Zaggle Prepaid Ocean Services Limited , a prominent player in the prepaid services sector, conducted an Extraordinary General Meeting (EGM) on October 31, 2025, to address a significant fundraising initiative. The meeting, held via video conferencing, was attended by 48 members and focused on the issuance of convertible warrants on a preferential basis.

Key Highlights of the EGM

• Fundraising Goal: The company aims to raise up to Rs. 59.99 crores through the issuance of convertible warrants.
• Fund Utilization: The raised capital is earmarked for:
  1. Brand building and marketing initiatives
  2. Working capital requirements
  3. General corporate purposes

Meeting Details

Voting Process

The company provided a comprehensive voting process to ensure fair participation:

• Remote E-voting: Available from October 28-30, 2025
• Cut-off Date: October 24, 2025 (for determining voting rights)
• During EGM: Electronic voting facility for 15 minutes post-meeting

Resolution Details

The meeting concluded at 11:10 AM (IST), with the Chairman expressing gratitude to all attending members. As per regulatory requirements, the consolidated voting results are expected to be declared within two working days of the EGM's conclusion. These results, along with the scrutinizer's report, will be submitted to the stock exchanges and made available on the company's website.

This strategic move by Zaggle Prepaid Ocean Services Limited to raise funds through convertible warrants indicates the company's focus on growth and expansion. The allocation of funds towards brand building, marketing, and working capital suggests a balanced approach to enhancing market presence while maintaining operational efficiency.

Zaggle Prepaid Ocean Services Limited (Zaggle) has clinched a significant contract worth ₹9.84 crore from the General Insurance Corporation of India (GIC), marking a notable achievement for the company in the employee expense management sector.

Contract Details

Significance of the Deal

This contract win represents a strategic milestone for Zaggle Prepaid Ocean Services. As the lowest bidder (L1) in the competitive process, Zaggle has demonstrated its cost-effectiveness and capability in the employee expense management domain. The contract, awarded by a prominent entity like the General Insurance Corporation of India, underscores Zaggle's growing presence in the financial services sector.

Company's Disclosure

In compliance with regulatory requirements, Zaggle has promptly disclosed this material development to the stock exchanges. The company confirmed that the contract does not fall under related party transactions, and none of its promoter groups have any interest in GIC, maintaining transparency in its operations.

Market Implications

This three-year contract is poised to provide Zaggle with a steady revenue stream, potentially enhancing its financial stability and market position. For investors and market watchers, this development signals Zaggle's competitive edge in securing government contracts, which could be a positive indicator for the company's future growth prospects in the fintech and employee benefits management space.

As the financial services landscape continues to evolve, contracts like these highlight the increasing demand for specialized financial management solutions in both public and private sectors. Zaggle's success in this bid may pave the way for similar opportunities, contributing to the company's expansion and the broader development of the fintech industry in India.