Synopsis: A fintech company inks a five-year co-branding deal with one of India’s largest public sector banks, catching the eye of a prominent ace investor who holds a notable stake in the business.
A fintech firm that helps companies manage employee spends has struck a multi-year deal with one of the country’s biggest state-owned banks, as it looks to move beyond prepaid cards and into the credit space. The partnership comes at a time when the company is posting strong revenue growth and drawing continued interest from some of India’s most closely watched retail investors.
Shares of Zaggle Prepaid Ocean Services Limited, with a market capitalization of Rs. 2,930 crore, are trading at a price of Rs.218.5 i.e. 2.79% up from its previous closing price of Rs.212.55 It is trading at a P/E ratio of 16.43.
Zaggle Bags PNB Co-Brand Deal
Zaggle has entered into a five-year co-branding agreement with Punjab National Bank, under which it will drive acquisition, marketing, and promotion of a co-branded retail credit card product. The agreement is domestic in nature and does not involve any related-party transaction, the company clarified in its exchange filing.
Zaggle will use its Propel, Save, and Zoyer platforms to push the co-branded card across its corporate client network, giving it a ready-made distribution channel without starting from scratch. For PNB, the tie-up means access to Zaggle’s established enterprise relationships, which could translate into faster card adoption among salaried and business customers. For Zaggle, selling a credit card alongside its existing expense management tools makes practical sense – it deepens the product offering for the same set of customers it is already serving.
Financials Show Sharp Growth Trajectory
The deal comes as Zaggle’s financials reflect strong underlying momentum. For the full year ended March 2026, the company posted consolidated revenue of Rs. 1,908 crore, up sharply from Rs. 1,304 crore in FY25 and Rs. 776 crore in FY24. Operating profit came in at Rs. 185 crore for FY26 against Rs. 114 crore the previous year, with operating margins improving to 10% from 9%.
Net profit rose to Rs. 139 crore in FY26, compared to Rs. 88 crore in FY25 and Rs. 44 crore in FY24 – reflecting a compounded profit growth of 82% over three years. On a quarterly basis, the March 2026 quarter saw revenue hit Rs. 618 crore with net profit of Rs. 41 crore and EPS of Rs. 3.02.
Kacholia Bets Big on the Fintech Play
Ace investor Ashish Kacholia, who publicly holds 51 stocks with a net worth of over Rs. 3,272.2 crore, holds a 2.23% stake in Zaggle. His presence on the cap table adds a layer of market confidence to the stock, given his track record of identifying high-growth small and mid-cap businesses early in their scaling journeys. The PNB co-branding win could further reinforce the investment thesis around Zaggle’s ability to expand beyond its prepaid roots.
About the Company
Zaggle Prepaid Ocean Services Limited is a Hyderabad-based fintech company offering spend management solutions through its Propel, Save, and Zoyer platforms. It serves corporates, SMEs, and financial institutions with prepaid card programs, expense automation tools, and co-branded financial products. The company is listed on both BSE and NSE.
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