BusinessFinanceGeneralPublic Interest

Zaggle launches India’s first do-it-yourself expense automation platform for businesses

6th June 2023 India: Zaggle, a leading B2B SaaS FinTech providing spend automation solutions and
corporate cards, launched XPNS, India’s first do-it-yourself (DIY) SaaS-based employee expense
automation platform. XPNS has been developed to help growing businesses optimise expense
processing costs, improve cash flow planning, and drive bottom-line savings.
India’ is among the fastest digitizing economies globally and home to a flourishing start-up ecosystem,
the third largest in the world. In today’s rapidly digitizing economy, many businesses still rely on outdated manual expense processes, resulting in inefficiencies and increased costs. In fact, 90% of businesses continue to use expensive and time-consuming manual methods, spending up to 10 hours each month and over US$5 per receipt to process expenses.
XPNS revolutionizes expense management by empowering growing businesses with a fully digitalized platform that simplifies the entire process from filing to reimbursement. With an easy-to-access, self- service interface, XPNS allows businesses to migrate from a manual to a fully automated expense workflow in less than 30 minutes, reducing the time and costs of managing expenses by 75 per cent.
Speaking on the occasion, Raj N, Chairman and Founder, Zaggle, stated; “XPNS represents another significant step forward in our commitment to providing impactful financial automation solutions that generate bottom-line savings for businesses
. Do-it-yourself applications have transformed the
consumer payments space and our customers, especially tech-savvy businesses, expect similar
intuitive consumer-grade solutions to manage business payments. With XPNS, we’re excited to
redefine our industry in terms of innovation and customer expectations. We want to provide the best
and most intuitive expense processing solution to streamline expenses, strengthen financial controls,
and achieve a healthy bottom line.”
Speaking on the launch, Avinash Godkhindi, MD & CEO, Zaggle, said; “In today’s digital economy,
many businesses are still managing expenses manually. There is a significant demand for innovative
technology solutions to modernise expense management and maximise efficiencies. However,
businesses are caught between either traditional manual methods or automation solutions primarily
designed for large-scale enterprises with complex functional requirements and integrations that are

ill-suited to their needs. With XPNS, our primary focus is to empower growing businesses with
solutions that deliver speed, simplicity, and employee delight.”
The platform combines the power of the core expense management software with XPNS prepaid
cards, seamlessly integrating the two. Businesses can issue and manage cards directly from the system
and define spending limits, to manage budgets and minimise the incidence of fraud and overspending.
XPNS offers a range of benefits to customers, including:
o improved compliance backed by a powerful rule-based engine for defining, policies, compliance checking expenses, and flagging real-time policy violations.
o accurate expense records and fewer exceptions through machine learning-based optical character recognition (OCR) that “reads” receipt images and submits detailed, line-item expenses without manual data entry.
o enhanced decision-making agility with real-time insights into operations and expenditure patterns.
o reduced reconciliation overheads, faster end-of-month closing, and effortless auditory compliance.
o Increased employee satisfaction with the companion XPNS app, enabling convenient expense submission and approval, card account management, mileage recording, and reimbursement tracking.
Notes to the editor
About Zaggle Prepaid Ocean Services Limited (Zaggle):
Zaggle is a leading player in spend management, with a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report). Incorporated in 2011, the company operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. It has one of the largest number of issued prepaid cards in India in partnership with certain of its banking partners (12.7% of the country’s total prepaid transaction value as of March 31, 2022). Zaggle collaborated with three banking partners; i.e., IndusInd Bank Limited, Yes Bank Limited and NSDL Payments Bank Limited; and has issued more than 45 million co-branded prepaid cards since inception of our business. It has a diversified portfolio of software as a service, including tax and payroll software, and a wide touchpoint reach. Zaggle is sector-agnostic, and its network of corporate customers (“Customers”) covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it has relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries. Zaggle partnered with and has entered into arrangements with DBS Bank, Fibe (formerly, EarlySalary) and Tata Securities to offer their products and value-added services (“VAS”), including insurance, investment and tax planning, to its Users on their platform.

Zaggle Prepaid Ocean Services Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a draft red herring prospectus (“DRHP) ” with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at, the website of the National Stock Exchange of India Limited at and the website of the BSE Limited at and the respective websites of the Book Running Lead Managers at,, and
Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies in future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with the SEBI in making any investment decision.
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