SaaS Fintech Startup Zaggle is looking to raise INR 750 crores through an initial public offering. (IPO) According to the draft documents filed by SEBI, the Mumbai based startup is looking to issue 10.53 million shares for its subscribers to raise a fresh issue worth INR 490 crore.
Existing investors VenturEast and GKFF ventures are looking to withdraw their stakes through the IPO which will inturn see promoters Raj N. and Avinash Godkhindri reducing their stakes. As of now, Raj holds over a 51% stake in the company and is looking to sell about 3.2% of his holding. Godkhindi, who holds around 9.95% stake is looking to dilute 16.67% of his holdings in the company.
The company plans to utilize the fresh issue towards development of technology and products and customer acquisition and retention. The proceeds will also be used for repayment and early payment of borrowings and for several other corporate operations.
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