Mumbai, October 7, 2024:  Zaggle, India’s leading SaaS Fintech solution provider for Spend Management Solutions, has appointed Mr. Virat Sunil Diwanji, former Head of Consumer Banking at Kotak Mahindra Bank, as an Additional Director (Non-Executive, Non-Independent) on its Board, effective October 4, 2024.

Virat is a seasoned banker with over 30 years of experience in building, managing and growing Businesses cutting across Liabilities and Assets. He was involved with Kotak Group for almost 3 decades in various roles across segments including retail banking and other businesses. During this journey he successfully managed JVs with international partners like Ford Credit International and executed the merger with ING Vysya. Virat also served as a Non-Executive Director for over 9 years, on the Board of Kotak General Insurance Ltd. Virat was also the member of the Group Management Committee at Kotak Group apart from being member of several other operating committees. Prior to joining Kotak Group, Virat worked with the management consultancy division at A. F. Ferguson & Co for 6 years handling assignments cutting across Private and Public sector enterprises in India and UAE.

This strategic appointment emphasizes Zaggle’s commitment to enhancing its leadership team with banking expertise as the company accelerates its growth journey. Mr. Diwanji’s experience will be instrumental in driving innovation and customer engagement, while enabling Zaggle to deliver even greater value to its clients.

“I am excited to join Zaggle at a time when it has become leader in the spend management space with its innovative SaaS FinTech solutions. I look forward to working closely with the leadership team to drive the next phase of growth and create sustainable value for all stakeholders”, Virat Diwanji said.

Zaggle has strengthened its collaboration with 14+ leading banks, including ICICI, Axis, SBI, Kotak, IndusInd, IDFC First, PNB, Yes Bank, NSDL Payments Bank, Bank of Baroda, HSBC, DBS, Canara Bank and Indian Bank, to run variety of programs including co-branded credit and prepaid cards. As of June 30, 2024, the company has issued over 50 million prepaid cards, serving more than 2.9 million users, making it one of the largest prepaid card issuers in India.

Mr. Raj Narayanam, Founder & Executive Chairman, Zaggle, expressed his enthusiasm about the appointment, stating, “We are delighted to welcome Mr. Virat Diwanji to our Board. His vast experience in banking and leadership will complement Zaggle’s Indian and global expansion efforts. His insights will be instrumental as we continue to strengthen our position in the retail and commercial segments, and we believe his expertise will help guide us through the rapidly evolving FinTech landscape.”