B2B Opportunities: Zaggle's Shares Surge Following HDFC ERGO Order
B2B Market Overview
Shares of fintech SaaS startup Zaggle surged as much as 6.2% during the intraday trade to reach INR 372.70 on the BSE on Tuesday (September 10), following an announcement regarding a new order from HDFC ERGO General Insurance Company. Despite paring some gains, shares closed the session 4.6% higher at INR 367.10. Zaggle’s market capitalisation stood at INR 4,500 Cr at the day’s end.
New Strategic Alliances
In an exchange filing on Monday, Zaggle announced it has entered into a service agreement with HDFC ERGO to provide the Zaggle Propel reward platform until August 31, 2025. This platform enables companies to reward their employees and channel partners effectively, featuring customizable programs, peer-to-peer rewards with custom badges, real-time visibility, automated rewards mechanisms, and various other engagement tools.
- Founded in 2011, Zaggle specializes in spend management and corporate benefits.
- Recent partners include Blue Star and Hero MotoCorp.
- Zaggle received a $20 Mn order from Visa last October.
Financial Growth
On the financial front, Zaggle’s consolidated profit after tax (PAT) soared 716% year-on-year to INR 16.73 Cr in Q1 FY25, with operating revenue jumping 113% YoY to INR 252.2 Cr during the quarter.
As Zaggle continues to expand its offerings, including its recent partnership with ONDC for prepaid payment instruments, the future looks bright for the fintech sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.