The shares of this smallcap IT stock which offers a diversified range of fintech and SaaS products and services came into focus on Tuesday after the company announced a Customer Service Agreement with Honasa Consumer Limited.
Stock Performance
With a market capitalization of Rs 4,868.29 crore, Zaggle Prepaid Ocean Services Ltd rose 3 percent in Tuesday’s trading session and made a high of Rs 365.20 per share compared to its previous closing price of Rs 353.95 per share. The stock retraced from its day’s high and was trading at Rs 362.50 which is 2 percent higher compared to the previous closing price.
What Happened
Zaggle has entered into a domestic Customer Service Agreement with Honasa Consumer Limited to provide Zaggle Zoyer Platform, a software platform that helps businesses manage their spending and payments. This contract is applicable for a period of 36 months.
Company Overview
Zaggle Prepaid Ocean Services Ltd develops cutting-edge financial solutions and products that streamline business expense management for corporates, SMEs, and startups through automated and innovative workflows. Some of its notable customers include Mahindra, Blinkit, Can Fin Homes, BigBasket and Hitachi among others.
Financial Performance
In the latest quarter, Zaggle reported a 68 percent YoY increase in its revenue from Rs 200 crore to Rs 336 crore. On a quarterly basis, there was a 11 percent increase from Rs 303 crore in Q2 FY25.
This was accompanied by an impressive 33 percent YoY increase in net profits from Rs 15 crore to Rs 20 crore. On a quarterly basis, the company saw a 5 percent increase in profits from Rs 19 crore in Q2 FY25.
Ace Investor
According to the latest available information, renowned Indian ace investor Ashish Kacholia holds a 2.16 percent stake in the company which is equivalent to 29 lakh equity shares.
Industry Outlook
Custom Market Insights (CMI) reports that the global fintech technologies market, which was valued at ~USD 215.3 billion in 2022, is projected to reach around USD 751.5 billion by 2032. This growth reflects a compound annual growth rate (CAGR) of 18.5 percent from 2023 to 2032.
Written by Shwetha Sairam
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