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"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"
Zaggle Prepaid Ocean Services a Hyderabad-based B2B SaaS fintech company, has made a deal with the Hero MotoCorp.
According to the agreement, Zaggle will provide the employees of Hero MotoCorp with the Zaggle Save platform. This platform will help in managing and optimizing, how the employees handle their expenses and benefits. This aims to make the process more efficient and transparent within Hero MotoCorp.
The deal started on July 4, 2024, and will continue until both companies mutually agree to end it.
Zaggle has previously shown a strong financial performance. For the quarter ending March 31, 2024, they reported a 46.3% increase in their revenue operations compared to same quarter last year, reaching Rs 273.37 crore from Rs 186.85 crore.
Raj Narayanam, the founder and executive chairman of Zaggle, mentioned that the company has doubled its revenue over the last three years and aims to double it again in 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.
Their profit after tax (PAT) more than doubled to Rs 19.16 crore in Q4FY24. On an annual basis, their revenue grew by 40% in FY24, and PAT increased by 92%. In Q4FY24, their EBITDA rose by 53.9% year-on-year to Rs 27.22 crore, with the EBITDA margin expanding to 10% from 9.5% the previous year.
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