Shares of this small-cap fintech company dropped by 9.7% in the early market hours on monday after foreign institutional investors sold 0.68% of the firm via a bulk deal.
Zaggle Prepaid Ocean Services Ltd, with a market capitalization of Rs. 5,315.62 Crores. The shares opened at Rs. 460.20 per share after their previous close at Rs. 460.25 and gradually decreased to Rs. 415.70 per share.
What happened
According to the October 4th Bulk deals data on NSE, the Foreign Institutional Investor (FII) ACM Global Fund VCC fund sold 0.68% stake at an average price of Rs. 455.24 per share, at a quantity of 8,40,088 shares, resulting in a total transaction value of Rs. 38.2 crores.
As of the June quarter of FY2024, ACM Global Fund VCC holds a 4% stake in the company with 49,04,746 shares.
Financials:
In FY 2024, the company reported annual revenues of Rs. 775.6 Crores, up by 40.14% from FY 2023 annual revenues of Rs. 553.46 Crores. The net profits nearly doubled in the same period from Rs. 22.9 Crores to Rs. 44.02 Crores. Further, the stock has delivered positive returns of over 104% in the last year.
Shareholding pattern:
As of the June quarter, shareholding pattern the company promoters own 43.93% stake, while Foreign institutional investors own 5.95% of the company, Domestic institutional investors own 7.34% of the company, and the retail investors hold 42.78% stake in the company.
Ace Investor Ashish Kacholia held 2.37% stake in the company as of Q1 2025 Quarter.
About the company:
Zaggle is a leading player in the FinTech industry, offering a wide range of products and services focused on spend management. The company has issued over 50 million prepaid cards in partnership with banks and serves more than 2.9 million users.
Zaggle provides various software solutions for expenses, payments, and rewards management, catering to different customer needs. Initially, the company targeted corporate clients by offering financial tools like prepaid cards for rewards and incentives, which helped it understand corporate distribution and sales processes.
Zaggle serves over 3,100 corporate customers across sectors such as banking, finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automotive. The company operates seven offices, and a collaboration with 14 banks.
Written By Arvind jv
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