The latest fund raised is in addition to the Rs 73 crore raised by the company in a pre-IPO placement, last week. With this, the combined fund raised by the startup reached Rs 98 crore in two tranches.
The funds raised will be utilized by Zaggle in bolstering customer acquisition and retention strategies, advance technological innovations, manage existing debt, and fulfill general corporate needs.
Zaggle filed its draft papers with capital markets regulator Sebi in December 2022 to raise funds through an IPO. The company has undertaken the pre-IPO placement of 15,24,390 equity shares at a price of Rs 164 per unit, amounting to Rs 25 crore, Zaggle said in a notice to investors on August 22.
Founded in 2011, by Phani Raj, Zaggle has raised a total of ₹1.2 billion in funding over 3 rounds, according to data by Crunchbase. It has also acquired two startups — Ckick&Pay and Pennyful.com — in 2017 and 2018 respectively.
Last year in October, Zaggle received the ‘Upcoming Unicorn Award’ at the Indian Startup Festival (ISF 2022) in Bengaluru. Zaggle was one of the chosen companies to be felicitated at the ISF 2022. Open, Zerodha, Groww, Simplilearn, MoEngage were few of the other recognized companies at the festival.
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