Zaggle Prepaid Ocean Services shares surge 12% to 52-week high on Benetton India agreement

Zaggle Prepaid Ocean Services witnessed a remarkable surge of 12%, reaching a 52-week high, following the announcement of signing a customer service agreement with Benetton India.

Under the agreement, Zaggle Prepaid will provide Benetton India with its Zaggle Save proposition, an employee benefits and expense management platform. The customer service agreement, effective from February 22, 2024, will remain in force until the termination of the agreement, as per mutually agreed terms.

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Zaggle Prepaid Ocean Services is a leading provider of financial technology (fintech) products and services, offering prepaid cards and a suite of software as a service (SaaS) solutions, including tax and payroll software. The company has built a robust portfolio with a broad touchpoint reach.

The company’s stellar performance was reflected in its standalone net profit, which surged to Rs 15.22 crore during the last quarter, a significant increase from Rs 1.49 crore posted in Q3 FY23. Moreover, revenue from operations witnessed a remarkable growth of 35.12% year on year, reaching Rs 199.51 crore in the quarter ended December 31, 2023.

As of 11:17 am, Zaggle Prepaid Ocean Services shares continued their upward trajectory, trading 11.92% higher at ₹321.10, underscoring investor confidence and optimism in the company’s prospects.