Agreement Between Zaggle and Skydo for Cross-Border Payments

On June 13, 2024, Zaggle Prepaid Ocean Services Limited (Zaggle) entered into an agreement with Skydo Technologies Private Limited.

Under this service agreement, Skydo Technologies will provide cross-border payment capabilities to Zaggle’s corporate customers. The contract, awarded by a domestic entity, will begin on June 13, 2024, and will continue until terminated based on mutually agreed-upon terms. The promoter or promoter group has no interest in the awarding entity, and the agreement does not fall within related party transactions.

Skydo Technologies Pvt. Ltd is a private company incorporated on March 4, 2022, making it two years old. The company operates in the Information Technology industry under Skydo and provides a fintech platform for international foreign exchange remittances.

Zaggle’s Financial Highlights

Zaggle’s third-quarter financial results for FY 2024 showed significant growth, with a 92.7% increase in net profit to ₹19.5 crore from ₹10.1 crore in the same period last year. Adjusted operating profit (EBITDA) also rose by 56.4% to ₹22.86 crore compared to ₹14.62 crore a year earlier.

The company achieved its highest-ever quarterly revenue of ₹199.5 crore for the October-December 2023-24 period, marking a 35.1% growth over ₹147 crore in the corresponding period last year.

About Zaggle Prepaid Ocean Services Ltd

Zaggle Prepaid Ocean Services Ltd started as Zaggle Prepaid Ocean Services Private Limited in Hyderabad on June 2, 2011. It later became a public limited company on August 22, 2022, and changed its name to Zaggle Prepaid Ocean Services Limited on September 13, 2022, with a new certificate of incorporation. The company operates in the fintech sector, specifically in B2B2C services, specialising in spend management. It has a substantial presence in prepaid cards issued in India through partnerships with banks, diverse SaaS offerings such as tax and payroll software, and a broad customer reach.

Recently, Zaggle Prepaid Ocean Services Ltd partnered with Expleo Solutions Ltd to offer its expense management platform and employee benefits to Expleo Solutions’ staff.

On June 14, 2024, the share price of Zaggle Prepaid Ocean Services Limited opened at ₹301.50, touching the day’s highest price of ₹301.60 as of 01:17 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.