Zaggle Shares Jump 3% After Bagging Three Orders In Four Days

Shares of Zaggle Prepaid Ocean Services rose over 3% on Tuesday (February 25) after the fintech SaaS company secured three orders in just four days.

At 12:28 AM, Zaggle Prepaid shares were trading at INR 364.50 apiece on the BSE, reflecting a gain of 2.98% from the previous close.

In an exchange filing today, Zaggle said it bagged a three-year contract from Honasa Consumer, the parent company of D2C brands such as Mamaearth, The Derma Co, BBlunt, Dr. Sheth’s, Aqualogica and Ayuga.

Under the customer service agreement, Zaggle will provide the D2C company with its Zaggle Zoyer Platform. The platform helps businesses streamline and automate multi-branch and store recurring expenses.

Besides this, Zaggle Prepaid informed the bourses yesterday (February 24) that it has secured a 5-year contract from Gujarat International Finance Tec-City Company Limited (GIFTCL). Under this order, Zaggle will provide GIFTCL solutions of co-brand prepaid citizen card and visitor management system.

Last week, Zaggle also inked a deal with Indus Towers Limited to provide the latter with its employee expense management and benefits platform Zaggle Save.

Earlier this month, Zaggle’s subsidiary Redington (India) Limited introduced the Smart Employee Purchase (EPP+) programme in partnership with tech giant Google. The initiative is aimed at helping organisations boost their business efficiency while offering their employees benefits such as discounts on Pixel devices, theft protection, and tax savings, among others.

Founded in 2011 by Raj Narayanam, Zaggle provides a spend management and corporate employee benefits platform. Its offerings help businesses automate their accounts and issue prepaid cards. Its portfolio of SaaS products also includes tax and payroll software. 

The company made its stock market debut in 2023 with its shares listing flat at INR 164 apiece on the BSE. The stock has given an upward run of a whopping 115% since its debut. 

Zaggle reported a 30% jump in its consolidated net profit to INR 19.74 Cr in the December quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr in the year-ago period. However, profit declined 3% sequentially from INR 20.29 Cr. 

Revenue from operations increased both on a year-on-year (YoY) as well as quarter-on-quarter (QoQ) basis. Zaggle’s operating revenue surged 69% to INR 336.89 Cr in Q3 FY25 from INR 199.51 Cr in the year-ago quarter. On a QoQ basis, it rose 11% from INR 302.56 Cr.