Zaggle Prepaid Ocean Services Hits Upper Circuit; Enters Into an Agreement with Mastercard

Zaggle Prepaid Ocean Services, a leading player in the fintech and prepaid card sectors, has recently announced a strategic alliance with Mastercard. This partnership aims to revolutionize the way businesses and individuals manage payments, offering a seamless, secure, and innovative experience. This blog delves into the significance of this collaboration, the opportunities it creates, and its potential impact on the payment ecosystem.

Zaggle Prepaid Partnered with Mastercard

Zaggle Prepaid has initiated a seven-year referral collaboration with MasterCard, starting on November 26, 2024. As part of this partnership, MasterCard will endorse Zaggle’s SaaS platform, payment solutions, and card offerings to corporate customers and ecosystem participants.

Avinash Godkhindi, the MD and CEO of Zaggle, Stated

Avinash Godkhindi, MD and CEO of Zaggle stated, “This collaboration is with MasterCard India, focusing on our software and payment products aimed at corporate clients and other entities within MasterCard’s ecosystem, including banks and various fintech companies, both in India and globally.”

Godkhindi highlighted that MasterCard frequently receives inquiries from corporate customers looking for solutions related to expense management, rewards programs, and vendor payments. To address these needs, MasterCard was in search of a dependable partner with a strong, high-quality platform. After a thorough assessment of Zaggle’s capabilities, the partnership was formed to align these corporate demands with Zaggle’s solutions, establishing the company as a crucial ally in meeting such needs across different markets.

Zaggle Raises Rs. 950 Crore Through a Combination of Debt and Equity

Godkhindi outlined Zaggle’s plan to raise up to Rs. 950 crore through a mix of debt and equity, a strategy that has already been approved by the board. The company expects to obtain final approval from shareholders by early December. This fundraising effort aims to support the company’s growth in both India and internationally, employing a combination of organic and inorganic strategies. 

Moreover, Godkhindi highlighted that discussions are actively underway regarding potential opportunities for inorganic growth, particularly within the spend management sector.

Zaggle Growth Rate Projection and Stock Reaches Upper Circuit

The company expects a growth rate of 55-60% in FY25, with margins ranging from 9-10%. The company, which has a market capitalisation of Rs. 6,026 crore, has seen its shares rise by 99% in the last year. Zaggle Prepaid Ocean Services Ltd. (Zaggle) stocks reached an intraday high of Rs. 490.85 per share. 

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.