Key Highlights
- Zaggle board approves incorporation of wholly owned subsidiary in GIFT City Gujarat.
- New entity to be named Zaggle Payments IFSC Limited.
- Proposed authorised share capital set at ₹15 lakh.
- Subsidiary to operate as a SaaS fintech and spend management platform.
- Incorporation subject to IFSCA and statutory approvals.
Zaggle Prepaid Ocean Services Limited has approved the incorporation of a wholly owned subsidiary in Gujarat International Finance Tec-City GIFT City as part of its strategic expansion in the fintech segment. The decision was taken by the company’s board of directors at its meeting held on December 16, 2025.
The proposed subsidiary will be incorporated under the name Zaggle Payments IFSC Limited, following approval from the Ministry of Corporate Affairs. The company has proposed an authorised share capital of ₹15 lakh, divided into 1.5 lakh equity shares with a face value of ₹10 each. As the entity is yet to be incorporated, details related to turnover and operational size are not applicable at this stage.
The new subsidiary will operate in the fintech industry and is planned to function as a SaaS-based platform. It will focus on providing digital spend management solutions to corporates and their users through online platforms and technology-driven offerings, aligning closely with Zaggle’s existing business model.
The incorporation process will be subject to approvals from the International Financial Services Centres Authority, the Ministry of Corporate Affairs, and other relevant statutory or regulatory authorities. The company stated that updates will be shared once the necessary approvals are received and the subsidiary is formally incorporated.
Zaggle will hold 100 percent ownership in the subsidiary through cash consideration by subscribing to its equity shares. Upon incorporation, the new entity will be treated as a related party in accordance with applicable regulatory requirements.
The move marks Zaggle’s entry into the GIFT City IFSC ecosystem and is expected to support its long-term growth strategy by expanding its fintech and digital payments presence in an international financial services environment.