Zaggle Prepaid Ocean Services Limited, a SaaS fintech player that provides spend management products and solutions, has posted a net profit of ₹16.72 crore in the first quarter ended June 30, 2024, as against ₹2.06 crore in the same quarter last year.

The revenue from operations stood at ₹252.21 crore in the quarter as against ₹118.48 crore in the comparable quarter last year.

“For the financial year, we project a revenue growth of 45-55 per cent over the last year’s revenue,” Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services Limited, said.

“We began the year on a strong footing, achieving a revenue of ₹252.21 crore, more than double the revenue in the same quarter last year. The growth is largely led by strong demand for Zoyer and Credit card bundled solution,” he said.

“We recently added customers with a large user-base including a leading two-wheeler OEM (original equipment manufacturers), and an insurance company. Through our recent partnership with Skydo, we will integrate Skydo’s international inward remittance platform with our Zoyer solution to provide an integrated value proposition to corporate clients,” he said.

Acquisition plans

Stating that the company was looking at opportunities in growing inorganically, he said the company focussed on inorganic growth opportunities in the Spend Management space to enhance the company’s leadership position.

“We are actively exploring complementary inorganic expansion opportunities and will provide updates as positive developments occur. These potential acquisitions would help Zaggle to scale faster,” he said.

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