Zaggle Prepaid surges 6% on inking deal with HDFC Ergo General Insurance Co

Zaggle Prepaid Ocean Services shares rise: Shares of Zaggle Prepaid Ocean Services (Zaggle) soared up to 6.21 per cent to hit an intraday high of Rs 372.70 per share on Tuesday, September 10, 2024. 

The Zaggle Prepaid Ocean Services share price rose after the company announced that it has inked a pact with HDFC Ergo General Insurance Company.

Zaggle, via an exchange filing said, “This is to inform you that Zaggle Prepaid Ocean Services Limited (“Zaggle”), has entered into an agreement with HDFC Ergo General Insurance Company Limited.” 

According to the agreement details, Zaggle would provide Zaggle Propel reward platform (Channel rewards & recognition) to HDFC Ergo.

Zaggle Propel reward platform is for channel partners of HDFC Ergo General Insurance Company Limited, the company said.

The agreement, however, shall continue till August 31, 2025 unless terminated in terms provided thereunder, it added. 

Founded in 2011, Zaggle Prepaid Ocean Services Limited is headquartered in Hyderabad. Zaggle is a financial technology (FinTech) company that provides automated solutions for managing business expenses. 

The company’s offerings include a comprehensive spending management platform that streamlines processes for employee benefits, expense management, and corporate gifting. 

Additionally, Zaggle has issued over 50 million co-branded prepaid cards and offers SaaS solutions for tax and payroll management. The company’s software platforms are tailored to help startups and SMEs optimise financial operations and make informed decisions. 

The shares of Zaggle Prepaid Ocean Services listed on BSE, NSE on September 22, 2023.
 

The market capitalisation of Zaggle Prepaid Ocean Services is Rs 4,557.29 crore, according to Bombay Stock Exchange (BSE). The 52-week high of the Zaggle Prepaid Ocean Services share is Rs 394.60 per share while its 52-week low is Rs 155.60 per share. 

At 11:00 AM, shares of Zaggle Prepaid Ocean Services were trading 5.56 per cent higher at Rs 370.40 per share. In comparison, BSE Sensex was trading 0.16 per cent higher at 81,690.99 levels.