Zaggle Prepaid Ocean Services Limited has entered into a formal agreement with Bikaji Foods International Limited on May 15, 2026, as disclosed to stock exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The agreement marks a new client addition for Zaggle's employee expense management and benefits platform, Zaggle Save.

Agreement Details

The disclosure, filed by Managing Director and Chief Executive Officer Avinash Ramesh Godkhindi, outlines the key terms and conditions of the contract. The following table summarises the material particulars of the agreement as disclosed in Annexure-A:

Contract Value and Scope

The financial consideration under this agreement is variable in nature and cannot be ascertained at this stage. As per the disclosure, the quantum of SaaS/Software fee depends on the number of active users on the platform for the respective months, and the corresponding program fee will depend upon the actual spends done by the users over a period of time. Given this structure, a fixed contract value has not been disclosed.

Zaggle Save Platform

Under the terms of the agreement, Zaggle will deploy its Zaggle Save solution for Bikaji Foods International Limited. Zaggle Save is an employee expense management and benefits platform designed to streamline corporate spending and employee benefit programmes. The contract is classified as a domestic engagement, with no involvement of the promoter, promoter group, or group companies in the awarding entity, and it does not constitute a related-party transaction.

The agreement was executed on May 15, 2026, and the regulatory disclosure was made in accordance with SEBI Master Circular Ho/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Zaggle Prepaid Ocean Services has announced a significant update to its acquisition plan involving Dice Enterprises Private Limited (Dice), confirming the formal execution of key transaction agreements on May 13, 2026. This development follows the Board of Directors' approval on May 8, 2026, which restructured the deal from an acquisition of Dice's entire shareholding to a targeted purchase of specific assets. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Agreement Execution Update

In its latest regulatory filing (Letter No. ZAGGLE/26-27/23 dated May 13, 2026), Zaggle Prepaid Ocean Services confirmed that it has entered into the Asset Purchase Agreement – Contracts, the Intellectual Property Assignment Agreement, and the Asset Purchase Agreement – Software with Dice Enterprises. The execution of these three agreements marks a key milestone in the consummation of the transaction, which was originally intimated vide letter no. ZAGGLE/25-26/28 dated June 5, 2025, and subsequently restructured vide letter no. ZAGGLE/26-27/18 dated May 8, 2026.

Revised Deal Structure and Consideration

Under the modified arrangement, Zaggle Prepaid Ocean Services will acquire assets from Dice comprising, but not limited to, Software, Databases/Codebase, Contracts, Intellectual Property, and Domain Names, along with all related assets in the Spend Management space. The consideration for this asset purchase has been set at approx Rs. 67.9 Crores plus taxes, if applicable. The transaction is structured as a cash consideration and does not involve any acquisition of shares or transfer of shareholding.

The following table summarises the key parameters of the proposed transaction:

About Dice Enterprises Private Limited

Dice Enterprises Private Limited, incorporated on January 12, 2018, is a spend management platform that provides travel and expense management, accounts payable management, and procurement management solutions. The entity operates exclusively in India. Dice has demonstrated consistent revenue growth over the last three financial years, as detailed below:

Dice achieved a turnover of Rs. 10.85 Crores for the financial year 2024-25, reflecting a growth trajectory over the preceding years.

Strategic Rationale

According to the disclosure, the asset acquisition is intended to expand Zaggle Prepaid Ocean Services' AI-enabled product offerings for its customers and provide access to a large base of existing customers. The combined product offering is aimed at enabling further expansion in the Indian market, as well as creating opportunities for providing solutions globally. The acquisition is not classified as a related party transaction, and neither the promoter nor the promoter group nor group companies hold any interest in Dice Enterprises.

Transaction Timeline and Compliance

The consummation of the proposed transaction is subject to the fulfillment of closing actions as identified in the Asset Purchase Agreement – Software, the Intellectual Property Assignment Agreement, and the Asset Purchase Agreement – Contracts. The transaction is expected to be completed within 120 days from the date of approval by the Board of Directors. The Board meeting at which the approval was granted commenced at 12:30 PM and concluded at 01:55 PM on May 8, 2026.