Zaggle, India’s leading SaaS Fintech solution provider for Spend Management Solutions, has announced the appointment of Mr. Virat Sunil Diwanji as an Additional Director (Non-Executive, Non-Independent) on its Board, effective immediately. With over 30 years of experience in the banking sector, Mr. Diwanji’s extensive expertise is expected to significantly enhance Zaggle’s leadership as the company continues its growth trajectory.
Mr. Diwanji brings a wealth of experience, having spent nearly three decades at Kotak Mahindra Bank in various roles across segments, including retail banking and consumer banking. He was instrumental in managing joint ventures with international partners, such as Ford Credit International, and executed the successful merger with ING Vysya. Additionally, he served as a Non-Executive Director on the Board of Kotak General Insurance Ltd. for over nine years and was a member of the Group Management Committee at Kotak Group, contributing to several operating committees.
Before his tenure at Kotak, Mr. Diwanji spent six years at A.F. Ferguson & Co., where he handled management consultancy assignments for both private and public sector enterprises in India and the UAE.
This strategic appointment underscores Zaggle’s commitment to strengthening its leadership team with banking expertise. Mr. Diwanji’s wealth of experience is expected to drive innovation and enhance customer engagement, further enabling Zaggle to deliver significant value to its clients. “I am excited to join Zaggle at a time when it has become a 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,” said Mr. Diwanji.
Zaggle has also bolstered its collaboration with over 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. This collaboration has led to the launch of a variety of programs, including co-branded credit and prepaid cards. As of June 30, 2024, Zaggle has issued over 50 million prepaid cards, catering to more than 2.9 million users, making it one of the largest prepaid card issuers in India.
Raj Narayanam, Founder & Executive Chairman of Zaggle, expressed his enthusiasm regarding 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.”
