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Zaggle Secures 3-Year Agreement with CNH Industrial for Propel Reward Platform
Zaggle Prepaid Ocean Services has entered into a domestic agreement with CNH Industrial (India) Private Limited to provide its 'Zaggle Propel' reward platform. The contract is scheduled for a duration of 3 years, ensuring a steady service engagement with a major industrial entity. This partnership reinforces Zaggle's market position in the corporate rewards and incentives segment. While the specific financial value was not disclosed, the multi-year nature of the deal suggests recurring service usage.
Key Highlights
Agreement signed with CNH Industrial (India) Private Limited for reward platform services.
The contract involves the deployment of the proprietary 'Zaggle Propel' reward platform.
The execution period for the contract is fixed at 3 years.
The deal is a domestic contract and involves no related party transactions or promoter interest.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's B2B expansion strategy. Monitor for further details on the financial scale of such contracts to assess the impact on the company's SaaS-based revenue growth.
Zaggle Signs 3-Year Agreement with Blue Star Limited for Expense Management Solutions
Zaggle Prepaid Ocean Services Limited has entered into a significant domestic agreement with Blue Star Limited. The company will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits, to the client. The contract is established for a fixed duration of three years. This partnership signifies Zaggle's continued growth and adoption among major Indian corporate entities.
Key Highlights
Agreement signed with Blue Star Limited for employee expense management services.
Zaggle will deploy its 'Zaggle Save' platform for benefits and expense tracking.
The contract duration is fixed for a period of 3 years.
The deal is a domestic contract with no promoter or related party interest involved.
💼 Action for Investors
Investors should view this as a positive development in Zaggle's B2B SaaS growth strategy. Monitor for further disclosures regarding the financial scale of such corporate tie-ups to assess long-term revenue impact.
CARE Reaffirms 'CARE A-; Stable' Rating for Zaggle’s ₹100 Cr Bank Facilities
CARE Ratings has reaffirmed Zaggle's long-term bank facilities rating at 'CARE A-; Stable' for ₹100 crore. The company demonstrated significant growth, with Total Operating Income rising to ₹1,302.65 crore in FY25 from ₹775.60 crore in FY24. Financial health remains robust, characterized by an improved interest coverage ratio of 15.09x and a very low gearing of 0.01x. The company maintains a strong liquidity position with over ₹508 crore in cash and liquid investments following a successful QIP of ~₹595 crore.
Key Highlights
Total Operating Income grew to ₹1,302.65 crore in FY25, driven by a user base expansion to 3.5 million.
Overall gearing improved significantly to 0.01x from 0.15x, while interest coverage rose to 15.09x.
Successfully raised ~₹595 crore through a QIP in H2FY25 to fund strategic expansion and debt repayment.
Maintains a strong liquidity profile with cash and liquid balances exceeding ₹508 crore as of December 2025.
Corporate customer base reached ~3,700 with a healthy churn rate of less than 1.5%.
💼 Action for Investors
Investors should take confidence in the reaffirmed credit rating and the company's significantly deleveraged balance sheet. Key monitorables include the margin impact of upcoming acquisitions and potential RBI regulatory changes regarding interchange fees.
Zaggle Seeks Approval to Extend ESOP 2022 Benefits to Subsidiary and Associate Employees
Zaggle Prepaid Ocean Services Limited has initiated a postal ballot to seek shareholder approval for extending its Employee Stock Option Scheme 2022 (ESOP 2022) to employees of its subsidiary and associate companies. This move is designed to attract and retain talent across the entire group structure, both in India and internationally. The e-voting period for shareholders is set from March 3, 2026, to April 1, 2026, with final results expected by April 3, 2026. Importantly, the total number of options under the scheme will remain within the previously approved limits.
Key Highlights
Proposal to extend Zaggle ESOP 2022 benefits to present and future employees of subsidiary and associate companies.
The maximum number of options granted will not exceed the stock options already identified and approved under the existing ESOP 2022 scheme.
Remote e-voting period is scheduled to commence on March 3, 2026, and conclude on April 1, 2026.
Results of the postal ballot and the scrutinizer's report will be declared on or before April 3, 2026.
💼 Action for Investors
Investors should monitor the voting results as this move indicates a group-wide talent retention strategy, though it does not increase the overall dilution beyond previously approved ESOP limits.
Zaggle Secures 5-Year Contract with Saurashtra Cement for Expense Management Services
Zaggle Prepaid Ocean Services Limited has entered into a domestic agreement with Saurashtra Cement Limited. Under this contract, Zaggle will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits. The agreement is structured for a long-term duration of 5 years. While the specific monetary value was not disclosed, this partnership reflects Zaggle's continued expansion in the corporate fintech and SaaS space.
Key Highlights
Signed a 5-year agreement with Saurashtra Cement Limited for expense management services.
The contract involves the implementation of the 'Zaggle Save' (Employee Expense Management & Benefits) platform.
The agreement is with a domestic entity, reinforcing Zaggle's presence in the Indian corporate market.
The long-term nature of the 5-year contract provides multi-year revenue visibility for the company.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's client acquisition strategy, though the lack of specific financial details makes it difficult to quantify the immediate impact on the bottom line. Monitor for more such corporate tie-ups as a sign of scaling operations.
Zaggle Secures 5-Year Agreement with Saurashtra Cement for Expense Management Services
Zaggle Prepaid Ocean Services Limited has signed a significant 5-year agreement with Saurashtra Cement Limited. Under this domestic contract, Zaggle will deploy its 'Zaggle Save' platform to manage employee expenses and benefits. This long-term engagement provides revenue visibility and demonstrates the company's ability to onboard industrial clients. While the specific contract value was not disclosed, the multi-year nature of the deal is a positive indicator of client retention and platform adoption.
Key Highlights
Signed a 5-year long-term agreement with Saurashtra Cement Limited.
Contract involves the implementation of 'Zaggle Save' for employee expense management.
The deal is a domestic contract with no related party or promoter interest involved.
Strengthens Zaggle's position in the corporate fintech and SaaS-based expense management segment.
💼 Action for Investors
Investors should monitor Zaggle's ability to scale such long-term contracts across different industries to drive recurring revenue. The 5-year tenure is a positive sign for business stability.
Zaggle Secures 5-Year Contract with Saurashtra Cement for Expense Management Solutions
Zaggle Prepaid Ocean Services Limited has entered into a significant 5-year agreement with Saurashtra Cement Limited. Under this contract, Zaggle will provide its 'Zaggle Save' platform, which focuses on employee expense management and benefits. This domestic deal highlights Zaggle's continued expansion in the corporate fintech and SaaS space. While the specific monetary value was not disclosed, the long-term nature of the contract ensures steady revenue visibility from this client.
Key Highlights
Signed a 5-year agreement with Saurashtra Cement Limited for expense management services.
The contract involves the implementation of 'Zaggle Save' for employee benefits.
The deal is purely domestic and involves no related party transactions or promoter interest.
Provides long-term revenue visibility and strengthens Zaggle's B2B SaaS portfolio.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's client acquisition strategy, reinforcing its market position in corporate expense management. Monitor for further high-volume client wins to assess the company's growth trajectory in the SaaS segment.
Zaggle Incorporates Wholly Owned Subsidiary Zaggle Payments IFSC in GIFT City
Zaggle Prepaid Ocean Services Limited has officially incorporated its wholly owned subsidiary, Zaggle Payments IFSC Limited, in GIFT City, Gujarat. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on February 25, 2026. This development follows the company's initial announcement regarding the subsidiary's formation on December 16, 2025. Establishing a presence in GIFT City is a strategic move that may allow Zaggle to expand its financial service offerings and leverage tax-efficient international operations.
Key Highlights
Incorporation of Zaggle Payments IFSC Limited as a 100% wholly owned subsidiary.
Certificate of Incorporation received from the Ministry of Corporate Affairs on February 25, 2026.
Strategic location in GIFT City, Gujarat, to facilitate international financial services.
Follow-up to the initial board approval and intimation dated December 16, 2025.
💼 Action for Investors
Investors should view this as a positive step toward international expansion and operational scaling. Monitor future disclosures regarding the specific business activities and revenue targets for this new GIFT City entity.
Zaggle Q3 FY26: PAT Surges 78% YoY to ₹36 Cr; Revenue Hits ₹498 Cr
Zaggle reported a stellar Q3 FY26 with revenue growing 48% YoY to ₹498 crores and PAT increasing 78% to ₹36 crores. The company has already surpassed its previous full-year profitability within the first nine months of FY26, with 9M PAT reaching ₹95 crores. Strategic acquisitions like Greenedge and Mobileware are showing significant synergy, while the completion of the Rio.money acquisition opens a new monetization pillar targeting 3.7 million users. Management is also expanding internationally into GIFT City and the UAE to drive future growth.
Key Highlights
Quarterly Adjusted EBITDA crossed the ₹50 crore mark for the first time, reaching ₹51 crores (up 63% YoY).
9M FY26 PAT surged 71% YoY to ₹95 crores, already exceeding the entire FY25 profitability levels.
Mobileware (86400) revenue grew to over ₹50 crores YTD FY26 from ₹17 crores in FY24, showing massive scaling.
Completed Rio.money acquisition with a ₹100+ crore capital infusion plan to target ₹500 crore revenue in 4-5 years.
AI integration has reduced product development cycles by over 50%, from 75+ days to under 30 days.
💼 Action for Investors
Investors should maintain a positive outlook given the strong margin expansion and successful integration of acquisitions. The company's entry into the B2C space via ZAGG.money and international expansion into the MENA region provide significant long-term growth catalysts.
Zaggle Fully Utilizes Rs 362.16 Crore IPO Proceeds as of December 2025
Zaggle Prepaid Ocean Services has reported the full utilization of its Rs 362.16 crore net IPO proceeds as of the quarter ended December 31, 2025. The monitoring agency, CARE Ratings, confirmed that the funds were deployed across intended objects including customer acquisition (Rs 300 crore) and technology development (Rs 40 crore). While there were no deviations in the purpose of the funds, the report highlighted significant historical delays in implementation, with debt repayment and general corporate spending delayed by over 600 days compared to the original prospectus timeline. All proceeds are now fully spent, concluding the monitoring phase.
Key Highlights
Total net proceeds of Rs 362.16 crore have been 100% utilized by the end of Q3 FY26.
Rs 300 crore was spent on customer acquisition and retention, representing the largest share of the IPO funds.
Rs 40 crore was deployed for technology and product development, including salary reimbursements for the tech team.
Significant delays were noted in fund deployment, specifically 611 days for debt repayment and 633 days for general corporate purposes.
Monitoring agency CARE Ratings reported zero deviation from the objects of the issue.
💼 Action for Investors
Investors should track if the Rs 300 crore spent on customer acquisition leads to a proportional increase in transaction volumes and revenue in the coming quarters. No further monitoring reports are expected as the IPO funds are now fully exhausted.
Zaggle Q3 FY26 PAT Jumps 77.7% YoY to ₹360 Mn; Revenue Grows 48% to ₹4,976 Mn
Zaggle reported its strongest-ever quarterly performance in Q3 FY26, with revenue growing 47.9% YoY to ₹4,976.3 million. Profitability saw a significant boost as PAT surged 77.7% YoY to ₹359.7 million, while Adjusted EBITDA crossed the ₹500 million milestone for the first time in the company's history. The company is aggressively expanding its footprint through the acquisition of Greenedge and Rio Money, targeting a new ₹5,000 million revenue stream from its 3.7 million user base. Geographically, Zaggle is scaling via GIFT City and a new entity in the UAE to capture the MENA market.
Key Highlights
Q3 FY26 Revenue grew 47.9% YoY to ₹4,976.3 Mn, driven by record program fees exceeding ₹2,000 Mn.
Adjusted EBITDA (before ESOP) rose 62.9% YoY to ₹512.6 Mn, with margins improving to 10.3%.
9M FY26 PAT of ₹950.9 Mn has already surpassed the full-year PAT of FY25.
Acquisition of Rio Money (Zagg.Money) aims to monetize 3.7M+ salaried users with a ₹5,000 Mn revenue target.
Global expansion underway with new subsidiaries established in GIFT City and Abu Dhabi (UAE).
💼 Action for Investors
Investors should note the strong margin expansion and the successful transition from AI vision to execution. The company's aggressive M&A strategy and entry into the UAE market provide significant long-term growth catalysts.
Zaggle Q3 FY26 PAT Surges 77.7% YoY to ₹360 Mn; 9M PAT Exceeds Full-Year FY25
Zaggle reported a robust Q3 FY26 with revenue growing 47.9% YoY to ₹4,976.3 million and PAT jumping 77.7% to ₹359.7 million. The company's 9M FY26 PAT of ₹950.9 million has already surpassed the total PAT for the entire previous fiscal year (FY25). Operational efficiency improved as Adjusted EBITDA margins rose to 10.3% from 9.4% YoY. Strategic moves include the acquisition of Greenedge and expansion into the UAE and GIFT City to bolster global payments.
Key Highlights
Q3 FY26 Revenue grew 47.9% YoY to ₹4,976.3 million, marking the highest-ever quarterly performance.
PAT for 9M FY26 reached ₹950.9 million, already surpassing the full-year FY25 profitability.
Adjusted EBITDA crossed the ₹500 million milestone in Q3, reaching ₹512.6 million with a 10.3% margin.
Program fees reached a historic high, surpassing ₹2,000 million for the first time in the company's history.
Strategic expansion is underway with a new GIFT City subsidiary and planned entry into the UAE/MENA region.
💼 Action for Investors
Investors should view this as a strong growth signal, given the company's ability to scale revenue and expand margins simultaneously. Monitor the integration of Rio Money and the progress of international expansion as key future catalysts.
Zaggle Q3 FY26 Consolidated PAT Jumps 87.7% YoY to ₹370.6M; Revenue Up 56%
Zaggle Prepaid Ocean Services reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 56% YoY to ₹5,255.49 million. Net profit (PAT) surged by 87.7% YoY to ₹370.62 million, reflecting significant operational scaling. The company also achieved a milestone by making Greenedge Enterprises a wholly-owned subsidiary during the quarter. With ₹4,451.80 million in unutilized QIP funds, the company maintains a very strong liquidity position for future growth.
Key Highlights
Consolidated Revenue from Operations rose 56% YoY to ₹5,255.49 million from ₹3,368.87 million.
Consolidated Profit After Tax (PAT) increased 87.7% YoY to ₹370.62 million.
Basic Earnings Per Share (EPS) improved to ₹2.76 compared to ₹1.65 in the year-ago quarter.
Successfully completed the 100% acquisition of Greenedge Enterprises Private Limited on December 5, 2025.
Maintains a strong cash position with ₹4,451.80 million of unutilized QIP proceeds currently in bank deposits.
💼 Action for Investors
The strong YoY growth in both revenue and profitability confirms Zaggle's successful scaling of its fintech platform; investors should monitor the deployment of remaining QIP funds for further strategic acquisitions.
Zaggle Signs Agreement with Rebel Foods to Provide Zaggle Zoyer Platform
Zaggle Prepaid Ocean Services Limited has secured a domestic contract with Rebel Foods Private Limited to provide its Zaggle Zoyer platform. The agreement is scheduled for a duration of one year, marking a significant addition to Zaggle's enterprise client portfolio. While the specific financial consideration was not disclosed in the filing, the partnership with a major food-tech player like Rebel Foods validates the demand for Zaggle's SaaS solutions. This move is expected to strengthen Zaggle's market position in the B2B fintech and spend management space.
Key Highlights
Agreement signed with Rebel Foods Private Limited on February 12, 2026
Zaggle to provide its proprietary 'Zaggle Zoyer' platform to the client
The contract is a domestic order with a defined execution period of 1 year
Transaction is confirmed to be at arm's length with no promoter group interest
💼 Action for Investors
Investors should view this as a positive business development that demonstrates Zaggle's ability to onboard high-profile corporate clients. Monitor future quarterly earnings for the revenue impact of the Zoyer platform's expansion.
Zaggle Secures 3-Year Agreement with Hindware Limited for Propel Reward Platform
Zaggle Prepaid Ocean Services Limited has signed a domestic agreement with Hindware Limited to provide its 'Zaggle Propel' reward platform. The contract is set for a duration of 3 years, marking a significant addition to Zaggle's corporate client portfolio. While the specific financial consideration was not disclosed, the partnership reinforces Zaggle's market position in the B2B SaaS and rewards space. The transaction is confirmed to be at arm's length with no promoter group interest involved.
Key Highlights
Execution of a 3-year agreement with Hindware Limited for reward platform services.
Deployment of the 'Zaggle Propel' platform to manage Hindware's reward programs.
The contract is domestic and involves no related party transactions.
Strengthens Zaggle's footprint in the corporate incentives and SaaS ecosystem.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's client acquisition strategy. Monitor for future disclosures regarding the financial impact of this contract on the company's recurring revenue.
Zaggle Signs 5-Year Partnership with Euronet for Co-Branded Prepaid Card Solutions
Zaggle Prepaid Ocean Services has entered into a strategic 5-year agreement with Euronet Services India Private Limited. The partnership involves launching co-branded prepaid card solutions integrated with Zaggle's proprietary spend management platform. This collaboration aims to enhance enterprise spending control and automated expense management for corporate clients. By leveraging Euronet's infrastructure, Zaggle expects to significantly scale its SaaS offerings and expand its market reach in the prepaid card segment.
Key Highlights
Execution of a 5-year co-branding partnership agreement with Euronet Services India Private Limited.
Integration of prepaid cards with Zaggle's spend management platform for real-time visibility.
Strategic focus on scaling SaaS revenue and increasing market penetration in the corporate spending sector.
The agreement is with a domestic entity and does not involve any related party transactions.
💼 Action for Investors
Investors should view this as a positive growth catalyst that strengthens Zaggle's fintech ecosystem. Monitor the company's upcoming quarterly results for improvements in SaaS-based revenue and active card user growth.
Zaggle Partners with Dr Batras' to Provide Zoyer Platform Services
Zaggle Prepaid Ocean Services Limited has entered into a domestic agreement with Dr Batras' Positive Health Clinic Private Limited. Under this contract, Zaggle will provide its proprietary 'Zaggle Zoyer' platform to manage the client's business spend and accounts payable. The agreement is open-ended and will remain effective until terminated by either party as per the contract terms. This partnership demonstrates Zaggle's continued expansion into the healthcare and wellness sector for its SaaS-based spend management solutions.
Key Highlights
Agreement signed with Dr Batras' Positive Health Clinic Private Limited for platform deployment.
Zaggle will provide its 'Zaggle Zoyer' platform for spend management and automation.
The contract is a domestic engagement with no fixed expiration date, continuing until terminated.
The transaction is confirmed to be at arm's length with no promoter or group company interest.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's client acquisition strategy for its high-margin SaaS platforms. Monitor future quarterly earnings to see the cumulative impact of such platform integrations on the company's recurring revenue.
Zaggle Partners with Aye Finance for Employee Mobile Leasing Program
Zaggle Prepaid Ocean Services Limited has entered into a domestic agreement with Aye Finance Limited on January 30, 2026. Under this contract, Zaggle will provide its Employee Purchase Programme to facilitate the procurement and leasing of mobile phones for Aye Finance employees. The agreement is open-ended and will remain effective until terminated as per the contract terms. This partnership highlights Zaggle's expanding footprint in the corporate employee benefits and fintech solutions space.
Key Highlights
Agreement signed with Aye Finance Limited for employee mobile leasing services
Service delivered through Zaggle's specialized Employee Purchase Programme
Domestic contract with no fixed end date, effective until terminated
Promoters and group companies have no interest in the awarding entity
Transaction is conducted at arm's length and is not a related party transaction
💼 Action for Investors
Investors should view this as a positive step in Zaggle's B2B2E growth strategy. While the specific contract value is not disclosed, continued client acquisition in the employee benefits segment strengthens the company's market position.
Zaggle Signs 3-Year Agreement with Hexalog Technologies for Employee Purchase Programme
Zaggle Prepaid Ocean Services Limited has secured a domestic agreement with Hexalog Technologies Private Limited to provide mobile phone procurement and leasing facilities. The contract is set for a duration of 3 years and will be executed under Zaggle's Employee Purchase Programme. This partnership highlights Zaggle's ability to cross-sell specialized financial services to corporate clients beyond its core expense management platform. While the specific contract value is not disclosed, the multi-year tenure provides steady revenue visibility for this service segment.
Key Highlights
3-year agreement signed with Hexalog Technologies Private Limited for employee device leasing
Service involves procurement and leasing of mobile phones under Zaggle’s Employee Purchase Programme
Domestic contract with no involvement of promoter group or related party transactions
Strengthens Zaggle's footprint in the corporate employee benefits and fintech services space
💼 Action for Investors
Investors should view this as a positive step in Zaggle's strategy to diversify its service offerings and deepen corporate relationships. Monitor the company's ability to scale this 'Employee Purchase Programme' across its existing client base for higher margins.
Zaggle Secures 5-Year Agreement with IRM Energy for Fleet Program
Zaggle Prepaid Ocean Services Limited has entered into a domestic agreement with IRM Energy Limited to provide its specialized Zaggle Fleet Program. The contract is established for a duration of 5 years, ensuring a long-term service relationship and revenue visibility. This partnership highlights Zaggle's ability to scale its fintech solutions within the energy sector. While the specific financial value was not disclosed, the multi-year nature of the deal is a positive indicator of business growth.
Key Highlights
Execution of a 5-year domestic agreement with IRM Energy Limited.
Provision of the 'Zaggle Fleet Program' for corporate fleet management and expenses.
The contract is a domestic order with no promoter or related party interest involved.
Strengthens Zaggle's market position in the corporate prepaid and expense management space.
💼 Action for Investors
Investors should view this as a positive step in Zaggle's B2B expansion strategy, providing steady service-based revenue over the next five years. Monitor upcoming quarterly results for the impact of such fleet management contracts on overall margins.