Avinash Ramesh Godkhindi is the Managing Director and Chief Executive Officer, of Zaggle
Zaggle Prepaid Ocean Services Limited, which is targeting $ 1 billion in revenue by 2032, has said its next stop abroad is the UAE. “We are currently exploring the Middle East very seriously. We have plans to establish UAE operations within six to eight months, potentially by June 2026,” Avinash Ramesh Godkhindi is the Managing Director and Chief Executive Officer, told businessline.
Following the UAE, the company intends to focus on the broader MENA (Middle-East and North Africa).
“While the current strategy is to go alone, we are open to a joint venture or acquisition opportunity if one arises. For expansion into the Middle East, the company is already engaged in advanced discussions with partner banks and networks such as Visa and Mastercard,” he said.
Looking further ahead, the company plans to enter the US market, but intends to first observe the currently dynamic environment for 12–24 months before commencing expansion there.
The spend management company reported a net profit of ₹33.34 crore for the second quarter ended September 30, 2025, up 79.1 per cent from ₹18.56 crore in the same period last year. Revenue increased by 42.4 per cent in the quarter, rising to ₹431 crore from ₹302.56 crore. For the first half of the year, the company achieved a net profit of ₹59.21 crore on a total revenue of ₹762.47 crore.
Retail card
He said the company is looking to launch a retail credit card business, projected to generate ₹500 crore in revenue over five years. Stating that the organisation was trying to capitalise on the opportunity presented by the deeply underpenetrated credit card market by launching a retail credit card product.
“This expansion leverages a B2B2C (business-to-business-to-consumer) approach, utilising the company’s existing corporate user base of over 3.5 million users, which includes employees from some major companies who are our clients,” he said.
This pre-existing customer base, already familiar with the organisation’s platform for corporate transactions and travel expenses, is seen as a reliable base to target for personal card issuance.
The company secured the Third-Party Application Provider licence from the National Payments Corporation of India (NPCI).
Published on November 19, 2025
