However, the shares pared some gains to trade at INR 355.15 at 12.20 PM, up 2.2% from the previous day’s close
The stock increased over 59% on a year-to-date basis
Zaggle Save is a prepaid employee benefit card that offers a variety of tax-saving options, including meal benefits and others
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Shares of Zaggle surged 4.2% to reach INR 362 during the intraday trade session today (September 5) after the fintech SaaS major inked a pact with air conditioning company Blue Star Ltd to provide its employee expense management offering, Zaggle Save, to the latter.
However, the shares pared some gains to trade at INR 355.15 at 12.20 PM, up 2.2% from the previous day’s close at INR 347.4.
The stock increased over 59% on a year-to-date basis.
“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Zaggle Prepaid Ocean Services Limited (“Zaggle”), has entered into an agreement with Blue Star Ltd,” Zaggle said in a regulatory filing.
Zaggle Save is a prepaid employee benefit card that offers a variety of tax-saving options, including meal benefits and others.
Mumbai-based Blue Star specialises in air conditioning, commercial refrigeration and MEP (mechanical, electrical, plumbing and firefighting).
It claims to have an annual revenue of over INR 9,685.36 Cr ($1.16 Bn), with 3,500 employees and a network of 5,500 channel partners.
Founded in 2011 by Raj Phani, Hyderabad-based Zaggle specialises in the enterprise sector. It provides spend management solutions to help corporations, SMEs, and startups manage their business expenses.
This comes at the heart of Zaggle adding several notable clients like Hero MotoCorp, and Visa, over the past year. In July, it signed a pact with Hero MotoCorp to offer the auto giant its employee expense management platform Zaggle Save.
Last year in October, it also received a significant $20 Mn order from the global payments major Visa for making prepaid forex cards.
Not to mention, the listed SaaS major has also been diversifying and expanding its offerings lately.
Just last month, it partnered with Open Network for Digital Commerce (ONDC) to facilitate the issuance of prepaid payment instruments to the latter’s customers.
Zaggle’s biggest public shareholder, ZUZU Software Services, offloaded almost 49 Lakh shares worth INR 177 Cr in the fintech SaaS startup in the last month.
On the financial front, its consolidated profit after tax (PAT) surged 716% year-on-year (YoY) to INR 16.73 Cr in Q1 FY25, while operating revenue jumped 113% YoY to INR 252.2 Cr during the quarter.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.