Shares of Zaggle Prepaid were higher by 5% on December 9, after the company said it will be offering HDFC Credit cards bundled with Zaggle Software to corporate customers across industries.
The arrangement is for three years for both domestic as well as international clients of Zaggle Prepaid, said the financial solutions and products company.
During the second quarter, the company clocked a revenue of Rs 302.6 crore, higher by 64% compared to a year ago, and raised its guidance to 50-55% topline growth for FY25.
Zaggle has quoted industry reports that cite the global spend management market expanding at 10.2% annually, while the domestic market is estimated to expand at a CAGR of 15.5%. US remains a key opportunity for Zaggle, said the company, with strong customer demand for its products.
It recently acquired TaxSpanner, which allows Zaggle to add tax services to its products and has the board approval for an investment in Mobileware Technologies, a payment infrastructure company.
The company has on boarded brands like HDFC Ergo, Baroda BNP Paribas AMC and Blue Star during the second quarter.
"We are strongly focusing on M&A with a combined strategy of small tuck- ins and larger investment opportunities. We are actively seeking opportunities in the fintech sector, including
areas like NBFC, payments, SaaS, etc," Zaggle said during its earnings call in November. The company's focus has been to expand by tapping into newer profit pools, increase its customer base.
The company already has an approval for a fund raise of up to Rs 950 crore, subject to shareholders' approval.
In the last one month, Zaggle shares have risen by 26%. Since its listing in September 2023, the shares have grown by 2-1/2 times.
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