However, the shares pared some gains to end the trading session 4.6% higher at INR 367.10. Zaggle’s market capitalisation stood at INR 4,500 Cr at the end of the day
In an exchange filing on Monday, Zaggle said it has 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 startup made its stock market debut in September last year. Its shares have gained 68% year to date
Shares of fintech SaaS startup Zaggle
surged as much as 6.2% during the intraday trade to touch INR 372.70 on the BSE on Tuesday (September 10), a day after the company said it has bagged an order from HDFC ERGO General Insurance Company.
However, the shares pared some gains to end the trading session 4.6% higher at INR 367.10. Zaggle’s market capitalisation stood at INR 4,500 Cr at the end of the day.
In an exchange filing on Monday, Zaggle said it has 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.
Zaggle Propel is a platform that helps companies reward employees and channel partners. It offers a variety of features, including customisable programmes, peer-to-peer rewards with customisable badges, real-time visibility, automated rewards mechanisms, and polls, announcements, surveys, and timeline feeds.
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.
The startup made its stock market debut in September last year. Its shares have gained 68% year to date.
Zaggle has added several notable clients like Blue Star, Hero MotoCorp, and Visa, over the past year.
Just a few days ago, 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.
Not to mention, 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.
