Zaggle Partners Hero MotoCorp To Help Streamline And Optimise Management Of Its Staff Expenses

Fintech SaaS startup Zaggle has inked a pact with Hero MotoCorp to offer the auto giant its employee expense management platform Zaggle Save.

Zaggle in an exchange filing said the platform is designed to streamline and optimise the management of employee expenses and benefits, enhancing efficiency and transparency within the organisation.

Zaggle Save is a single card that can replace food cards, fuel cards, travel vouchers, gift cards and such. This service of Zaggle helps MotoCorp save tax with Save’s flexible employee benefit plans.

This arrangement with Hero MotoCorp will be valid from July 4, 2024 till the termination of the agreement in accordance with terms mutually agreed, the filing said.

Founded in 2011 by Raj Phani, Zaggle is a company based in Hyderabad, specialising in the enterprisetech sector. The SaaS startup provides spend management solutions to help corporations, SMEs, and startups manage their business expenses.

This comes after Zaggle posted its fourth quarter results in May, where it saw a 153% jump in its profit after tax (PAT) to INR 19.2 Cr in the financial year 2023-24 (FY24), up from INR 7.6 Cr a year ago.

The company also posted a record-high quarterly revenue with a 46.3% spike fueled by increased income from SaaS subscriptions, program fees and revenue from employee rewards solutions platform Propel.

In the earnings release, Zaggle said it added over 620 new corporates to its client base during the reported year, including marquee names such as Wipro, Bennett Coleman, and Emcure Pharmaceuticals.

Also the startup has onboarded bank partners including SBI, ICICI Bank, Kotak Mahindra Bank, and Axis Bank, among others, to assist Zaggle in enhancing reach and maximising its growth opportunities, it said.