Zaggle shares up 3% on inking agreement with Mamaearth parent Honasa

Under the contract, the Zaggle will provide Honasa Consumer with services from Zaggle Zoyer Platform which helps businesses streamline and automate multi-branch and store recurring expenses

Zaggle Prepaid Ocean Services shares gained 3 per cent in trade on BSE at Rs 365.2 per share. The counter saw buying after the company inked an agreement with Honasa Consumer, the parent of Mamaearth. 

 

Around 11:39 AM, Zaggle share price was up 1.7 per cent at Rs 359.95 per share on BSE. In comparison, the BSE Sensex was up 0.22 per cent at 74,621.55. The market capitalisation of the company stood at Rs 4,830.72 crore. The 52-week high of the stock was at Rs 597 per share and the 52-week low was at Rs 235 per share.

 

"This is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Honasa Consumer Limited," the filing read.

 

Under the contract, the Zaggle will provide Honasa Consumer with Zaggle Zoyer Platform which as per its official website helps businesses streamline and automate multi-branch and store recurring expenses, ensuring better financial control and efficiency across multiple locations. The timeline in which the contract has to be completed is 36 months. 

 

Incorporated in 2011, Zaggle is a FinTech industry, offering a diversified range of products and services. The company has issued over 50 million prepaid cards in collaboration with our banking partners, and serves more than 3.0 million users. Its portfolio includes a variety of SaaS solutions, such as expenses, payments, and rewards management software, which cater to a wide array of touchpoints.

 

Honasa Consumer, established in 2016, is a digital-first house of brands specializing in beauty and personal care products. The company offers a diverse portfolio catering to millennial consumers, including brands like Mamaearth, The Derma Co., and Aqualogica. The company has also expanded its offerings through strategic acquisitions, such as BBlunt and Dr Sheth's.

 

Recently, Zaggle also entered into an agreement with Gujarat International Finance Tec-City Company to provide solutions of CoBrand Pre-Paid Citizen Card and Visitor Management system. The contract is for five years. 

 

In the past one year, Zaggle shares have gained 7 per cent against Sensex's rise of 2.2 per cent.