Zaggle Shares Plunge 10% In Morning Trade

Shares of listed fintech SaaS major Zaggle plunged almost 10% to INR 424.30 apiece during the intraday trading session on the BSE today (February 10).

The stock closed at INR 471.40 per share, as of Friday (February 7).

The company’s market capitalisation stood at INR 5,694.33 Cr ($647.8 Mn), marking a decline of about INR 601.98 Cr in the last six trading sessions.

The stock is set for its third straight session of red, if current losses hold. 

To note, in the last 15 trading sessions, shares have ended in red on 9 sessions.

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. 

This comes two days after the company’s board approved the acquisition of an additional 17% stake in digital payments service provider Mobileware Technologies, on Saturday (February 8).

Prior to that, Zaggle also reported its net profit jumped 30% to INR 19.74 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr, a year ago. However, its profit declined 3% sequentially from INR 20.29 Cr.

Meanwhile, the fintech SaaS company’s revenue from operations increased both on a year-on-year (YoY) as well as quarter-on-quarter (QoQ) basis.

On the heels of its positive quarterly results, Narayanam then said Zaggle expanded its customer base to over 3,300 during the quarter under review, signing contracts with companies like Zomato’s Blinkit, BigBasket, Mumbai Metro One, Mahindra First Choice Wheels and Hitachi India.

Furthermore, its total expenses in the third quarter zoomed 72% YoY and 12% QoQ to INR 314.15 Cr, to which Zaggle said that this increase aligns with its overall expansion of the business.

To note, the stock has gained more than 76% in the past 12 months, as of its last close.