<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2025-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Awarding_Or_Bagging_Or_Receiving_Of_Orders_Or_Contracts/2025-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Awarding_Or_Bagging_Or_Receiving_Of_Orders_Or_Contracts/2025-05-31/in-capmkt-roles" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2025-05-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2025-05-31.xsd" xlink:type="simple"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543985</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-17</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_BaggingOrReceivingOfOrdersOrContracts"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543985</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-17</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:AwardingOrBaggingOrReceivingOfOrdersOrContractsAxis">in-capmkt:BaggingOrReceivingOfOrdersOrContractsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">ZAGGLE</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Zaggle Prepaid Ocean Services Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543985</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE07K301024</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfEvent contextRef="MainI">Bagging/Receiving of orders/contracts</in-capmkt:TypeOfEvent><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-04-17</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">10:32:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="MainI">2026-04-17</in-capmkt:DateOfReport><in-capmkt:NameOfTheEntityAwardingTheOrdersOrContracts contextRef="I_BaggingOrReceivingOfOrdersOrContracts">The Federal Bank Limited</in-capmkt:NameOfTheEntityAwardingTheOrdersOrContracts><in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness contextRef="I_BaggingOrReceivingOfOrdersOrContracts">true</in-capmkt:WhetherTheOrdersOrContractsIsOrdinaryCourseOfBusiness><in-capmkt:WhetherOrdersOrContractsIsAwardedByDomesticOrInternationalEntity contextRef="I_BaggingOrReceivingOfOrdersOrContracts">Domestic</in-capmkt:WhetherOrdersOrContractsIsAwardedByDomesticOrInternationalEntity><in-capmkt:WhetherTheCounterpartyIsIndianListedEntity contextRef="I_BaggingOrReceivingOfOrdersOrContracts">true</in-capmkt:WhetherTheCounterpartyIsIndianListedEntity><in-capmkt:ISINOfTheCounterparty contextRef="I_BaggingOrReceivingOfOrdersOrContracts">INE171A01029</in-capmkt:ISINOfTheCounterparty><in-capmkt:NSESymbolOfTheCounterparty contextRef="I_BaggingOrReceivingOfOrdersOrContracts">FEDERALBNK</in-capmkt:NSESymbolOfTheCounterparty><in-capmkt:ScripCodeOfTheCounterparty contextRef="I_BaggingOrReceivingOfOrdersOrContracts">500469</in-capmkt:ScripCodeOfTheCounterparty><in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists contextRef="I_BaggingOrReceivingOfOrdersOrContracts">India</in-capmkt:NameOfTheCountryInWhichCounterpartyIsExists><in-capmkt:DateOfBaggingOrReceivingOfOrdersOrContracts contextRef="I_BaggingOrReceivingOfOrdersOrContracts">2026-04-17</in-capmkt:DateOfBaggingOrReceivingOfOrdersOrContracts><in-capmkt:AmountOfTheOrdersOrContracts contextRef="I_BaggingOrReceivingOfOrdersOrContracts" decimals="-7" unitRef="INR">0</in-capmkt:AmountOfTheOrdersOrContracts><in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded contextRef="I_BaggingOrReceivingOfOrdersOrContracts">Zaggle shall provide Zaggle Save (Employee expense management &amp; benefits) to The Federal Bank Limited</in-capmkt:SignificantTermsAndConditionsOfOrdersOrContractsIsAwarded><in-capmkt:NatureOfOrdersOrContracts contextRef="I_BaggingOrReceivingOfOrdersOrContracts">Agreement</in-capmkt:NatureOfOrdersOrContracts><in-capmkt:TimePeriodByWhichTheOrdersOrContractsIsToBeExecuted contextRef="I_BaggingOrReceivingOfOrdersOrContracts">3 Years</in-capmkt:TimePeriodByWhichTheOrdersOrContractsIsToBeExecuted><in-capmkt:BroadConsiderationForTheOrdersOrContracts contextRef="I_BaggingOrReceivingOfOrdersOrContracts">Zaggle shall provide Zaggle Save (Employee expense management &amp; benefits) to The Federal Bank Limited</in-capmkt:BroadConsiderationForTheOrdersOrContracts><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded contextRef="I_BaggingOrReceivingOfOrdersOrContracts">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInThatEntityToWhomTheOrdersOrContractsIsAwarded><in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions contextRef="I_BaggingOrReceivingOfOrdersOrContracts">false</in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions><in-capmkt:RemarksWebsiteDissemination contextRef="I_BaggingOrReceivingOfOrdersOrContracts">Value of order(s)/contract(s): The quantum of SaaS/Software fee depends on the number of active users for the respective months on the platform and the corresponding program fee from this would depend upon the actual spends done by the users over a period of time. In such a case it would be difficult to ascertain the value / amount of the contract with The Federal Bank Limited.</in-capmkt:RemarksWebsiteDissemination></xbrli:xbrl>