Zaggle Shares Rally 10% Intraday

Shares of Zaggle

Prepaid Ocean Services surged 10% to INR 332 apiece during the intraday trading session on the BSE today.

At 11:40 AM, the shares were trading at INR 329.70, up 9.2% from the previous close at INR 301.85.

By this time, the company’s market capitalisation stood at INR 4416.02 Cr with 7.58 Lakh hands traded.

This jump comes after Zaggle’s shares nosedived 4.7% during its previous trading session (April 9).

Founded by Raj Narayanamin 2011, Zaggle provides a spend management and corporate employee benefits platform. Its offerings help businesses automate their accounts and issue prepaid cards. Besides, its Zaggle provides a spend management and corporate employee benefits platform.

This also comes at the heart of the fintech SaaS company planning to acquire a 45.33% stake in point of sale (PoS) software solutions provider Effiasoft for INR 36.72 Cr.

Not just this, Zaggle has also been on an expansion spree lately. The company, which made its market debut in 2023, also acquired an additional 12.34% stake in the digital payments service provider Mobileware Technologies for INR 7.25 Cr. 

With this deal, Zaggle’s total shareholding in Mobileware Technologies is increased to 38.34%.

It is pertinent to note that last month, the promoters and promoter group of Zaggle increased their stake in the company by acquiring 25,000 shares from the open market, increasing groups’ total holding to 44.03% from 44.01% previously.

While Zaggle is aggressively expanding its network, it also has its share of rough patches. Last month, the company received GST penalty order of INR 2.6 Cr by the Additional Commissioner, Rangareddy, Telangana.

On the financial front, the listed startup recorded a 30% jump in its net profit to INR 19.74 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr in the year-ago quarter. Meanwhile, its revenue from operation increased 69% year-on-year (YoY) to INR 336.89 Cr in Q3 FY25.