Shares of this fintech company offering digitized solutions rose on Monday morning after entering a Service Agreement with Mumbai Metro to create reward programs for its employees, partners, and travelers.
Price Movement
In Monday’s trading session, Zaggle Prepaid Ocean Services Ltd’s share price reached an intraday high of Rs.434.00 per share, up 2.5 percent from its previous closing price of Rs.423.80 apiece. The share has since retreated and is currently trading at Rs.432.00 each.
What happened
Zaggle has entered into a 1-year domestic service agreement with Mumbai Metro One Private Limited to provide its Zaggle Propel reward platform. This innovative platform will empower Mumbai Metro One to design and implement customized reward programs aimed at enhancing engagement with employees, partners, and travelers.
Recent Developments
Recent developments at Zaggle Prepaid include a November 2024 agreement with Can Fin Homes to enhance expense management capabilities, highlighting its commitment to expanding service offerings. The company has also been recognized for its innovation in financial solutions and boasts a high customer retention rate of 98%.
Zaggle has introduced innovative solutions, including an advanced analytics platform to enhance cost efficiencies for businesses, integrated with corporate credit cards and SaaS technology through banking partners.
Its Fleet Program offers a tailored spend management system for fleet operations, while ZIP ensures seamless and compliant international payments with complete transparency.
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Prominent Partners and Clients
Key customers of Zaggle Prepaid Ocean Services Ltd include Hiranandani, Tata Steel, and Greenply. The company collaborates with prominent partners such as DBS, Kotak, IndusInd Bank, Visa, and Mastercard.
Financial Performance
In its recent financial update for the quarter ending September 2024, Zaggle Prepaid Ocean Services Ltd reported revenue from operations of Rs.303 crore, reflecting a 65 percent incline from Rs.184 crore in Q2 FY24. Net Profits improved significantly by 137 percent to Rs.19 crore from Rs.6 crore in the same period.
Shareholding Pattern
As per the September 2024 shareholding pattern, the promoters of Zaggle Prepaid Ocean Services Ltd hold a 43.88 percent stake, while Foreign Institutional Investors hold a 6.14 percent stake. Domestic Institutional Investors and Retail investors hold a stake of 10.69 percent and 39.27 percent, respectively in the company. Notable ace investor, Ashish Kacholia owns a 2.37 percent stake in the company.
Company Overview
Zaggle Prepaid Ocean Services Ltd, a Hyderabad-based fintech company, specializes in automated solutions for business expense management. It caters to corporates, SMEs, and startups, offering innovative workflow solutions to streamline operations.
Written by – Siddesh S Raskar
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