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As part of the deal, Zaggle would provide Mahindra First Choice Wheels Limited, the Zaggle Propel reward platform, the company said in an exchange filing on December 2.
The domestic agreement is a ‘Propel Service Agreement’. The time period for the execution of the said contract is one year.
Shares of Zaggle Prepaid Ocean Services Ltd slipped nearly 5% to an intraday low of ₹543.05 apiece on the BSE on Friday.
Earlier this month, Zaggle Prepaid announced a Qualified Institutional Placement (QIP) with an issue size of ₹450 crore and an upsize option of up to ₹750 crore.
The indicative price for the QIP has been fixed at ₹523.2 per share, reflecting a 6.75% discount to the current market price (CMP) and a 5% discount on the SEBI floor price. The fundraising is expected to result in an equity dilution of approximately 10.5%.
The QIP initiative aims at bolstering the company’s capital base while supporting its inorganic growth and strategic investments.
Founded in 2011 by Raj Narayanam, Zaggle specialises in spend management solutions and corporate employee benefits platforms. As of September 2024, the company claims to have issued 50 million prepaid cards, catering to over 3.03 million users.
In an interaction with CNBC-TV18 on November 17, Avinash Godkhindi, the MD and CEO of Zaggle, mentioned that the company is looking at a growth rate between 55% to 60% for the financial year 2025 and that margins will range between 9% to 10%.
Shares of Zaggle Prepaid Ocean Services traded 4.66% lower at ₹543.05 per piece on the BSE at 1:12 pm. The stock has shed nearly 9% from its 52-week high of ₹597 per share, recorded on December 17.
(Edited by : Poonam Behura)
