IT Stock that offers a diversified range of fintech and SaaS products and services jumped 16 percent in the day’s trade upon signing two business agreements with Easy Trip Planners and Bennett, Coleman & Co. Ltd.
With a market capitalization of Rs. 3,526 Crores, the shares of Zaggle Prepaid Ocean Services Limited were trading at Rs. 288.80, up 13.77 percent from its previous day’s close price of Rs. 253.85.
Zaggle Prepaid Ocean Services Limited has entered into an agreement for 3 years with Easy Trip Planners Limited. Under this agreement, both parties will collectively leverage their Existing Corporate base to sell Integrated Travel & Expense Management Solutions to Corporate Clients.
In addition to this Zaggle Prepaid Ocean Services Limited has entered into an agreement with Bennett, Coleman & Co. Ltd, to provide Zaggle Save proposition, a Benefits & Expense management platform to Bennett, Coleman & Co. Ltd. The said agreement will carry on till the termination in accordance with terms mutually agreed.
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.
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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