IPO-bound Zaggle Prepaid Ocean Services Ltd, which owns and operates Zaggle, has raised Rs 50 crore in debt from a fixed-income Alternative Investment Fund (AIF) platform Vivriti Asset Management (VAM).
The company plans to use the raised capital for working capital requirements and to grow its business. The development comes three months after it filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Founded in 2011 by serial entrepreneur Raj N, Zaggle provides expense management systems and employee rewards and recognition programme services to companies.
Recently, Zaggle launched Zoyer, a platform for business spend management and embedded finance aimed at enhancing cash flow, driving efficiency, and optimizing financial performance. The company intends to employ a portion of its debt funding to expand Zoyer.
According to the company, The investment was made by purchasing debentures through the performing credit fund of VAM, and it will be amortised over the following 40 months, with interest paid quarterly.
Vivriti Asset Management connects institutional, private wealth, and offshore investors who want to create social & environmental effect together with a financial return to assist grassroots entrepreneurs and Small and Medium Enterprises (SMEs) in accessing the credit market via alternative investment funds.
Source @Indianstartupnews
