IT Stock held by Ace Investor Ashish Kacholia, which offers a diversified range of fintech and SaaS products and services in focus upon receiving service contract from HT Media Limited Neuroglia Health.
Price Action
With a market capitalization of Rs. 7,016 Crores, the shares of Zaggle Prepaid Ocean Services Limited were trading at Rs. 522.85 per equity share, down 1.15 percent from its previous day’s close price of Rs. 528.95.
What Happened
Zaggle Prepaid Ocean Services Limited has signed a domestic customer service agreement with HT Media Limited to provide them with Zaggle Save an Employee expense management & benefits platform for 2 years.
In addition to this, it has signed a domestic propel service agreement for 1 year with Neuroglia Health Private Limited to provide it with the Zaggle Propel reward platform.
Ace Investor Investment
Ace Investor Ashish Kacholia holds a 2.16 percent stake in the company consisting of 29.03 lakh equity shares. He took entry into the company in the September 2023 Quarter, by purchasing a fresh stake of 1.50 percent consisting of an 18.29 percent stake.
About the Company
Zaggle Prepaid Ocean Services Limited offers a diversified range of fintech and SaaS products and services, to manage business expenses, track employee and channel partner rewards, incentives management, merchant gift card management, and many more.
It holds the leading position for issuance of prepaid cards in India, with 50+ million cards issued and it has a 16 percent market share by transaction value.
It has a strong business network with some notable key players such as Kotak Mahindra Bank, Visa, ICICI Bank, Yes Bank, DBS Bank, and others. Some of the key customers include Tata Steel, Greenply, Persistent Systems, and others.
Financials
Its revenue from operations grew by 67 percent from Rs.184.91 Crores in Q2FY24 to Rs.
308.57 Crores in Q2FY25, accompanied by profits of Rs. 7.59 Crores to Rs. 20.29 Crores.
Written by: Bharath K.S
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