Zaggle began as a corporate gifting and prepaid card company, but it has since rebuilt itself into a unified digital platform that replaces cash, manual forms, and disconnected payment tools for every kind of business spending a company does outside of big capital projects. Founded in 2011 by Dr. Raj P. Narayanam and listed in 2023, the company’s recurring approach has been to start with a payment instrument-originally prepaid cards-and then wrap software around it, creating a system where the software makes the payment smarter and the payment makes the software stickier. That pattern now repeats across employee expenses, vendor invoices, channel rewards, fleet fuel, and even international remittances, all running on a single platform with nineteen bank partners and more than 50 million cards issued.
Business segments
Three engines built on one platform-a high-volume rewards business that generates the bulk of activity, a fast-growing stream of recurring fees from card transactions, and a small but high-margin software subscription layer that ties everything together.
1. The Propel rewards platform: where the volume lives
A digital engine for running corporate loyalty and incentive programs at scale, processing rewards for employees and channel partners that contributed over half of standalone revenue in FY26.
- Rewards for the sales channel, not just the office - Propel digitizes the entire lifecycle of incentive programs for dealers, distributors, and retailers, from computing what they’ve earned to disbursing it as a prepaid card or a merchant voucher. It handles campaign mechanics like QR-code-based “Scan & Earn” and automated claim management, so a company can run thousands of micro-incentive schemes without a manual back-office.
- Revenue comes from the spread on Propel points - when a corporate client funds a reward, Propel buys vouchers or points at one price and sells them at a markup, also earning a share of the interchange fee when the end user spends on a card. This is reported on a gross basis, which means the top-line number is large but the gross margin on this stream sits between 7% and 10%.
- Deliberately shifting the model - the company is moving away from a redemption-heavy structure on Propel Points to improve cash flow, even though that temporarily compresses margins. The Propel platform’s annual revenue crossed ₹10,000 Mn for the first time in FY26.
2. Program fees: the interchange engine
Every time an employee swipes a Zaggle-powered card at a merchant, the company keeps a slice of the interchange fee-a recurring, high-margin stream that made up 41% of standalone revenue in FY26.
- A toll on card spending - when a prepaid or corporate credit card issued through Zaggle’s platform is used at a point of sale, the merchant’s bank pays an interchange fee (typically 1% to 3%) to the card-issuing bank, and Zaggle takes a pre-agreed share of that fee. The company also earns inactivity fees on dormant card balances and other income from its banking and network partners like Visa.
- Nearly pure profit - program fees and SaaS fees together are reported on a net basis with almost no direct costs, yielding a combined gross margin of roughly 94-95%. That makes this stream the profitability backbone of the platform.
- Credit cards have overtaken prepaid - by the end of FY24, the monthly transaction volume on corporate credit cards had already exceeded the volume on prepaid cards, shifting the mix toward higher-spend, higher-fee instruments.
3. SaaS platform fees: the software subscription layer
A small but strategic stream of periodic subscription fees for the software itself-the glue that makes the cards indispensable and the data visible.
- Paid for the dashboard, not the card - corporate clients pay a recurring fee to use the Save, Zoyer, and ZatiX modules that digitize employee expense reporting, automate accounts payable, and provide spend-intelligence dashboards with anomaly detection. This stream contributed roughly 2% of standalone revenue in FY26.
- Embedded finance locks the customer in - Zoyer, the accounts-payable module, integrates invoice processing with embedded credit access so vendors get paid faster, while the BROME add-on replaces cash and manual vouchers at branch-level operations with a QR-based central payment hub. For one real estate client, BROME eliminated cash and manual handling of more than 2,500 expense vouchers per month.
- AI is changing how the software is built - the company has cut feature-launch times by up to 50% using AI-driven development and is building “agentic” capabilities where the system autonomously handles invoice mapping, tax optimization, and real-time policy enforcement, with a human reviewing decisions until the AI matures. Employee costs have already come down largely because of AI adoption.
Acquired platforms: extending the ecosystem
Five bolt-on acquisitions that stretch the platform into UPI infrastructure, tax filing, retail credit cards, loyalty experiences, and AI-enabled spend management-each bought to add a capability the core platform didn’t have.
- 86400 (Mobileware) for UPI rails - a 38.34% stake in a digital payments infrastructure company that provides NPCI-certified switch solutions for UPI, IMPS, and BBPS, giving Zaggle a foothold in the pipes that move real-time payments. Its revenue roughly doubled from ~₹34 Cr in FY25 to ₹74 Cr in FY26.
- TaxSpanner (Z.tax) for tax filing - a 98.32% subsidiary that is one of India’s largest e-filing platforms, now being integrated with a new AI tax copilot and cross-selling Zagg.money retail credit cards to its user base. A partnership with Quesscorp gives it access to over 5 lakh users.
- Zagg.money for retail credit on UPI - a 100% subsidiary offering co-branded consumer credit cards on the UPI rails, acquired with an existing ~25,000 cardholder base and already scaling to an annualized run rate of 36,000-40,000 new cards. Zaggle takes no balance-sheet risk; it earns a share of interchange and a referral fee from the issuing bank.
- GreenEdge for loyalty experiences - a 100% subsidiary that runs golf-based rewards and privileges programs for banks and networks including ICICI, Amex, and NPCI, with revenue growing from ~₹36.5 Cr in FY25 to ~₹103.7 Cr in FY26.
- DICE for AI-enabled spend management IP - an asset purchase of a travel-and-expense and procure-to-pay software suite, bringing roughly 100 AI-skilled professionals and AI-enabled SaaS revenue at ~95% gross margin.
Group structure and partners
A listed parent with a growing web of subsidiaries and nineteen bank partnerships, distributing its platform through cards, networks, and travel partners rather than a direct salesforce alone.
- The listed entity, Zaggle Prepaid Ocean Services Ltd, is headquartered in Telangana and led by founder Dr. Raj P. Narayanam as Executive Chairman and Avinash Ramesh Godkhindi as Managing Director and CEO.
- The group’s holdings include Span Across IT Solutions (98.32%), GreenEdge Enterprises (100%), Rivpe Technology/Zagg.money (100%), and a 38.34% associate stake in Mobileware Technologies, plus a newly incorporated wholly owned subsidiary in GIFT City for cross-border payments.
- Travel partners like Riya Travels, Hummingbird, FCM, and TBO Paxes, forex partners like WSFX, and technology partners like Skydo for cross-border payments extend the platform’s reach into adjacent spending categories.