Press Release September 01, 2025 ZAGGLE PREPAID OCEAN SERVICES LIMITED (ERSTWHILE ZAGGLE PREPAID OCEAN SERVICES PRIVATE LIMITED) Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	50.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	50.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term rating on the Rs.50.00 Cr. proposed NCD facilities of Zaggle Prepaid Ocean Services Limited (Erstwhile Zaggle Prepaid Ocean Services Private Limited) (ZPOSL) without assigning any rating. The rating is being withdrawn on account of request received from the Company. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the company

­Zaggle Prepaid Ocean Services Limited is a spend management company based in Telangana with a unique value proposition and a diverse user base. Incorporated in 2011, the company operates in the business-to-business-to-customer ("B2B2C") segment with a diverse offering of financial technology ("fintech") products and services, along with prepaid cards and has built a portfolio of software as a service ("SaaS"), including tax and payroll software, and a broad touchpoint reach. The company, with its recent alliance with Yes Bank has launched Corporate credit cards to expand its product portfolio.

Unsupported Rating

­Not applicable

Analytical Approach

­Not applicable

Key Rating Drivers

Strength

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Weakness

­Not applicable

Rating Sensitivity

­Not applicable

Liquidity Position

­Not applicable

Outlook: Not applicable

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Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY 25 (Actual) FY 24 (Actual) Operating Income Rs. Cr. 1,302.65 775.6 PAT Rs. Cr. 87.48 44.02 PAT Margin (%) 6.72 5.68 Total Debt/Tangible Net Worth Times 0.01 0.16 PBDIT/Interest Times 18.18 5.95

Status of non-cooperation with previous CRA (if applicable):

­Not applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 03 Jan 2025 Proposed Non Convertible Debentures Long Term 50.00 ACUITE BBB+ | Positive (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) 05 Jan 2024 Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE BBB | Stable (Reaffirmed) 02 Nov 2023 Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE BBB (Reaffirmed & Issuer not co-operating*) Proposed Non Convertible Debentures Long Term 50.00 ACUITE BBB (Reaffirmed & Issuer not co-operating*) 03 Nov 2022 Proposed Non Convertible Debentures Long Term 100.00 ACUITE BBB | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple Not Applicable|Withdrawn

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nivedita Gokul Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.