Shares of SaaS fintech company Zaggle surged as much as 5.2% to INR 373.40 apiece during the early trading hours on the BSE today.
However, the stock pared some of the gains and was up 1.5% at INR 360.30 on the BSE at 12:45. The company’s market capitalisation stood at INR 4,837 Cr (about $544 Mn) at the time.
The rally came after Zaggle announced partnerships with AU Small Finance Bank (AU SFB) for co-branded retail credit card, co-branded prepaid card, and commercial card, and with Mastercard for co-branded domestic prepaid cards.
Under the partnership with AU SFB, Zaggle will launch co-branded prepaid cards, powered by Zaggle Platform, to automate employee rewards, benefits, expenses and reimbursements. It will also launch co-branded retail credit cards powered by personalised recommendation engine and TPAP integration and commercial cards.
Meanwhile, the partnership with Mastercard will help Zaggle launch and promote co-branded domestic prepaid cards on the former’s network.
Zaggle already has multiple banking and card network partnerships with Yes Bank, NSDL Payments Bank, among others, for prepaid and cobranded card solutions.
Founded in 2011 by Raj Narayanam, Zaggle provides expenses, payments, and corporate employee benefits solutions to enterprises. It offers a range of SaaS products, such as Zaggle Save for managing expenses and rewards, Zaggle EMS for expense management, and Zaggle Propel for employee rewards and incentives.
In July this year, it announced acquisition of fintech startup Rio.Money for INR 22 Cr to enter the consumer credit card market.
On the financial front, the company’s net profit rose 56% YoY to INR 26.1 Cr in Q1 FY26. Operating revenue zoomed 32% YoY to INR 332 Cr.
However, the company’s shares have largely remained in a corrective phase this year, mirroring the Nifty IT index’s 18% year-to-date fall compared to a 6% gain in the Nifty 50. Shares of Zaggle shares have delivered a negative return of about 34% year to date. The stock has declined about 12% over the last month.
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