Zaggle Prepaid Ocean Services Limited — Credit Ratings, 17-07-2025: Credit Rating- New

CARE Ratings has assigned a 'CARE A-; Stable' rating to Zaggle's ₹100 Cr long-term bank facilities. This strong initial rating reflects Zaggle's established market presence in digital expense management and impressive revenue growth, with Total Operating Income hitting ₹1,302.65 Cr in FY25. The company boasts a robust financial health, featuring a very low overall gearing of 0.01x and strong interest coverage of 15.09x, supported by substantial cash reserves of ₹653.14 Cr and recent equity infusion. Although facing moderate profitability margins and risks from acquisitions and regulatory changes, its diversified offerings and strong liquidity position mitigate these. This rating should enhance investor perception and offer significant strategic operational room, potentially lowering future borrowing costs.