IT Stock held by Ace Investor Ashish Kacholia, which offers a diversified range of fintech and SaaS products and services in focus, upon signing a master agreement with Eversub India Private Limited to provide services.
With a market capitalization of Rs. 3,433 Crores, the shares of Zaggle Prepaid Ocean Services Limited were trading at Rs. 280.30, down 1.56 percent from its previous day’s close price of Rs. 284.75
Zaggle Prepaid Ocean Services Limited has entered into a Master Agreement with Eversub India Private Limited to provide Zaggle Save an Expense Management & Employee benefits platform for employees of Eversub India Private Limited from 11th April 2024 till the termination of the Agreement.
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 ICICI Bank, Yes Bank Kotak Mahindra Bank, Visa, DBS Bank, and others. Some of the key customers include Tata Steel, Persistent Systems, Greenply, and others.
Ace Investor Ashish Kacholia holds a 2.21 percent stake in the company consisting of 27.03 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.
Its revenue from operations grew by 49.08 percent from Rs. 371 Crores in FY22 to Rs. 553 Crores in FY23, accompanied by profits of Rs. 42 Crores to Rs. 23 Crores.
Written by: Bharath K.S
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