ZUZU Software Services offloaded 49 Lakh shares of Zaggle via open market transactions
Following the stake sale, ZUZU Software’s stake in Zaggle has declined to 8.83% from 12.83% earlier
Zaggle made its public market debut in September last year. Its share price has more than doubled over the last one year
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Zaggle’s biggest public shareholder, ZUZU Software Services, offloaded almost 49 Lakh shares worth about INR 177 Cr in the fintech SaaS startup on Monday (August 19).
ZUZU Software Services notified the exchanges on Tuesday that it offloaded a 4% stake in Zaggle via the stake sale in the open market.
As per the exchange filing and data, ZUZU Software Services is the single biggest public stakeholder in the startup. It held 1.57 Cr shares, or a 12.83% stake, prior to the recent sale.
Following the deal, the company holds 1.08 Cr shares, or a 8.83% stake, in Zaggle.
Zaggle made its public market debut in September last year, listing nearly flat to its issue price. However, its share price has more than doubled over the last one year. As against a listing price of INR 162 apiece on the BSE, Zaggle’s shares ended at INR 363.60 on Tuesday.
Though the shares fell 3.2% yesterday amid the share sale by ZUZU Software Services, they gained marginally during today’s trading session.
Meanwhile, it is worth noting that many institutional investors have booked profits in recent days following the surge in the stock. Societe Generale sold 8.55 Lakh Zaggle shares worth INR 30.5 Cr via a bulk deal earlier this month. Earlier this year, Ventureast Proactive Fund sold shares in the company in multiple block deals.
Zaggle’s share surge has come on the back of its improving fundamentals and several important partnerships. Its 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.
Earlier this month, Zaggle partnered with the government-backed Open Network for Digital Commerce (ONDC) to facilitate the issuance of prepaid payment instruments to the latter’s customers. Prior to that, it also inked a pact with Hero MotoCorp to offer the auto giant its employee expense management platform Zaggle Save.
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