Zaggle Prepaid Ocean Services Limited — Updates, 07-02-2025: Press Release

Zaggle Prepaid Ocean Services Limited has reported a robust performance for the quarter and nine months ended December 31, 2024, achieving a record revenue of INR 3,364 Mn, marking a 69% year-on-year growth. This growth was driven by a 54% increase in program fees due to an expanded portfolio of prepaid and credit cards and an exceptional 86% rise in propel revenue, bolstered by increased festive spend. Adjusted EBITDA reached INR 315 Mn, a 38% increase, with margins at 9.4%. Net profit rose by 33% to INR 202 Mn.

Key strategic moves included the successful completion of a QIP raising INR 5,950 Mn and the signing of a three-year partnership with HDFC Bank to enhance credit card offerings. Additionally, Zaggle entered a long-term referral partnership with Mastercard, aiming to broaden market reach. The company has expanded its customer base to over 3,300 clients, with contracts secured with major brands like BigBasket and Mahindra First Choice Wheels. For FY25, Zaggle anticipates a compelling top line growth of 58-63%, capitalizing on both organic and inorganic expansion opportunities. Positive outlook ahead as the company strengthens its market position.