A notable 54% rise in program fees resulting from an expanded portfolio of prepaid and credit cards along with rise in clients spending
FinTech BizNews Service
Mumbai, February 7, 2025: Zaggle Prepaid Ocean Services Limited, a SaaS fintech player which provides spend management products and solutions, has announced its unaudited Financial Results for the quarter & nine months ended December 31, 2024.
Highlights Q3 & 9MFY25:
The YoY growth in the topline is attributed to:
o A notable 54% rise in program fees resulting from an expanded portfolio of
prepaid and credit cards along with rise in clients spending
o Strong 86% growth in the propel revenue platform, fueled by increased
redemptions on account of festive season
The rise in employee costs is primarily due to an expanded workforce aimed at
supporting business growth
The increase in incentives, cash-back expenses, and operational expenditures aligns with
the overall expansion of the business
The total ESOP expenses in FY25 are expected to be approx. INR 95 Mn to 100 Mn
Commenting on the performance Raj P Narayanam, Founder and Executive Chairman,
Zaggle Prepaid Ocean Services Limited said,
“This has been a milestone quarter for us with our highest ever quarterly & nine monthly
performance, in terms of Revenue, Adjusted EBITDA and PAT.
During Q3FY25, the company delivered a topline of INR 3,364 Mn, growing by 69% YoY basis,
adjusted EBITDA of INR 315 Mn, increasing by 38% compared to Q3FY24. The Adjusted EBITDA
margins stood at 9.4%. The PAT increased by 33% YoY to INR 202 Mn.
We successfully completed of our QIP of Rs. 5,950 Mn in line with our growth strategy of inorganic
expansion.
With respect to strategic collaborations, we signed a 3-year partnership with the largest private
bank in India, HDFC Bank, to provide the credit card solution. Additionally, we stitched a long-term
referral partnership program with Mastercard, which will extend our reach in the market.
Banking on our comprehensive product portfolio, we expanded our customer base to 3,300+ and
signed contracts with several major brands including Blinkit, CanFin homes, BigBasket, Mumbai
Metro One, Mahindra First Choice Wheels, and Hitachi India.
For FY25, we are confident of achieving a 58-63% growth in our top line. We are also evaluating
inorganic growth opportunities to expedite this growth and the discussions are at advanced
stages.”
