Zaggle Prepaid hits 5% upper circuit for second straight day; Details here

Shares of Zaggle Prepaid Ocean Services hit the 5 per cent upper circuit on Friday after it approved the acquisition of 45.33 per cent stake in Effiasoft Private Limited, a firm that specialises in product development, engineering, and software solutions. 

 

Zaggle Prepaid’s stock rose as much as 5 per cent during the day to hit an upper circuit of ₹361.8 per share. The company's shares hit the upper circuit for the second consecutive day on Friday, while the benchmark Nifty50 was trading 0.15 per cent lower as of 10:28 AM. The counter has fallen 30 per cent this year, compared to a 0.34 per cent fall in the benchmark Nifty 50. Zaggle Prepaid has a total market capitalisation of ₹4,856.22 crore.

 

In an exchange filing on Thursday, the company approved the 45.33 per cent stake acquisition of Effiasoft from existing shareholders --  Koushik Shee and Akula Krishna Rao -- for a consideration of ₹36.72 crores. Further, the board also considered the acquisition of another 5.67 per cent stake of the company from the same shareholders for ₹4.59 crore. "The mode of acquisition will be determined by the board at a later stage, and the same shall be duly communicated to the stock exchange in accordance with applicable regulatory requirements," it said.  

 

Effiasoft has an authorised share capital of ₹40 lakh and reported a turnover of ₹18.94 crore for the financial year (FY) 2023-24. As of March 15, 2025, based on the provisional unaudited financial statements for the financial year 2024-25, Effiasoft reported a turnover of ₹24.67 crore.

 

According to the statement, Effiasoft specializes in product development, engineering, and software solutions, with a proven track record in POS systems and a network of over 300 merchant partners. By leveraging Effiasoft's expertise, the company can enhance its financial technology ecosystem by accelerating product development, improving operational efficiency, and strengthening payment processing capabilities, it said.

 

Zaggle Prepaid Ocean Services is a fintech player offering a diversified set of products and services, including a variety of software-as-a-service solutions. It offers tools including expense management tools, payments and reward management software among other solutions. Earlier this month, Zaggle Prepaid signed a deal with Tech Mahindra to provide the company with its spend management dashboard, Zatix. 

 

The company reported a growth of 68.86 per cent in revenue at ₹336.89 crore for the October to December 2024 quarter, compared to ₹199.51 crore in the year-ago quarter. Zaggle Prepaid's net profit for the period climbed 29.76 per cent to ₹19.75 crore in the quarter ended December 2024, compared to ₹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.