🧠 At a Glance

Zaggle announced the launch of its next-gen SaaS platform “Zoyer”, aimed at helping mid-sized enterprises digitize and manage:

• Expense management
• Vendor payments
• Working capital
• Employee reimbursements

They’re calling it a “game-changing ERP-lite platform” for India Inc.

But investors are asking: is this real tech or just Ctrl+C, Ctrl+V from Zoho + Razorpay?

🏢 Who TF Is Zaggle?

Zaggle is a fintech company that:

• Offers corporate prepaid cards
• SaaS tools for expense & rewards management
• Partnered with banks like YES Bank and NSDL Payments Bank
• Serves 2,000+ corporates and claims to have processed ₹25,000+ crore in spends

They IPO’d in 2023 with a lot of noise — and since then, have mostly traded sideways.

Now they want to pivot from card-focused fintech to full-stack B2B SaaS — which honestly every second startup is doing in 2025.

🆕 What is “Zoyer”?

Zoyer is pitched as a cloud-based, AI-enabled SaaS tool offering:

Sounds like Zaggle meets Zoho meets Zoloft.

They’re aiming for 1,000 clients by FY26, and say they’re EBITDA-positive already on initial modules.

📊 Financials Snapshot (FY24)

Small but growing. But not yet a SaaS superstar. Most of the revenue still comes from card processing, not software licensing.

🧠 EduInvesting Take

“Every Indian fintech wants to be a SaaS company now — because SaaS sounds smarter when you’re not profitable.”

Here’s the problem: India’s B2B SaaS space is already full of biggies:

• Zoho (bootstrapped behemoth)
• RazorpayX
• EnKash
• Happay (acquired by Cred)
• SAP lite clones

Unless Zoyer shows real ARR (Annual Recurring Revenue) and low churn, it’s just a product video and investor deck.

Also… what the hell is a “Zoyer”? Sounds like a vitamin pill. 💊

🧮 Edu Fair Value Estimate

Assuming FY26E EPS = ₹8
And applying a P/E of 25–28x (for hybrid fintech + SaaS optimism)

🎯 FV Range = ₹200–₹225

CMP: ~₹442
Woaaah, Day traders already accounted for execution, client additions, and ARR conversion from Zoyer. At a PE of 66

🧨 Red Flags

• ❌ No ARR disclosed
• ❌ “EBITDA-positive” on SaaS likely includes card biz margins
• ❌ New product in highly competitive market
• ❌ Branding is… confusing at best

🧾 TL;DR

Until then, this is not Zoho — it’s Zaggle with Zombified Hopes.

Author: Prashant Marathe
Date: June 4, 2025
Tags: Zaggle, Zoyer SaaS, fintech India, expense management startup, corporate cards, Indian SaaS news, IPO 2023 fintech, embedded finance