Zaggle Prepaid Ocean Services Ltd, which operates the listed software-as-a-service (SaaS) fintech startup Zaggle, Wednesday said it has re-appointed Avinash Ramesh Godkhindi as their managing director and chief executive officer.
Godkhindi, who has been associated with Zaggle since February 2012, has been part of several developments in Zaggle, most notably its initial public offering (IPO) in September 2023.
Prior to his tenure at Zaggle, Godkhindi was with CitiBank, wherein he was part of the launch and management of the Citibank PremierMiles credit card in India as the product head.
An alumnus of The University of Chicago Booth School of Business, Godkhindi has over two decades of experience and has worked in various capacities including product, sales, marketing, strategy, technology, and operations roles.
He has also been associated with financial institutions such as Barclays and ING Bank, as well as fintech companies such as Misys, and NIIT Technologies.
Zaggle, which was founded in 2011 by Raj P Narayanam, is a fintech company that offers an expense management platform to businesses. The firm went public in 2023 in an IPO which comprised a fresh issue of shares aggregating up to Rs 392 crore and an offer for sale of up to 10.45 million shares by existing shareholders like homegrown venture capital firm Ventureast.
In FY23, the firm clocked Rs 553 crore in net sales, up from Rs 371 crore in the preceding year, according to VCCEdge, the data research platform of VCCircle. However, its profits nearly halved to Rs 23 crore from Rs 43 crore.
As of December 31, 2023, the startup had managed to generate Rs 200 crore in net revenue while clocking Rs 15 crore in profits, according to the financial statements filed with the BSE.
