Zaggle Prepaid Ocean Services Limited announced that its Board of Directors has approved the incorporation of a wholly owned subsidiary, Zaggle Payments IFSC Limited, in Gujarat International Finance Tec-City (GIFT City). The board meeting for this decision was held, with the authorized capital for the new subsidiary set at ₹15.00 lakh.

Subsidiary Details

The proposed wholly owned subsidiary, Zaggle Payments IFSC Limited, has been approved by the Ministry of Corporate Affairs, Government of India. Zaggle Prepaid Ocean Services has structured the subsidiary with specific capital requirements and operational focus.

Business Operations and Objectives

The proposed subsidiary will operate as a SaaS fintech company in the fintech industry. The entity will engage in providing spend management solutions to corporates and their users through online platforms and solutions. This expansion aligns with the company's core business of simplifying financial processes and payment solutions.

Regulatory Requirements

The incorporation of the wholly owned subsidiary is subject to several regulatory approvals. The company must obtain clearances from the International Financial Services Centres Authority (IFSCA), Ministry of Corporate Affairs, and other regulatory and statutory authorities as required.

Financial Structure

The subscription of shares in the proposed subsidiary will be through cash consideration. Zaggle Prepaid Ocean Services will acquire 100% shareholding in the new entity, making it a wholly owned subsidiary and a related party transaction upon incorporation.

Implementation Timeline

The incorporation timeline depends on receiving the necessary approvals from statutory and regulatory authorities. The company has committed to providing updates once the wholly owned subsidiary is successfully incorporated and operational. The completion period remains subject to the receipt of all required regulatory clearances.

Zaggle Prepaid Ocean Services has announced a strategic partnership with Bennett Coleman for advertising its products, services, and brands. This collaboration marks an important development in the company's marketing and brand promotion strategy.

Partnership Details

The partnership will enable Zaggle Prepaid Ocean Services to utilize Bennett Coleman's advertising platforms and media network to promote its offerings. Bennett Coleman, known for its extensive reach in the media and publishing sector, will provide advertising services to help Zaggle enhance its brand visibility and market presence.

Strategic Implications

This advertising partnership represents a focused approach by Zaggle to strengthen its market positioning through strategic media collaborations. By partnering with Bennett Coleman, the company aims to leverage established media channels to reach its target audience more effectively.

The collaboration encompasses advertising for Zaggle's complete portfolio of products, services, and brands, indicating a comprehensive marketing approach. This partnership aligns with the company's efforts to expand its market reach and enhance brand recognition in the competitive fintech and prepaid services sector.

About The Companies

Zaggle Prepaid Ocean Services operates in the IT-Software sector, focusing on prepaid payment solutions and related financial technology services. The company's partnership with Bennett Coleman demonstrates its commitment to strategic marketing initiatives to support business growth and market expansion.