IT Stock held by Ace Investor Ashish Kacholia, which offers a diversified range of fintech and SaaS products and services jumped 13 percent in the day’s trade upon signing 3 business agreements in line of business.
With a market capitalization of Rs. 3,706 Crores, the shares of Zaggle Prepaid Ocean Services Limited were trading at Rs. 303.55, up 5.78 percent from its previous close price of Rs. 286.95.
Zagle Prepaid Ocean Services Limited has entered into 3 agreements in the line of business to offer its products and services as follows.,
Firstly Zaggle Prepaid Ocean Services Limited has entered into a customer service agreement with Benetton India Pvt. Ltd. to provide it with the Zaggle Save proposition, a Benefits & Expense management platform.
Further, it has entered into a customer service agreement with Emcure Pharmaceuticals Limited to provide it with the Zaggle Save proposition, a Benefits & Expense management platform.
Lastly, it has entered into a Co-Branding Partnership and Marketing Agreement for a period of 5 years with Nishi Forex And Leisure Pvt Ltd, which is an Authorised Dealer for forex card to carry out activities such as Sales and Distribution, Marketing, and Campaigning bundled with Zaggle expense management to drive card spending & greater usage of the software.
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.
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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