Shares of this smallcap company jumped around 2 percent in Friday’s trading session after ICICI Prudential Mutual Fund bought 11,58,940 stake via a block deal. The shares have delivered more than 90 percent returns to its shareholders in one year.
With a market capitalization of Rs. 3,745 crores, the shares of Zaggle Prepaid Ocean Services Ltd started Friday’s trading session on a higher note at Rs. 307 compared to its previous close of Rs. 302.10. During the trading session, the shares hit a high of Rs. 309.90, gaining around 2 percent and are currently trading at Rs. 307 apiece.
According to the NSE block deal, one of the prominent mutual fund houses, ICICI Prudential Mutual Fund has bought 11,58,940 equity shares, i.e., equivalent to 0.94 percent of paid-up equity in the spending management platform provider at an average price of Rs 302 per share.
However, foreign investor Ventureast Proactive Fund LLC sold 22,27,438 equity shares or 1.8 percent of paid-up equity at the same price. As of March 2024, Ventureast held 3.64 percent of shares in the company.
Looking at the company’s financial statements, the revenue increased by 9 percent from Rs. 184 crores during the September quarter to Rs. 200 crores in the December quarter. In addition, the net profits magnified by 87 percent from Rs. 8 crores to Rs. 15 crores during the same period.
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.
Furthermore, the company aims to bolster its market presence through cross-selling initiatives, thereby augmenting its product portfolio penetration within corporate sectors. Notably, the company has forged successful partnerships with prominent banks and networks, effectively mitigating risks while propelling growth.
Additionally, it dominates the Indian prepaid card issuance market, having issued over 50 million cards, accounting for a 16 percent market share by transaction value. It boasts a robust network, partnering with major entities like Kotak Mahindra Bank, Visa, ICICI Bank, and others. Notable clients include Tata Steel and Persistent Systems.
As per the latest shareholding pattern, Ace Investor Mr Ashish Kacholia, entering the stock in September 2022, currently holds around 29.03 lakh equity shares equivalent to a 2.37 percent stake in this company. The current holding value of his investment amounts to Rs. 87.9 crores.
Headquartered in Mumbai, Zaggle Prepaid Ocean Services was incorporated in 2011. The company specializes in providing solutions for expense management, employee tax benefits, rewards and recognition programs, corporate gifting, and incentives.
Written By Vaibhav Patil
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