SaaS fintech platform Zaggle Prepaid Ocean Services Ltd plans to acquire at least two companies in the next financial year to drive growth, a top company official said on Friday. The new age fintech this week raised Rs 595 crore through a qualified institutional placement.
"We are evaluating 5 to 6 potential targets in the SaaS FinTech space, including areas like merchant card software, accounts receivables, and FASTag solutions with plans to acquire at least two companies in the upcoming financial year," Zaggle founder and Executive Chairman Raj Narayanam said.
"We are aiming for a billion-dollar revenue target within the next 5 to 6 years," Raj noted.
The company is looking to strategically accelerate its growth trajectory through strategic acquisitions, he added.
Zaggle recently invested about Rs 48 crore to acquire stakes in two companies. It picked up a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner) by infusing Rs 32.07 crore and another Rs 15.60 crore was invested to secure a 26% stake in Mobileware Technologies.
Zaggle this week raised Rs 595 crore from qualified institutional investors, including Bank of India ELSS tax saver, Societe Generale – ODI ICICI Prudential Technology Fund and Nuvama Enhanced Dynamic Growth Equity (Edge) Fund. placement.
A board committee approved the allotment of 1.13 crore equity shares at Rs 523.20 per share to eligible qualified institutional buyers on Monday.
Zaggle had reported a three-fold jump in consolidated net profit to Rs 20.3 crore for the July-September quarter. Revenue from operations for the September quarter was Rs 302.5 crore, up 64.22% over the year-ago period.
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