This S&P BSE IPO index small cap stock jumped 13% within the first half hour of markets opening on Friday after it signed a USD 20 million or Rs. 167 crore deal with Visa Worldwide Pte. Limited.
The stock currently trades at Rs. 240.30 versus Rs. 216.20 at previous close. The company has a market cap of Rs. 2,926 crore and is currently trading 3% away from its 52 week high and has returned 50% since its listing in the last week of September 2023.
In a filing dated 12th October 2023, Zaggle Prepaid Ocean Services Ltd (“Zaggle”) stated that it has entered into a growth agreement with Visa Worldwide Pte. Limited (Visa). Key terms of the deal include – Visa wish to further their alliance in support of the issuance of Forex CoBrand Cards; Visa will pay the Launch Bonus for supporting the Launch of Forex Cobrand Cards; Visa will also pay incentives on Forex transactions basis spend commitments detailed in the agreement
Zaggle can leverage existing Corporate base to sell forex cards to employees of the Corporate client, and it can be tightly coupled with Zaggle expense management solution. The deal size is approximately USD 20 million Or Rs. 166.5 Crore in next 5 years
Through automated and creative workflows, Zaggle Prepaid Ocean Services is a 2011 incorporated company that offers financial technology (fintech) goods and services to manage corporate business expenses. The business supplies corporations in the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure, and automotive industries with fintech and SaaS goods and services.
The SaaS platform is made for: (i) business spend management (including expense management and vendor management); (ii) rewards and incentive management for channel partners and employees; and (iii) gift card management for merchants, which we refer to as customer engagement management system (CEMS).
Written by Sandeep R
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