 2,347.6

13
What we do
Zaggle: At a glance

# 1 Issuer of Prepaid Leading player in spend

cards in India management space
SaaS Fintech
50 mn+ 16% 3,000+ 2.7+ mn
cards Market share Corporate Users
` By txn value customers

SAVE ZOYER
PROPEL
Key Employee Expense Accounts
Reward &
Products management and payable
recognition
benefits platform

Multilingual GDPR Products are In-house developed technology with strong network effect
interface Compliant customizable
Business model with diversified revenue streams across
products
Revenue Adjusted Cash PAT
EBITDA
FY23

Diversified customer relationships across sectors along with

5,535 mn 625 mn 435 mn preferred banking and merchant partnerships
7,756 mn 856 mn 674 mn
FY24

Seasoned management team and board

Note: #Source : Frost & Sullivan Report GDPR: General Data Protection Regulation
15
Differentiated SaaS-based fintech platform with…

Offering a combination of payment instruments, mobile application and API integrations

Omnichannel technology offering

Co-branded cards Mobile app to Multiple Banks & network Dashboard to manage
with bank manage spends partners reporting & analytics

Note: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 16
… Strong network effect
Key Partners
Banking Partners

Network Partners

VAS Partners Tata Securities

Partners

Banking licenses &

Pmt. instrument
Resell Zaggle
Key customers Comprehensive
Monetization
Sell software
Monetize GTV Partners - Program fees
Users / deals
Business - SaaS fees for software
Businesses User base Merchants
Software / users Employees/User – VAS Fees

monetization
Merchant – Merchant Commission

Direct
Spend

Employees
/Users

Note: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 17
Comprehensive suite of products for a large & growing addressable
market

• Embedded-finance
• Integrated data-driven business spend
management platform with embedded
finance capabilities

Holistic spend
management solutions
offerings for variety of
• Employee expense payment needs of a
management and benefits customer with significant
• Expense Management headroom for cross
• Rewards and recognition platform
• Employee Reimbursements selling and upselling
• Channel rewards and incentives
• Employee tax benefits
• Employee rewards and recognition

18
Propel – digitizing reward computation and disbursal

• Channel & employee rewards

• Incentives
• Engagement

Seamless partner Metric based Leaderboards, badging

onboarding incentive and achievements
computation

Automated Reports and

claim Peer-to-peer
analytics recognition
management

19
Save – simplifying employee spends

• Robust policy engine

Save •
•
Strong anti-fraud detection
Real time visibility
• Easy spend reconciliation

All-in-one Wide 100% Complete

card acceptance compliant control

Powerful Automatic Real time

dashboard for expense expense
enterprise reporting approval

20
Zoyer – vendor payment offering

Problems addressed by Zoyer

SaaS spender Project based spender Cloud & infra spender Marketing and Travel & entertainment
Keep control of SaaS Empower project Tools to recon, compile campaign Automate/simplify
purchase, renewal, team & track expense & tell the stories about Marketing spends advance requests,
disposal & Security across projects the numbers tracking in Real time. receipt submission &
Sales campaign reimbursement for
spends employees

Budget Subscription Automated role- Timely vendor Faster book

management management based workflow payments closure
Real-time data Experience easy Pre configured & On time payments. S
Close the financial
capture & reporting onboarding & rule based for auto Embedded finance balance sheet 5x
for better decision- happy employees. movement of for easy access to faster with pre-
making Role based SaaS process task & credit visibility processing for
mapping approvals Expense heads

21
Strategic roadmap for sustained growth

Continue to increase our India’s Workforce Addition to EPF CAGR of Credit cards Prepaid cards
customer & user base with
growing potential market 528 Mn 55.9 Mn 16% ₹ 3,000 Bn 35.8%
(as on Mar-23) (2018-2023) (FY 19-23)* Transaction Value CAGR
(2027) (2023-27)

Propel Save Zoyer VAS (1)

Channel and Employee expense Embedded finance Partnerships

Employee rewards mgmt. and capabilities (insurance, loans,
reimbursement investments, etc.)

Pursue Cross Sell & Up-Sell Opportunities

• Recently launched • R&D efforts using API • Undertake constant • Innovation drive
Corporate Credit integration to market research to using the Continue to innovate
Card business to gather helpful know the evolving intelligence and introduce new
address variety of insights on available trends in various gathered products & use cases
vendor payments data industries

Build new solutions Value Added Services (VAS)

Leverage on strategic
alliances Span Across IT Solutions Axis Bank Insurance Loans
Private Limited
Tax Planning Investment

Entered in strategic alliances for growth

Note: EPF: Employees’ Provident Fund scheme Source: Frost & Sullivan Report. Note: (1) Value Added Services *Goldman Sachs Report : The rise of ‘Affluent India’
22
Seasoned management team and board

Raj P Narayanam Avinash Ramesh Godkhindi

Founder and Executive Chairman Managing Director and CEO
› Founded Zaggle in 2011 with a vision to simplify corporate spends › Leading Zaggle’s growth since 2012
› Completed post-graduate diploma in business management with › Holds a bachelor’s degree in engineering from Bangalore University,
Leadership Bengaluru, and a master’s degree in business administration from the
specialization in finance from the FORE School of Management - New Delhi
› He has experience in the technology and fintech industry University of Chicago, Chicago
› Has made varying levels of investments in certain companies at different › Has served on the board of the company since 2012
points in time › Awarded the “Inspiring CEO” award by the Economic Times in 2022
› Has served on the board of the company since 2012 › He has experience in the banking industry
› Prior to joining Zaggle, Avinash worked with Citibank in India

Arun Vijaykumar Gupta Prerna Tandon

Non-Executive Director Independent Director
› Holds a bachelor’s degree in commerce from the P.D. Lion’s College of › Holds a master’s degree in business administration from the
Commerce and Economics, University of Bombay Panjab University, Chandigarh
› Directorships: Route Mobile, Absolute Sports Private Limited › She worked as the Vice President – operations at Infosys BPO
Limited & Vice President – productivity & digitization leader at
Genpact India
Board of
Directors Abhay Deshpande Raosaheb Aravamudan Krishna Kumar
Independent Director Independent Director
› 20+ years of experience in Financial banking › Non-Executive Chairman at UCO Bank
› PhD Economics and engineering from the Dr. Babasaheb Ambedkar › He retired in 2014 from State Bank of India as MD
Marathwada University, Aurangabad, Maharashtra
› Holds a bachelor’s degree in arts and economics (honors course) from
› He has experience in the IT industry
› Directorships: Rapidue Technologies, Payswiff Technologies, Recykal the University of Delhi
Foundation, Anubhuti Welfare Foundation, Sarvah Incubation Foundation, › Certified associate of the Indian Institute of Bankers
Musika Solutions Private Limited, Apr Reality Llp › Directorships: MTAR Technologies, TVS Wealth, Sathguru Catalyser

Aditya Kumar Hari Priya

Chief Financial Officer Company Secretary & Compliance Officer
Management › Member of The Institute of Chartered Accountants of India, New Delhi › Member of the Institute of Company Secretaries of India, New Delhi
› He has experience in the financial services industry and bachelor’s degree in law from Osmania University,
› Prior to joining Zaggle, he worked at Spandana Sphoorty Financial › Prior to joining Zaggle, she worked at Spandana Sphoorty, Gayatri
Limited as Vice President Investor Relations-Finance
Projects and Axis Clinicals

23
Zaggle in a nutshell

Seasoned management team Seasoned Multi-product SaaS-based platform with a

and board team strategy comprehensive product stack

Robust
Technology
Revenues from operations have financial In-house technology with strong
and
grown at 40.1% in the year metrics network effect
network
ended March 31, 2024, with a
Reported EBITDA margin of 9.1%

Overall estimated market

Customer churn rate is less than Consistent revenue (2027) for Payments in
1.5% for the year ended March customer Large India : ₹ 1750+ Bn *
31, 2024 Retention addressable
market

Customer acquisition and Low CAC and Ecosystem- Business model with diverse
retention costs of less than 20% of retention costs based approach sources of revenue across SaaS
total revenue and fintech

Note: FY: Financial Year *Source : Frost & Sullivan Report

24
Historical financials
Historical financial and operating metrics
Corporate customers Aggregate users (1) (Mn) Revenue from operations (₹ Mn)

2.73
3,016 7,756.0
2.27
2,411
5,534.6
1.72
1,753
3,712.6
1,092 0.90 2,399.7

FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024

Adjusted EBITDA & EBITDA margin(₹ Mn) Reported EBITDA* & EBITDA margin (₹ Mn) Cash PAT & Cash PAT margin (₹ Mn)

CAGR: 45.88% CAGR: 36.85% CAGR: 46.61%

856.0
706 674

599 440 435

599 625
481

276 214
276
16.12% 16.12% 11.86%
11.51% 11.29% 11.0% 11.51% 8.69% 8.91% 8.68%
9.10%
7.86%

FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024

Note: (1) Total number of users (Employees, channel partners, and customers of Customers) served by the company, FY: As of and for the year ended March 31
* Reported EBITDA –after ESOP expense ₹144.13 in FY23 and ₹150.3 in 9MFY24 26
Historical balance sheet
Particulars FY24 FY23 FY22 FY21
Particulars FY24 FY23 FY22 FY21
EQUITY AND LIABILITIES
ASSETS Equity
Non-current assets Equity share capital 122.49 92.22 1.80 1.80
Property, plant and equipment 25.32 23.48 19.77 9.51 Other equity 5,631.33 395.29 -37.38 -457.31
Right-of-use assets 119.10 196.73 55.15 36.75 Total equity 5,753.82 487.51 -35.58 -455.51
Intangible assets 81.56 68.90 44.29 26.97 Liabilities
Intangible asset under Non-current liabilities
development 498.63 108.68 15.00 0
Financial liabilities
Financial assets
(i) Borrowings 154.73 513.29 483.27 376.92
(i) Investments 259.83 4.85 0 0 (ii) Lease liabilities 87.57 158.65 51.04 31.89
(ii) Other financial assets 46.12 14.69 7.3 4.13 Provisions 16.40 11.43 7.22 5.66
Other non-current assets 11.00 29.77 21.38 0 Total non-current liabilities 258.70 683.37 541.53 414.47
Income-tax assets (net) 27.60 119.01 123.59 74.70 Current liabilities
Deferred tax assets (net) 27.22 23.1 24.59 106.88 Financial liabilities
Total non-current assets 1,096.38 589.21 311.07 258.94 (i) Borrowings 581.29 697.44 161.45 313.92
Current assets (ia) Lease liabilities 42.68 44.10 7.35 7.85
(ii) Trade payables
Inventories 3.58 0.97 1.12 2.69
- Total outstanding dues
Financial assets of micro and small 6.53 9.63 7.77 0.08
enterprises
(i) Investments 5.20 12.32 0 0
- Total outstanding dues
(ii) Trade receivables 1,746.21 1026.59 429.51 226.81 of creditors other than
micro and small 13.10 82.56 99.58 190.96
(iii) Cash and cash equivalents 79.40 195.89 7.11 27.89 enterprises
(iv) Bank balances other than (iii) Other financial
2,713.67 30.07 29.00 5.00 liabilities 21.11 23.7
(iii) above
Provisions 0.95 0.22 0.14 0.11
(iv) Other financial assets 0 0 0 Other current liabilities 294.96 144.29 148.92
281.77
(v) Other financial assets 30.40 1.15 0 0 Current tax liabilities (net) 1.41 47.80 0 0
Other current assets 1,286.52 491.39 148.72 99.47 Total current liabilities 948.84 1,176.71 420.58 661.84
Total current assets 5,864.98 1,758.38 615.46 361.86 Total liabilities 1,207.54 1,860.08 962.11 1,076.31
Total assets 6,961.36 2,347.59 926.53 620.8 Total equity and liabilities 6,961.36 2,347.59 926.53 620.8
The Parent Company had incorporated a wholly owned subsidiary, Zaggle Technologies Limited (“ZTL”), a private Company in the UK in Jan-23, as a subscriber to the memorandum. ZTL had not commenced any
business, operations or activities. In Aug-23, the board decided to strike off ZTL’s name off the register in compliance with applicable provisions of the UK laws. Hence, all numbers presented are on standalone basis 27
Historical profit and loss statement
Particulars (₹ Million, unless stated otherwise) FY24 FY23 FY22 FY21
Revenue from operations 7,756.0 5,534.60 3,712.55 2,399.66
Gross Profit 3,946.5 2,328.37 2,259.69 2,087.87
Gross Profit Margin 50.9% 42.07% 60.87% 87.01%
Employee benefits expense 363.1 291.70 154.30 124.60
Incentive and cash back 2,168.3 1,002.01 1,176.43 1,380.31
Other Expenses 559.5 409.57 330.42 306.69
Adjusted EBITDA 855.7 625.09 598.54 276.27
Adjusted EBITDA Margin 11.03% 11.29% 16.12% 11.51%
ESOP Cost 149.8 144.13 - -
Reported EBITDA 705.9 480.96 598.54 276.27
Reported EBITDA Margin 9.1% 8.69% 16.12% 11.51%
Other Income 112.7 11.15 4.09 3.27
Depreciation 83.6 61.99 20.97 20.46
EBIT 735.0 430.12 581.66 259.08
EBIT Margin 9.5% 7.77% 15.67% 10.80%
Finance Cost 137.2 113.77 69.88 77.10
Profit before Tax 597.8 316.35 511.78 181.98
Tax 157.6 87.34 92.57 (11.32)
Profit After Tax 440.2 229.01 419.21 193.30
PAT Margin 5.7% 4.14% 11.29% 8.06%
Cash PAT (PAT+DA+ESOP) 673.6 435.13 440.18 213.76
EPS - Basic (₹) 4.06 2.48 4.57 2.11
EPS – Diluted (₹) 4.03 2.46 4.57 2.11

The Parent Company had incorporated a wholly owned subsidiary, Zaggle Technologies Limited (“ZTL”), a private Company in the UK in Jan-23, as a subscriber to the memorandum. ZTL had not commenced any
business, operations or activities. In Aug-23, the board decided to strike off ZTL’s name off the register in compliance with applicable provisions of the UK laws. Hence, all numbers presented are on standalone basis
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Annexure
Utilization of IPO proceeds

Net proceeds of IPO - ₹ 3,621 mn

₹ 3,000 Mn ₹ 400 Mn
Customer Development
acquisition & of technology &
retention products

28% 2%

₹ 170 Mn ₹ 51 Mn
Debt General
repayment purpose

98% 3%

% utilized as on
31st March 2024
Note: The amounts are approximate. Out of unutilised amount of ₹ 3,453.82 million, the Company has invested ₹ 3,405.00 million in deposits with scheduled commercial banks and
remaining balance of ₹ 48.82 million is lying in current account.
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Key awards, accreditations and recognitions

Top 50 Indian Digital Finance

Influencers 2024: Promoter Raj
Best Digital Expense Global Banking & Finance Narayanam was awarded for
Management Platform (India) Award: Excellence in Innovation his visionary contributions
2024 by CFI.co - Capital Business Spend Management persistently guide the FinTech
Finance International Software India 2023 revolution in India.

10th Payments Industry Awards: BW Businessworld Festival of BW Businessworld Festival of Govt of Telangana: Recognized India Startup Festival:
Best B2B Payment Solution Fintech Conclave Awards: Fintech Conclave Awards: for building a robust and “Certificate of Appreciation” by
Provider, 2023 Winner – Best Payments Solutions Best Digital Card, 2021 sustainable SaaS and fintech Sri Sathya Sai Grama
of the Year, 2023 business, 2022 Muddenahalli, 2022

World HRD Congress and Human Excellence Award: India Digital Awards: Best Certiva: Certificate of
Awards: “Best Employee Awarded the “Best Employee Marksmen Daily: Most Preferred Prepaid Card Solution, 2019 compliance with ‘ISO/IEC
Engagement Award in B2B Engagement Program (Multi Workplace, 2023-24 27001:2013’
Sector”, 2021 Industry)”, 2021

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Thank you
Company
Zaggle Prepaid Ocean Services Limited
CIN: U65999TG2011PLC074795
Hari Priya, Company Secretary & Compliance Officer
Email id: Investor.Relations@zaggle.in

Investor Relations Advisor

Strategic Growth Advisors Pvt Ltd.
CIN: U74140MH2010PTC204285
Devika Shah / Shikha Puri
Email id: devika.shah@sgapl.net / shikha.puri@sgapl.net
Tel No: +91 9920764659 / +91 9819282743

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