Zaggle builds financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows. Headquartered in Hyderabad, it operates at the intersection of SaaS (Software as a Service) and Fintech. Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and a diversified user base. The company operates in the business-to-business-to-customer (B2B2C) segment.
The company has established itself as a comprehensive fintech platform that bridges the gap between traditional financial services and modern technology solutions. Zaggle Prepaid Ocean Services Limited builds financial products and solutions to manage the business expenses of corporates, small and medium-sized enterprises, and startups through automated workflows. It operates Propel, a corporate software-as-a-service (SaaS) platform for channel rewards and incentives, employee rewards, and recognition; and Save, a SaaS-based platform and a mobile application to offer expense management solutions for business spend management, facilitating digitized employee reimbursements and tax benefits.
The Company's core product portfolio includes Zoyer, Save, Propel, CEMS, and Zaggle Payroll Card. The company has diversified its offerings to create a comprehensive suite of financial and operational solutions for businesses of all sizes.
It is one of the largest issuers of prepaid cards in India in partnership with its banking partners. Additionally, the company has a diversified portfolio of software as a service (SaaS) products, including tax and payroll software, and a wide touchpoint reach.
- Market Cap: ₹ 5,674 Cr (as of July 2025)
- Promoter Holding: Increased to 44.21% as of March 2025 from 43.88% as of September 2024. Promoter holding has increased by 4.12% over the last quarter.
- Debt: The company has maintained a strong financial position with minimal debt burden and is almost debt-free. The company has a reasonable debt-to-equity ratio of 3%, signaling a healthy balance sheet.
- Consolidated Net Profit: Increased by 62.5% to ₹ 31.14 crore.
- Net Sales: Increased by 50.8% to ₹ 412.11 crore.
- Profit Before Tax (PBT): Increased by 62.2% YoY to ₹ 42.11 crore.
- Reported EBITDA: ₹ 36.65 crore (growth of 34.6% YoY).
- Reported EBITDA Margin: Reduced to 8.9% from 10% in Q4 FY24.
- Standalone Net Profit: Increased by 98.7% to ₹ 87.48 crore.
- Revenue from Operations: Jumped by 68% to ₹ 1,302.65 crore.
- FY25 revenues surpassed guidance, crossing the ₹ 1,300 crore mark.
- Consolidated Net Profit: Surged by 29.8% to ₹ 19.75 crore (compared to ₹ 15.22 crore in the previous corresponding quarter).
- Revenue from Operations: Zoomed by 68.9% YoY to ₹ 336.89 crore.
- Strategic Agreements:
- Signed a 3-year contract with Apollo for employee expense management services.
- Signed a 5-year agreement to provide employee expense management services to DTDC Express.
- Awards: Received 'Fintech Brand of the Year' award at BW Businessworld Fintech Awards 2025, underscoring its leadership in the fintech space.
- Revenue Growth Target: Targeting standalone revenue growth between 35% to 40%.
- Consolidated Growth Potential: Potential for around 80% consolidated growth if planned acquisitions are completed before September.
- EBITDA Margin Guidance: Upping standalone Adjusted EBITDA margin guidance to 10% to 11% (from 9-10% for FY25). This is a step towards the long-term objective of achieving an EBITDA margin of 12% to 15% over the next three to four years, with FY26 being a key year for this goal.
- Product Expansion: Strategic focus on expanding its suite of products and services to create a comprehensive spend management ecosystem.
- Commitment to Profitability: Emphasizing a commitment to sustainable growth and profitability, despite increased expenses in sales and marketing.
- Future Opportunities: Optimistic about future opportunities, particularly through strategic acquisitions and innovative solutions like the ZUGS program aimed at assisting low-income workers.
- Recommendation: 100% of analysts recommend a 'BUY' rating.
- Average Target Price: ₹ 635, representing a potential upside of 44.43% compared to the current price of ₹ 439.65.
Zaggle Prepaid Ocean Services represents a unique proposition in the Indian fintech landscape, combining traditional financial services with cutting-edge technology to address the evolving needs of modern businesses. With its strong market position, diversified product portfolio, and ambitious growth plans, the company is well-positioned to capitalize on the growing demand for digital financial solutions in India.
