Zaggle Inks Pact to Offer SaaS Solutions to Zepto
- ByStartupStory | January 9, 2025
Listed fintech SaaS company Zaggle has announced a strategic partnership with quick-commerce giant Zepto’s parent company, KiranaKart Technologies. As part of the agreement, Zaggle will provide two of its flagship SaaS solutions: Zaggle Zoyer Petty Cash and Zaggle Save, to streamline expense and employee benefit management for KiranaKart.
In an exchange filing, Zaggle stated,“.. this is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with KiranaKart Technologies Private Limited.”
Key Offerings
Zaggle Zoyer Petty Cash is a specialized platform that simplifies managing minor business expenses by automating processes. It offers features like real-time tracking, prevention of cash leakage, pre-checking of expenses, and enhanced control and transparency.
Zaggle Save, on the other hand, is designed to optimize employee benefits and tax savings. It provides employers with tools to manage allowances such as meal cards and fuel cards using a single integrated platform while enabling employees to access flexible benefit plans.
Strengthening Zaggle’s Growth
The partnership with Zepto is set to bolster Zaggle’s client portfolio by adding a prominent homegrown player to its roster. This collaboration is expected to positively impact Zaggle’s order book and further solidify its presence in the fintech SaaS ecosystem.
The announcement comes shortly after Zaggle raised INR 594.84 Cr through a Qualified Institutional Placement (QIP) last month. The funds were raised by issuing 1.13 Cr equity shares to institutional investors.
Additionally, Zaggle has been on an acquisition spree. In September 2024, it acquired a 26% stake in Mobileware Technologies for INR 15.6 Cr. The company is also reportedly planning three acquisitions and investments by March 2025, as per Inc42.
Financial Milestones
Zaggle has shown remarkable financial growth in the second quarter (Q2) of FY25. Its consolidated net profit surged 167.67% to INR 20.29 Cr, compared to INR 7.58 Cr in the same period last year. The operating revenue also jumped 64.21% to INR 302.55 Cr in Q2 FY25, up from INR 184.24 Cr in Q2 FY24.
Market Performance
Despite the positive developments, shares of Zaggle closed the trading session on January 8, 2025, 2.47% lower at INR 532.25 on the BSE.
About Zaggle
Founded in 2011 by Raj Narayanam, Zaggle offers a comprehensive suite of SaaS-based solutions that help businesses automate accounts, manage employee benefits, and streamline tax and payroll processes. Its platforms aim to enhance operational efficiency while ensuring robust financial management.
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