For INR 123 Cr, or roughly $14.3 million, Zaggle plans to purchase Pune-based enterprise spend management startup Dice Enterprises Limited. According to Zaggle, the acquisition will expand its product line, provide access to Dice’s clientele, and aid in its expansion in India and internationally.
In an exchange filing, Zaggle stated that it would like to notify the current shareholders of Dice Enterprises Private Limited that it has agreed to purchase all of the company’s capital and voting rights, contingent upon the execution of final agreements and the fulfilment of specific predetermined requirements.
On June 5, 2025, the business signed a non-binding term sheet in this respect. Dice is a spend management company that was launched in 2018 by Lakshay Jain, Sonam Khubchandani, Prashant Kushwah, and Manohar Vashishta.
It provides tools for managing accounts payable, travel, costs, and procurement. Revenue for the company increased from INR 3.9 Cr in FY23 to INR 6.3 Cr in FY24.
Zaggle Signed Non-Binding Term Sheet
It is noteworthy that major corporations like Tata 1mg, BigBasket, Fino, Britannia, and DTDC use Dice’s solutions. The filing states that Zaggle has agreed to buy all of Dice’s shares under a non-binding term sheet.
Depending on board and regulatory approvals, the deal should close in 90 days. Due to robust revenue growth, Zaggle recorded a 62% year-over-year increase in consolidated net profit in Q4 FY25, rising to INR 31.1 Cr from INR 19.2 Cr in the same quarter the previous year. Net profit increased 57% from INR 19.8 Cr to INR 19.8 Cr to INR 19.8 Cr.
Operating revenue increased by more than 22% sequentially from INR 336.9 Cr to INR 412.1 Cr in the March quarter, up approximately 51% year over year from INR 273.4 Cr.
Zaggle Expanding its Product Portfolio
It is anticipated that the acquisition will greatly expand Zaggle’s product line and give it access to Dice’s existing clientele. Zaggle hopes to increase its market share in India and create opportunities for international growth by incorporating Dice’s cutting-edge technology into its offering.
Additionally, Zaggle will have access to a highly proficient workforce through this acquisition, which will be crucial to improving its future product capabilities. Earlier this year, Raj P Narayanam, the founder and executive chairman of Zaggle, stated in an interview with a prominent media outlet that the company was seeking to acquire businesses in the FASTag, merchant card software, and accounts receivable sectors.
He added that the business had narrowed its focus to three companies. Zaggle anticipates closing these agreements by March 2026 and is counting on these acquisitions to support overall growth. In the fiscal year that concluded in March 2025, the company’s net profit increased by about 99% year over year to INR 87.4 crore.
The Hyderabad-based spend management solutions provider Zaggle Prepaid Ocean Services Limited has paid INR 15.60 crore to buy a 26% interest in Mobileware Technologies. Additionally, for INR 7.25 crore, Zaggle purchased a 12.34% interest from Mobileware’s proprietors, which represents a percentage of the company’s post-closing issued and paid-up capital on a fully diluted basis. In India’s digital payments ecosystem, mobileware is a key component that supports banks, financial services, NBFCs, and all other financial institutions. Following this investment and acquisition, Zaggle now owns 38.34% of Mobileware Technologies on a fully diluted and post-issue basis.
Enhancing its Stance in Spend Management Sector
According to the company, the move will help it secure its position in the SaaS FinTech industry and boost its position in the Spend Management area. According to a formal statement, Zaggle’s integration with Mobileware has already begun to improve its services by giving its customers embedded payment experiences. According to Raj P. Narayanam, founder and executive chairman of Zaggle Prepaid Ocean Services Limited, the investment would allow Zaggle to collaborate on creating cutting-edge solutions for its wide range of clients. Zaggle’s goal of providing smooth, integrated payment experiences is well aligned with Mobileware’s demonstrated proficiency in developing strong payment infrastructures, especially in UPI and other NPCI-certified solutions. In the third quarter that concluded in December 2024, Zaggle recorded a 29.6% growth in consolidated earnings after tax, reaching INR 19.7 crore, up from INR 15.2 crore the previous year. Through a Qualified Institutional Placement (QIP), the company has raised INR 595 crore, which would be used for strategic acquisitions and to reach a revenue objective of $1 billion.
About Zaggle and Mobileware Technologies
Established in 2011, Zaggle is a prominent participant in the spend management space, providing financial technology solutions such as SaaS-based cost management software and corporate prepaid cards. The company’s most recent action is an attempt to capitalise on Mobileware’s extensive knowledge of digital payments infrastructure, which includes NPCI-certified products, including UPI, IMPS, AEPS, BBPS, and the exclusive API banking platform TransXT.
For 15 years, Mobileware Technologies, which Satyajit Kanekar co-founded, has been a major force in India’s financial industry. The company’s innovative digital payment solutions power banks, NBFCs, and businesses. Kanekar was excited about the partnership, saying that Zaggle’s investment is a significant step for Mobileware since it would enable the company to scale its technology and reach a wider audience. Through this collaboration, Mobileware will be able to improve its payment infrastructure, spur innovation, and establish new benchmarks for effectiveness, security, and customer satisfaction.
Through its Indian distributor, Redington (India) Limited, SaaS fintech giant Zaggle has teamed up with Google to launch a scheme that would increase business productivity while giving staff members access to high-end technology through structured lease alternatives. By integrating with Zaggle’s employee benefits plan, this application, Smart Employee Purchase (EPP+), will assist companies in cost management and enhancing employee engagement. In terms of business optimisation, companies can maximise cash flow by using structured leasing models to take advantage of tax benefits and lease payments that are predictable. In addition, risks will be reduced with the aid of enterprise-grade security, frequent upgrades, and full lifecycle management. Additionally, companies will be able to purchase and manage devices’ lifecycles with a single provider.
With the five-year deal, Redington will act as a middleman between Google and Zaggle in a domestic relationship. The business affirmed that there are no related party transactions involved in the agreement and that Redington is not of interest to promoters or promoter group entities.
How Collaboration can Benefit Employees?
Employee benefits include discounted access to Google Pixel devices, which come with theft and ADLD (Accidental Damage and Liquid Damage) coverage. Compared to market prices, workers in higher tax groups could save up to 35%. The concept promises to improve financial planning by lowering the total cost of ownership and providing tax savings through salary packaging. According to Godkhindi, managing director and CEO of Zaggle, the company is providing organisations with a complete device management solution that combines cost-effectiveness, security, and easy administration through the Smart Employee Purchase (EPP+) program. This program gives businesses the ability to make investments in their employees, increasing employee satisfaction and engagement while making sure they are prepared for the future.
Recent Developments at Zaggle
Raj Narayanam founded Zaggle in 2011, and the company now offers businesses solutions for payments, costs, and corporate employee perks. It provides a variety of SaaS tools, including Zaggle Propel for employee incentives and rewards, Zaggle EMS for cost management, and Zaggle Save for managing expenses and rewards. The company claimed to have over 3,300 clients at the end of Q3 FY25, including BigBasket, Mumbai Metro One, Zomato’s Blinkit, and HT Media. The board recently approved the SaaS giant’s all-cash acquisition of a 16.67% share in Mobileware Technologies Private Limited, a supplier of digital payments services. In addition, Zaggle’s third-quarter (Q3) financial results for the fiscal year 2024–2025 (FY25) showed excellent financial performance. For the quarter in question, its consolidated profit increased 30% year over year (YoY) to INR 19.74 Cr. Similarly, in Q3 FY25, operating revenue jumped 69% YoY to INR 336.89 Cr.
The parent firm of Zepto, a leading player in fast commerce, KiranaKart Technologies, has agreed to purchase solutions from the listed fintech SaaS business Zaggle. According to an exchange filing, Zaggle will give Zepto access to its employee benefits platform, Zaggle Save, and spending management tool, “Zaggle Zoyer Petty Cash.” This is to let the exchange know that KiranaKart Technologies Private Limited and Zaggle Prepaid Ocean Services Limited (Zaggle) have signed a contract, according to the fintech SaaS startup. Businesses can handle little expenses more efficiently and automatically with the aid of Zaggle Zoyer Petty Cash. According to the startup, this software helps businesses with real-time tracking, cash leak prevention, pre-checking expenditures, and high control and transparency. Zaggle Save, on the other hand, is an employee spending management program that offers customisable benefit plans and helps employees save taxes. Additionally, the program assists the business in managing employee perks with a single card, including fuel cards and food allowances.
The Deal will Further Boost Zaggle’s Order Book
The customer service contract with Zepto will increase Zaggle’s order volume and give it access to a significant domestic player. This comes shortly after Zaggle raised INR 594.84 Cr last month through qualified institutional placement (QIP). To qualifying institutional buyers, the financial SaaS platform issued 1.13 Cr equity shares. According to a recent media report, the corporation plans to make three investments and acquisitions by March of this year. Notably, Zaggle paid INR 15.6 Cr in September 2024 to purchase a 26% share in Mobileware Technologies.
About Zaggle and its Current Financial Dynamics
Zaggle, which Raj Narayanam founded in 2011, offers a platform for corporate employee benefits and spend management. Its products assist companies in issuing prepaid cards and automating their accounts. Payroll and tax applications are also included in its SaaS product line. In the meantime, Zaggle’s consolidated net profit increased from INR 7.58 Cr in the previous year to INR 20.29 Cr in the second quarter (Q2) of the fiscal year 2024–25 (FY25), a 167.67% increase. From INR 184.24 Cr in Q2 FY24 to INR 302.55 Cr in the reviewed quarter, operating revenue increased 64.21%.
Zepto Going Public
Zepto is expected to submit its initial public offering (IPO) draft papers in March or April of this year. The delivery company has already obtained the necessary authorisations to relocate its headquarters from Singapore to India.
The business stated that the IPO’s specifics are still being finalised and that it has scheduled a board meeting for January 19 to talk about the size of the IPO, the selection of independent directors, which bankers to hire, and other specifics.
Notably, the National Company Law Tribunal (NCLT) is set to hear the case on January 17 even though Singaporean officials have approved the move. After food delivery services Zomato (Blinkit) and Swiggy (Instamart), parent firms of listed competitors, Zepto will become the first rapid commerce start-up to go public if all goes as planned by April.
The qualified institutional placement (QIP) offer for the fintech SaaS business Zaggle has begun with the goal of raising INR 950 Cr. The business stated in an exchange filing that the opening of the offer was approved by the board’s capital raising committee, which also established the floor price for the QIP at INR 550.73 per equity share. Compared to the stock’s most recent closing price on 18 December, this indicates a 1.9% discount. The floor price for the aforementioned issuance is INR 550.73 per equity share, since December 18, 2024, is the “relevant date” for the purposes of the issue. According to the filing, “the company may offer a discount of not more than 5% on the floor price calculated for the issue.” The company has designated Nuvama Wealth Management, Equirus Capital, and Motilal Oswal Investment Advisors as merchant bankers to oversee the QIP.
Firm’s Plans to Utilise Proceeds
Following an October 30 board of directors meeting, Zaggle announced plans to fund up to INR 950 Cr through a QIP. The company stated at the time that the board had given its approval to the plan to raise money through the issuing of convertible bonds, equity shares, non-convertible securities, and any other kind of instrument. Zaggle intends to allocate INR 500 Cr from the QIP proceeds for acquisitions and investments, as stipulated in the offer document. The remaining sum will be used for general business reasons, with INR 59.1 Cr going towards the prepayment or payback of outstanding loans that the company has taken out. Established by Raj Narayanam in 2011, Zaggle provides corporate employee benefits and spend management solutions. It states that as of September 2024, it served over 3.03 million people and issued 50 million prepaid cards.
Current Financial Report of Zaggle
In the second quarter (Q2) of the fiscal year 2024–25 (FY25), the company reported a consolidated profit after tax of INR 20.29 Cr, up 167.67% from INR 7.58 Cr in the same period last year. From INR 184.24 Cr in Q2 FY24 to INR 302.55 Cr during the reviewed quarter, operating revenue increased 64.21%. The QIP issue coincides with a month-long increase in Zaggle’s stock price. The stock has increased by around 27% since November 18. On December 17, it surged to an all-time high of INR 597 on the BSE. On December 18, Zaggle’s shares ended the day 2.91% lower on the BSE at INR 561.35.
Speaking earlier to a media outlet, Avinash Godkhindi, the managing director and chief executive officer of Zaggle Prepaid, stated that the financial technology company was on track to surpass its revenue projections by fiscal 2026, supported by a number of recent actions made by the business. The company’s revenue in the previous fiscal year was close to INR 776 crore.
An endorsement is a form of brand communication in which a famous personality acts and speaks on behalf of the brand to attract the audience’s attention. Endorsements are one of the most prominent marketing strategies for brands as it helps to show a brand’s authenticity and develops trust among the audience. Celebrity endorsement was once regarded to give a distinct differentiator in a market with a high proliferation of local, regional, and international businesses.
Almost every big business tries to include a famous celebrity suitable for their brand promotions. One great example of a celebrity here is Jasprit Bumrah. He is a well-known Indian cricketer, who happens to be the top-most choice of many brands for their promotions. As per CAknowledge, Jasprit Bumrah’s Net Worth is $7 Million (Rs.52 Crore) in 2022. Although the main source of his income comes from cricket, Bumrah is also known to endorse various brands for which he earns a good amount of money as well. In this article, we will go through some of the most popular brands endorsed by Bumrah.
Bumrah has a sporty and energetic personality. This makes him an appealing choice for many brands. The following are the brands endorsed by Jasprit Bumrah:
ASICS
Asics – Brands endorsed by Jasprit Bumrah
It is a sports apparel company. Jasprit Bumrah being a sportsperson seems to be a perfect choice for the brand’s endorsement. ASICS’ Pace to Glory campaign included Jasprit Bumrah and fast bowler Bhuvaneshwar Kumar. Ravindra Jadeja, an Indian cricket all-rounder, and actor Tiger Shroff are also its brand ambassadors.
Rajat Khurana, the Managing Director of ASICS India said about the brand’s association, “We are extremely delighted to bring on board leading cricketers of our Indian cricket team as the brand ambassadors for Asics India. Their commitment to fitness on and off-field leading to team India’s success is commendable, they truly resonate the brand’s core value. This partnership is also an extension of the Global ‘I Move Me’ campaign for ASICS.”
Following this, Bumrah said, “I want to make the most of our association where we inspire and motivate people to move and be a part of the larger movement started by ASICS.”
OnePlus Wearables
OnePlus Wearables – Brands endorsed by Jasprit Bumrah
OnePlus is Bumrah’s another major brand endorsement. The company has named cricketer Jasprit Bumrah as the brand ambassador for its wearables category. The cooperation with Bumrah reaffirms the brand’s ‘Never Settle’ concept and the company’s quest for perfection.
Bumrah represents a passion for a healthy, fit, and active lifestyle for today’s youth. All this truly connects with what OnePlus wearables’ category stands for.
“As a brand, OnePlus has always believed in challenging itself, constantly redefining standards and delivering on our promise to ‘Never Settle.’ A disruptor throughout his career, we see these ideologies reflected in Jasprit, his grit and his determination,” said a OnePlus spokesman.
Seagram’s Royal Stag
Seagram’s Royal Stag – Brands endorsed by Jasprit Bumrah
Another popular brand endorsed by Bumrah is Seagram’s Royal Stag, an alcoholic beverages company. The company has signed Jasprit Bumrah, India’s new pace sensation as its brand ambassador. Bumrah is an expression of brilliance and great potential, and fits in nicely with the brand’s attitude.
Jasprit said on his association with the brand, “I am delighted to be associated with a brand that constantly inspires India with the power of sports & amp; spirit of make it large. I feel that my journey as a cricketer and my achievements were driven by an underlying passion of Making it Large irrespective of the challenges and hurdles I faced”.
“Royal Stag has always been an iconic brand that has inspired people to dream, achieve and make it large in life. We are extremely excited to have Jasprit Bumrah on board. His journey from debut till today, has been inspirational, where now, he is unanimously acknowledged as one of the greats of the game across all formats. He is a source of inspiration to the millions across the country who are ambitious, embody self-belief and are willing to go the distance to fulfil their dreams”. said Kartik Mohindra, CMO, Pernod Ricard India.
Jasprit Bumrah, India’s bowling sensation, has been named a Brand Ambassador for Zaggle, payments and group dining platform. This partnership comes at a time when Zaggle is rapidly expanding its market share in the Indian domestic payments market.
Mr Raj N Phani, Founder of Zaggle, remarked of the partnership with Bumrah, “It is a perfect alignment for Zaggle. We at Zaggle, like Jasprit Bumrah, are performing at our best, and are catering to the needs of our customers and captain respectively. I congratulate Bumrah on becoming the second fastest 50 wickets taking bowler in India and wish him many successes in the times ahead. ”
“I am happy to be in association with Zaggle. Being a foodie myself, I could instantly relate the offerings on Zaggle App, and am confident; customers will find it hugely beneficial. And the campaign we shot will be out soon and will capture the imagination of all.” said Jasprit Bumrah on his association with Zaggle.
boAt
boAt – Brands endorsed by Jasprit Bumrah
Bringing in a cricketer as a brand ambassador is a significant investment for a lifestyle brand like boAt that sells consumer audio goods. Shikhar Dhawan and Jasprit Bumrah have been appointed as brand captains to help connect and increase the brand’s appeal among the target demographics. Jasprit Bumrah and other cricketers now represent the company, making it an appealing brand in the eyes of the audience.
Dream11, India’s leading fantasy sports platform is another big name on the list that brought Bumrah for its brand endorsement. It is a co-sponsor of the Indian Premier League and has a huge number of cricketers representing their brand, similar to boAt. During the IPL, Jasprit Bumrah was also a part of a fun ad that the brand ran.
Unix
Unix – Brands endorsed by Jasprit Bumrah
Another name on the list is Unix. It is an Indian mobile accessories manufacturing brand. The brand offers a wide variety of products like chargers, earphones, wireless speakers, power banks, and many more. The brand signed Bumrah as his brand ambassador to increase its visibility and attract more customers.
On the brand’s association with Bumrah, Imran Kagalwala one of the company’s founder said that “we see a lot of our Unix brand traits matching with Jasprit Bumrah and we hope to have a fruitful association with Jasprit Bumrah.”
Conclusion
Brand endorsements is one of the most popular marketing strategies for the big brands. These endorsements helps a brand to promote their products or services and develop a sense of trust among the audience. Jasprit Bumrah being a famous cricketer, is one of the most popular choice for many brands’ when it comes to endorsements. He is known to be associated with many famous names like boAt, Dream11, OnePlus wearables, and more.
FAQs
Which brands are endorsed by Jasprit Bumrah?
Brands endorsed by Jasprit Bumrah are:
Asics
OnePlus Wearables
Seagram’s Royal Stag
Zaggle
boAt
Unix
Who is Brand Ambassador of Unix?
The Indian cricketer, Jasprit Bumrah is the brand ambassador of Unix.
