Zaggle to raise around $200-$250 million via IPO

Founded by serial entrepreneur Raj N, Zaggle has initiated the process for a public market debut in 2022.

A person said the proposed IPO will largely consist of primary issuance of shares and may also facilitate a partial exit for some early-stage investors. This person added that investment banks Kotak Mahindra Capital, IIFL Securities, and ICICI Securities have been taken on board as advisors for the listing.

Another person confirmed the IPO plans and appointment of advisors and added that the firm planned to file a draft red herring prospectus with Sebi by March.

Zaggle recently rejigged its senior management team and appointed Vidyaniwas Khetawat as its Chief Financial Officer and Raghav Hari Choudhary its Vice President, Investor, and Corporate Development. Former Citibank executive Avinash Godkhindi is the MD and CEO.

Raj N had said, “As a company, we have a lot in store for 2022. Finance is a key pillar for any business and more so for a SaaS FinTech like Zaggle. I am confident the expertise that Vidyaniwas Khetawat and Raghav Choudhary bring to the table will immensely benefit Zaggle in raising capital and executing our M&A plans.”