Zaggle Shares Rally 14% To Touch A Fresh All-Time At INR 420

Shares of fintech SaaS startup Zaggle rallied over 14% during the intraday trading on Wednesday (September 11) to reach an all-time high at INR 420 apiece on the BSE.

The surge in the stock’s price came on the back of heavy trading volumes. Almost 1 Cr shares of Zaggle changed hands on the BSE and the NSE by the time of publishing this article.

However, the stock shed some of the gains and was trading almost 11% higher at INR 408 apiece on the BSE at 2:22 PM.

Zaggle has given bumper returns to investors since its market debut in September 2023. It has skyrocketed 124% from its listing price of INR 164 and is up 87% year-to-date.

Founded in 2011 by Raj P Narayanam, Zaggle provides a spend management platform for businesses, along with an employee benefits platform. It has a diversified portfolio of SaaS products, including tax and payroll software.

Zaggle’s consolidated profit after tax (PAT) surged multifold to INR 16.73 Cr in the quarter ended June 30, 2024 (Q1 FY25) from INR 2.05 Cr in the year-ago period on the back of robust growth in its business.

Revenue from operations zoomed 113% to INR 252.2 Cr in the reported quarter from INR 118.4 Cr in Q1 FY24. Zaggle is eyeing a revenue growth of 40-45% in FY25.

Earlier this month, Zaggle entered into a service agreement with HDFC ERGO, under which the former would provide the Zaggle Propel reward platform to the latter until August 31, 2025.

 The enterprise tech startup has also inked a pact with air conditioning company Blue Star Ltd to provide its employee expense management offering, Zaggle Save.

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

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