Zaggle Shares Jump Over 8% To Touch Record High At INR 444

Shares of fintech SaaS startup Zaggle surged over 8% during the intraday trading today (September 12) to reach a record high at INR 444 apiece on the BSE.

However, the stock shed some of the gains and was trading 6% higher at INR 434.9 apiece on the BSE at 1:50 PM. 

With the stock hitting a new lifetime high, Zaggle’s market capitalisation leaped to INR 5,349 Cr (around $636.9 Mn).

The stock hit its record high for the second straight session after rallying over 14% on September 11 to INR 420 apiece on the BSE.

Zaggle has given a bumper return to its investors since its market debut in September 2023. The stock has skyrocketed more than 149% from its listing price of INR 164 per share and surged over 100% year-to-date. 

The buying interest in the stock has increased after Zaggle inked a new deal with HDFC Ergo, under which the enterprise tech startup will provide its Zaggle Propel reward platform to the latter’s employees.

Founded in 2011 by Raj Phani, Hyderabad-based Zaggle provides a spend management and corporate employee benefits platform. It helps businesses automate their accounts and issues prepaid cards, in partnership with banking partners, to reward their employees with incentives and gifts.

Zaggle has added several notable clients like Blue Star, Hero MotoCorp, and Visa, over the past year. Last week, it inked a pact with air conditioning company Blue Star Ltd to provide its employee expense management offering, Zaggle Save.

 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 $20 Mn order from global payments major Visa for making prepaid forex cards.

The listed SaaS major has also been diversifying and expanding its offerings. 

Last month, it partnered with the Open Network for Digital Commerce (ONDC) to facilitate the issuance of prepaid payment instruments to the latter’s customers.

On the financial front, Zaggle’s 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.

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