Zaggle's Impressive Profit Surge and Strategic Expansion Plans

SaaS fintech company Zaggle Prepaid Ocean Services tripled its net profit to Rs 20.3 crore in the September quarter, significantly up from Rs 7.62 crore a year ago. The firm is pursuing strategic alliances and M&A opportunities, aiming for a substantial growth in revenues over the next two years.

Zaggle Prepaid Ocean Services, a prominent player in the SaaS fintech world, reported a remarkable three-fold increase in net profit for the September quarter. The company achieved a profit of Rs 20.3 crore, compared to Rs 7.62 crore in the same period last year.

The firm saw its revenue from operations soar to Rs 302.5 crore, marking a 64.22% jump from the previous year. This robust growth aligns with Zaggle's strategy to seek strategic partnerships and pursue mergers and acquisitions within the SaaS fintech sector.

Founder Raj P Narayanam announced plans for a substantial fundraiser, pending board and shareholder approval, as Zaggle aims to double its FY24 revenues by FY26. Despite the positive financial outlook, shares closed at Rs 410.70 on the BSE, a 4.27% decline from the prior session.

(With inputs from agencies.)