Zaggle Prepaid Ocean Services, a leading SaaS fintech company, has witnessed a remarkable 14.3% surge in its stock price, reaching a record high of ₹420 per share. This increase comes on the heels of a newly announced partnership with HDFC ERGO General Insurance, marking the largest intraday gain for the stock in six months.
The agreement, which allows Zaggle to offer its Propel reward platform to HDFC Ergo, is set to remain in effect until August 31, 2025, unless terminated earlier. This strategic move is anticipated to enhance Zaggle's market presence and drive further growth.
In addition to the HDFC deal, Zaggle has recently partnered with Blue Star for an expense management platform and with FCM Travel Solutions for corporate travel services. These collaborations reflect the company's commitment to expanding its service offerings and client base.
Financially, Zaggle kicked off FY25 on a high note, reporting a revenue of ₹252 crore for Q1, representing an impressive 112.9% year-over-year increase. The net profit surged to ₹16.7 crore, a staggering rise of 713.6% compared to the same period last year. The company has onboarded 100 new clients and added 160,000 users, indicating strong acceptance in the market.
With a growth target of 45-55% for FY25, Zaggle is also exploring inorganic opportunities to broaden its product range and expand into international markets, including the US.