Zaggle Prepaid freezes in 5% upper circuit on bagging Tech Mahindra deal

Zaggle Prepaid Ocean Services has signed a deal with Tech Mahindra to provide the company with its spend management dashboard, Zatix

Don't want to miss the best from Business Standard?

Zaggle Prepaid share price: Investors were making a beeline for the shares of fintech software-as-a-service company Zaggle Prepaid Ocean Services in Thursday's session, in an otherwise volatile market. 

  Zaggle Prepaid shares were frozen in the 5-per cent upper circuit, at Rs 378.30 per share at around 10:36 AM, on the BSE. The stock had closed at Rs 360.30 in the previous trading session. In comparison, the benchmark index BSE Sensex was trading higher by around 50 points, or 0.06 per cent, at 73,772 at that time.

  The story was similar on the NSE, where Zaggle Prepaid's stock was locked in the 5-per cent upper circuit, at Rs 378.35. In comparison, the benchmark Nifty 50 was trading at 22,374, ahead by 33.60 points, or 0.15 per cent.

  Zaggle Prepaid Ocean Services share price were trading higher after the company disclosed late on Wednesday, March 5, that it has signed a deal with Tech Mahindra to provide the company with its spend management dashboard, Zatix.

  The Zatix dashboard will be used by Tech Mahindra to improve visibility on its Corporate and Purchase Card Spends, issued in partnership with SBI Cards, the company said in an exchange filing. The contract has been signed for a period of one year. 

  READ: Chambal Fertilisers hits record high on healthy outlook; up 64% in 1 year  "Tech Mahindra Limited will be utilising Zaggle’s Spend Management Dashboard 'Zatix' for improved visibility on their Corporate & Purchase Card spends, issued in partnership with SBI Cards," the company said in its exchange filing.

  Further, in the month of February 2025, Zaggle Prepaid has signed deals with PhysiscsWallah, Mamaearth parent Honasa, Gujarat International Finance Tec-City Company (GIFTCL), and Indus Towers, to provide them with various tools developed by it.

  Zaggle Prepaid Q3 results

  Zaggle Prepaid Ocean Services is a fintech player offering a diversified set of products and services, inlcuding a variety of software-as-a-service solutions. It offers tools including expense management tools, payments and reward management software among, other solutions.

  The company reported a growth of 68.86 per cent in revenue at Rs 336.89 crore for the October to December 2024 quarter, compared to Rs 199.51 crore in the year-ago quarter.   READ: REC, RBL, PNB: Bank, NBFC stocks rally as RBI to inject Rs 1.9trn liquidity

  Zaggle Prepaid's net profit for the period climbed 29.76 per cent to Rs 19.75 crore in the quarter ended December 2024, compared to Rs 15.22 crore during the quarter ended December 2023. 

  The company's operating profit margin for the quarter came in at 8.59 per cent, compared to 10.22 per cent in the year-ago quarter.