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Business Spend Simplifier: Raj Narayanam, Founder, Zaggle Though many FinTech players in India are increasing their focus on employee oriented services as this segment is easy to acquire & retain at lower cost, Narayanam feels Zaggle has the first mover advantage in this segment

By Priya Kapoor

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Raj Narayanam, Founder, Zaggle

From starting out as a company focussing on corporate customers and giving them financial instruments like prepaid cards to be used for rewards and incentives to addressing the challenge of inefficient expense management for businesses and their employees by providing streamlined solutions for expense tracking, reimbursement, and budgeting, and ultimately empowering employees to manage their finances more effectively, the journey of Zaggle has been indeed been a remarkable one.

The company which is today a leader in providing spend management solutions to corporations has several product suite including SAVE, an employee expense management and flexi benefits platform, PROPEL, a rewards and recognition platform for employees, channel partners and influencers, and Zoyer, a vendor payment platform with embedded Finance that drives efficiencies, improves cash flow and maximises financial performance.

Though many FinTech players in India are increasing their focus on employee oriented services as this segment is easy to acquire & retain at lower cost, Narayanam feels Zaggle has the first mover advantage in this segment. "Though there is stiff competition Zaggle is uniquely positioned as it is stable and profitable (the company is profitable for the last 16 quarters), and offers a holistic and diversified SaaS services portfolio. These are the key USPs of Zaggle," says Raj P Narayanam, Founder, Zaggle.

Apart from the main businesses, Zaggle has also ventured into value added services such as investments, tax planning, insurance etc. This is a good intersection of SaaS & FinTech ecosystems which will add up to the revenues going forward. Till Dec 31, 2023, it had more than 50 million prepaid cards issued in partnership with banking partners and served more than 2.56 million users.

Narayanam feels that in a fiercely competitive FinTech landscape, customer retention is paramount and the company is continually enhancing its offerings based on customer feedback and market trends. This includes introducing new features, improving user experience, and providing personalized support.

The year 2023 was a momentous one as company made its debut on the NSE and BSE. "Our growth journey has been boosted by a series of new client on-boardings. We have a record number of order inflows and have partnered with a slew of companies offering our innovative solutions."

Working in a regulated sector like Fintech is both challenging and rewarding, according to Narayanam "While regulatory compliance adds complexity to our operations, it also fosters trust and credibility among stakeholders."

Going forward, the Hyderabad-headquartered company is focusing on several strategic initiatives including expanding their product offerings to cater to diverse market segments. It also plans to leverage data analytics and AI to enhance personalization and decision-making, and explore partnerships and collaborations to accelerate expansion into new geographies.


Year of inception: 2011

No. of employees: 300+

Current turnover: INR 500+ crore annually

Priya Kapoor

Former Feature Editor

Priya holds more than a decade of experience in journalism. She has worked on various beats and was chosen as a Road Safety Fellow in 2018, wherein she produced many in-depth & insightful features on road crashes in India. She writes on startups, personal finance and Web3. Outside of work, she likes gardening, driving and reading. 





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