The company clarified that none of its promoters or members of the promoter group have any interest in the awarding entity. It also confirmed that the contract does not fall under the category of related-party transactions, in line with regulatory norms.

Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business-to-customer segment. It is one of the largest numbers of issued prepaid cards in India in partnership with its banking partners. Additionally, the company has a diversified portfolio of software as a service (SaaS) products, including tax and payroll software, and a wide touchpoint reach.