India’s Zaggle Prepaid Ocean Services signs deal with Hero MotoCorp

Hyderabad-based B2B SaaS fintech firm Zaggle Prepaid Ocean Services  has announced an agreement with Hero MotoCorp.

Under this deal, Zaggle will provide Hero MotoCorp’s employees with its advanced expenses management and benefits platform, Zaggle Save.

The platform is designed to streamline and optimize the management of employee expenses and benefits, enhancing efficiency and transparency within the organization.

The agreement came into effect on July 4, 2024, and will be valid until mutually terminated by both parties.

Zaggle Prepaid Ocean Services’ financial performance

Zaggle Prepaid Ocean Services has shown strong financial performance recently. For the quarter ending March 31, 2024, the company reported a 46.3% year-on-year increase in revenue from operations to Rs 273.37 crore, compared to Rs 186.85 crore in the same quarter the previous year.

The company’s profit after tax (PAT) more than doubled to Rs 19.16 crore in Q4FY24. On an annual basis, the company’s revenue from operations grew by 40% in FY24, and PAT surged by 92%.

The EBITDA for Q4FY24 rose 53.9% year-on-year to Rs 27.22 crore, with the EBITDA margin expanding to 10% from 9.5% in the previous year.

Raj Narayanam, founder and executive chairman of Zaggle, mentioned that the company has doubled its revenue over the last three years and is poised to double it again over the next two years through organic growth.

“Our expectation of revenue growth for this fiscal year is to the tune of 45%-55%. We are focused on garnering more market share and making significant investments in technology, specifically building deeper AI capabilities to cater to the massive demand for spend management solutions,” he said.