Zaggle Prepaid scales record high after agreement with EaseMyTrip

Shares of Zaggle Prepaid Ocean Services surged 18 percent to Rs 299, hitting an all-time high, after the company announced it has entered into an agreement with EasyMyTrip Planners Limited for three years.

“Zaggle and EaseMyTrip will offer integrated travel and expense management solutions to corporate clients,” the company said in a regulatory filing on February 20.

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At 3:20 pm, the stock was trading at Rs 294 apiece, up 16 percent from the previous close on the NSE. The counter has surged nearly 20 percent in the last three months.

The stock price of the Hyderabad-based fintech company has nearly doubled from its IPO and listing price of Rs 164 per share. The company made a debut on the exchanges on September 22, 2023. Since listing, the shares have gained around 88 percent. The company’s current market capitalisation is around Rs 3,590 crore, Moneycontrol data showed.

In the December quarter, Zaggle’s profit zoomed 919.5 percent year-on-year to Rs 15.22 crore, on the back of a decrease in finance cost after prepayment of debts. The company clocked its highest quarterly revenue to date at Rs 199.51 crore, driven by revenue contribution from Zoyer–its software platform.

Zaggle is a fintech company which follows a B2B2C business model. Within this sector, the company provides software solutions catering to payables, payroll, and tax processing. Additionally, it collaborates with banking partners to issue prepaid cards as part of its comprehensive service offerings.

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