Zaggle revenues likely at Rs 250 crore in FY21, turns cash-flow positive

Fintech startup Zaggle said on Wednesday its net revenues are likely to surge five times to Rs 250 crore in the financial year ended March (FY21) from Rs 50 crore in the previous fiscal.

The platform had a gross transaction value totalled Rs 3,500 crore in FY20 which is estimated to reach a target of Rs 14,000 crore by closing March 2021.

Zaggle has over 200 employees in 10 cities besides 4,500 clients, 10,500 merchants and 4.5 million users across its platform. The adoption rate for corporates and SMEs opting for its expense management solutions is 90 per cent as opposed to 60 per cent before the pandemic.

The company it bagged over 100 new contracts in the last six months. On the international front, Zaggle started operations in Canada last year and will soon expand to geographies in the European region.

Avinash Godkhindi, CEO and Managing Director, said Zaggle is looking forward to another strong year and will hire more than 100 employees in the next one year.

( With inputs from ANI )