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Ventureast Sells Over 22 Million Shares of Zaggle in a Strategic Block Deal

Ventureast has offloaded 22.27 lakh shares of fintech SaaS company Zaggle in a block deal worth INR 67.26 Cr, with major buyers like ICICI Prudential and ACM Global Fund participating.

In a significant transaction on the stock market, Ventureast, an early-stage venture capital firm, has divested 22.27 lakh shares of the fintech SaaS company Zaggle. The deal, executed on May 2, amounted to INR 67.26 crore, with shares priced at INR 302 each, according to the National Stock Exchange (NSE) data.

This large-scale offloading of shares attracted major institutional buyers. ICICI Prudential acquired the largest portion, purchasing 11.58 lakh shares for nearly INR 35 crore. ACM Global Fund followed, buying 4.06 lakh shares for INR 12.26 crore. Similarly, both Astorne Capital and Tara Emerging Asia Liquid Fund secured 3.31 lakh shares each, totaling INR 10 crore for each fund.

Prior to the transaction, Ventureast held a 3.64% stake in Zaggle, equivalent to 44.54 lakh shares, as reported at the end of the March 2024 quarter.

The timing of this block deal is notable, coming shortly after Equirus Securities began covering the listed startup with a ‘LONG’ rating and a price target of INR 400. This target suggests a potential upside of more than 30% from the stock’s last closing price on the Bombay Stock Exchange (BSE) on Friday, May 3.

Zaggle is a key player in the burgeoning spends management market, which was valued at INR 8,200 crore in FY21 and is projected to grow to INR 13,900 crore by FY27, according to industry reports.

Following the transaction, Zaggle’s shares saw an uplift, closing 1.32% higher at INR 306.15 on the BSE on May 3.