Zaggle Prepaid Ocean Services
The leader in spend management
About Zaggle Prepaid Ocean Services
Incorporated in 2011, Zaggle is a uniquely positioned player in the FinTech industry, offering a diverse range of products and services. As a leader in spend management, the company has issued over 50 million prepaid cards in collaboration with banking partners and serve more than 2.89 million users. Its portfolio includes various SaaS solutions, such as expense, payment processing, and reward management software, catering to a wide array of touchpoints.
Corporate collaborations
Zaggle has established partnerships with esteemed corporates, including Tata capital, Inox, NSDL, DBMS, Wockhardt, Yes Bank, Greenply etc.
Agreement with VISA
In October 2023, the company entered into a growth agreement with VISA to support the issuance of Forex Co-Brand Cards. Visa will provide a launch bonus to support the rollout of these cards and will also offer incentives on Forex transactions based on spend commitments. Zaggle can leverage existing corporate base to sell forex cards to employees of its corporate clients, integrating them tightly with Zaggle’s expense management solution. The deal is valued at $20 million over the next five years.
Financial Standings
Sales: Increased from ₹68 crore in March 2020 to ₹776 crore in March 2024, with trailing twelve-month sales at ₹909 crore.
Net Profit: Grew from ₹4 crore in March 2020 to ₹44 crore in March 2024, with trailing twelve-month profits at ₹59 crore.
Compounded Sales Growth: Averaged 48% over the last three years, with a TTM growth of 56%.
Compounded Profit Growth: Averaged 32% over the last three years, with a TTM growth of 215%.
Major Clients
Major Network Partners/ Corporate collaborations
Recent strategic alliances/ customers win
Skydo Technologies Pvt Ltd - Integrated international inward remittance solutions for corporate clients
Wipro - Employee expense management and employee benefits
PNB MetLife India Insurance Co Ltd - Employee expense management and employee benefits
Weekly Chart
Conclusion
Zaggle Prepaid is a next-generation fintech player in spend management, with a strong vision for growth. The company has seen remarkable growth in its stock prices since listing. After a correction and a long period of consolidation, the stock appears ready for further upward movement, entering new territory with increased volumes and favorable RSI.
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