Zaggle Shares Hit 5% Upper Circuit After Partnership With MasterCard

Shares of fintech SaaS startup Zaggle jumped as much as 5% to reach INR 490.65 apiece, hitting the upper circuit limit during the intraday trading session on the BSE today (November 27).

This comes a day after Zaggle entered into an agreement with payment service company MasterCard.

The shares opened today’s trade 3.5% higher at INR 483.9 against the previous close of INR 467.30. 

Till the shares reached its upper circuit limit, the stock traded in the price range of INR 483.9 to INR 490.65 for the day. By then, its market capitalisation stood at 6,026.95 Cr and 937,444 shares traded hands.

Founded by Raj Phani in 2011, Zaggle specialises in the enterprisetech sector. It provides spend management solutions to help corporations, SMEs, and startups manage their business expenses. The company went public in September 2023.

Notably, Zaggle’s board of directors yesterday (November 26) announced that the company is signing a referral partnership agreement with MasterCard. Under this agreement, MasterCard is to recommend Zaggle SaaS platform, payment and card products to corporate customers and other ecosystem entities on a referral basis.

Hyderabad-based Zaggle posted a 167.67% jump in its consolidated profit after tax (PAT) to INR 20.29 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) from INR 7.58 Cr in the year-ago period, primarily due to a change in product mix.

Revenue from operations zoomed 64.21% to INR 302.55 Cr in Q2 FY25 from INR 184.24 Cr in the corresponding quarter last year. Sequentially, it jumped almost 20% from INR 252.20 Cr. 

In September, Zaggle announced acquisition of two companies, including Span Across IT Solutions and Mobileware Technologies. 

The company picked up 98.32% stake in Span Across IT Solutions, providing an opportunity to enter a new segment of employee-related business. On the other hand, it acquired a 26% stake in Mobileware Technologies (now known as ‘86400’) for INR 15.6 Cr.