Zaggle Prepaid Ocean Services Limited has entered into a strategic partnership with Visa Worldwide Pte. Ltd to launch co-branded domestic prepaid cards, the company announced on December 31, 2025. The agreement was disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Agreement Details

The partnership involves a growth agreement between Zaggle and Visa Worldwide Pte. Ltd, an international entity. Under this arrangement, Visa will incentivize Zaggle to launch and promote co-branded domestic prepaid cards on the Visa network.

Strategic Partnership Framework

The agreement establishes a framework for collaboration between the two companies to develop and market co-branded prepaid card solutions. Visa will provide incentives to support Zaggle's efforts in launching and promoting these cards within the domestic market.

Regulatory Compliance

Zaggle has confirmed that this partnership does not involve any related party transactions and has been structured at arm's length. The company's promoters and promoter group have no interest in Visa Worldwide Pte. Ltd, ensuring the independence of this commercial arrangement.

Market Implications

This seven-year partnership positions Zaggle to expand its prepaid card portfolio by leveraging Visa's global payment network and brand recognition. The collaboration focuses specifically on domestic prepaid card solutions, targeting the Indian market through the established Visa payment infrastructure.

The agreement was signed by Avinash Ramesh Godkhindi, Managing Director and Chief Executive Officer of Zaggle Prepaid Ocean Services Limited, demonstrating the strategic importance of this partnership for the company's growth trajectory in the prepaid financial services sector.

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.