Zaggle Reinstates Avinash Ramesh Godkhindi as CEO

Zaggle Prepaid Ocean Services Ltd, the operator of Zaggle, a fintech startup offering software-as-a-service (SaaS), announced on Wednesday the re-appointment of Avinash Ramesh Godkhindi as their chief executive officer and managing director.

Important Roles Godkhindi Played in the Development and Success of Zaggle

Godkhindi, who has been with Zaggle since February 2012, played a pivotal role in various milestones, including the company’s initial public offering (IPO) in September 2023.

Before joining Zaggle, Godkhindi served at CitiBank, where he spearheaded the launch and management of the Citibank PremierMiles credit card in India as the product head. He holds a degree from The University of Chicago Booth School of Business and boasts over twenty years of diverse experience across product, sales, marketing, strategy, technology, and operations.

His professional journey includes stints at renowned financial institutions like Barclays and ING Bank, along with contributions to fintech firms such as Misys and NIIT Technologies.

From Zaggle’s founding until its initial public offering and financial results

Founded in 2011 by Raj P Narayanam, Zaggle provides a comprehensive expense management platform to businesses. The company went public in 2023, raising Rs 392 crore through a fresh share issue and witnessing the sale of up to 10.45 million shares by existing stakeholders, including Ventureast, a domestic venture capital firm.

In the fiscal year 2023, Zaggle recorded net sales of Rs 553 crore, a significant increase from Rs 371 crore in the previous year, as reported by VCCEdge, a data research platform. However, its profits saw a decline, nearly halving from Rs 43 crore to Rs 23 crore.

According to financial statements filed with the BSE as of December 31, 2023, the startup generated Rs 200 crore in net revenue while achieving a profit of Rs 15 crore.