Thu Sep 12 09:51:55 UTC 2024: ## Zaggle Stock Hits Record High, Market Cap Surpasses $636 Million
**New Delhi, September 12:** Fintech SaaS startup Zaggle saw its shares surge over 8% in intraday trading today, reaching a record high of INR 444 apiece on the BSE. The stock has been on a tear since its market debut in September 2023, skyrocketing over 149% from its initial listing price of INR 164 per share.
This strong performance has pushed Zaggle’s market capitalization to an impressive INR 5,349 crore (around $636.9 million). The stock hit its record high for the second consecutive session after gaining over 14% on September 11.
The increased buying interest in Zaggle’s stock follows its recent deal with HDFC Ergo, where the company will provide its Zaggle Propel reward platform to the insurance company’s employees.
Zaggle, founded in 2011 by Raj Phani, provides a spend management and corporate employee benefits platform. The company helps businesses automate their accounts and issues prepaid cards, in partnership with banks, to reward employees with incentives and gifts.
The company has been aggressively expanding its client base, adding notable names like Blue Star, Hero MotoCorp, and Visa in the past year. Zaggle also recently signed deals with Blue Star for its employee expense management offering, Zaggle Save, and with Hero MotoCorp to offer its employee expense management platform.
In October 2022, Zaggle received a $20 million order from Visa for making prepaid forex cards. The company is also diversifying its offerings and partnered with the Open Network for Digital Commerce (ONDC) last month to facilitate the issuance of prepaid payment instruments to ONDC customers.
Zaggle’s strong financial performance further contributes to the positive sentiment surrounding the company. In Q1 FY25, its consolidated profit after tax (PAT) surged 716% year-on-year (YoY) to INR 16.73 crore, while operating revenue jumped 113% YoY to INR 252.2 crore.
The stock, however, shed some of its gains later in the day, trading 6% higher at INR 434.9 apiece on the BSE at 1:50 PM. Nevertheless, Zaggle’s strong performance continues to highlight the potential of the fintech and SaaS sector in India.
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