Shares of this fintech company, which provides digital solutions, hit the upper circuit limit on Wednesday following the announcement of a partnership with MasterCard. Under the agreement, MasterCard will refer Zaggle’s SaaS platform, payment services, and card products to its corporate clients and other stakeholders.
Price Movement
In Wednesday’s trading session, Zaggle Prepaid Ocean Services Ltd’s share price reached an intraday high of Rs.490.85 per share, hitting the 5 percent upper circuit from its previous closing price of Rs.467.50 apiece. Over the past five years, the shares have delivered over 210 percent returns.
What happened
Mastercard Technology Private Limited has awarded a Referral Partnership Agreement to Zaggle, under which MasterCard will refer Zaggle’s SaaS platform, payment solutions, and card products to corporate clients and other ecosystem participants. This agreement covers both domestic and international entities.
The contract is set to commence on November 26, 2024, and will remain in effect for 7 years. The key consideration is that MasterCard will recommend Zaggle’s services on a referral basis to its corporate customers and other entities within its network.
Recent Developments
Zaggle Prepaid’s recent developments include a November 2024 partnership with Can Fin Homes to strengthen its expense management capabilities, underscoring its focus on expanding service offerings. The company is also recognized for its innovative financial solutions and maintains an impressive customer retention rate of 98%.
Zaggle has introduced cutting-edge solutions like an advanced analytics platform that boosts business cost efficiency, integrated with corporate credit cards and SaaS technology through banking partners.
Its Fleet Program provides a customized spend management system for fleet operations, while ZIP ensures seamless, compliant international payments with full transparency.
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Prominent Partners and Clients
Key customers of Zaggle Prepaid Ocean Services Ltd include Hiranandani, Tata Steel, and Greenply. The company collaborates with prominent partners such as DBS, Kotak, IndusInd Bank, Visa, and Mastercard.
Financial Performance
In its recent financial update for the quarter ending September 2024, Zaggle Prepaid Ocean Services Ltd reported revenue from operations of Rs.303 crore, reflecting a 65 percent incline from Rs.184 crore in Q2 FY24. Net Profits improved significantly by 137 percent to Rs.175 crore from Rs.6 crore in the same period.
Shareholding Pattern
As per the September 2024 shareholding pattern, the promoters of Zaggle Prepaid Ocean Services Ltd hold a 43.88 percent stake, while Foreign Institutional Investors hold a 6.14 percent stake. Domestic Institutional Investors and Retail investors hold a stake of 10.69 percent and 39.27 percent, respectively in the company. Notable ace investor, Ashish Kacholia owns a 2.37 percent stake in the company.
Company Overview
Zaggle Prepaid Ocean Services Ltd, a Hyderabad-based fintech company, specializes in automated solutions for business expense management. It caters to corporates, SMEs, and startups, offering innovative workflow solutions to streamline operations.
Written by – Siddesh S Raskar
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