India's Zaggle Prepaid Ocean Services ties up with Hero MotoCorp

Hyderabad-based B2B SaaS fintech firm Zaggle Prepaid Ocean Services has announced a deal with Hero MotoCorp.

Under the deal, Zaggle will offer its advanced expense management and benefits platform, Zaggle Save, to Hero MotoCorp employees.

The platform is designed to streamline and optimize the management of employee expenses and benefits, increasing efficiency and transparency within the organization.

The agreement will come into effect on July 4, 2024, and will remain valid until mutually terminated by both parties.

Financial Performance of Zaggle Prepaid Ocean Services

Zaggle Prepaid Ocean Services has shown strong financial performance recently. For the quarter ended March 31, 2024, the company reported a 46.3% year-on-year growth in revenue from operations to Rs 273.37 crore compared to Rs 186.85 crore in the same quarter last year.

The company's profit after tax (PAT) more than doubled to Rs 19.16 crore in the fourth quarter of FY 2024. On a yearly basis, the company's revenue from operations grew by 40% in FY 2024, and PAT grew by 92%.

EBITDA for Q4FY24 grew 53.9% year-on-year to Rs 27.22 crore, with EBITDA margin expanding to 10% from 9.5% in the previous year.

Zaggle Founder and Executive Chairman Raj Narayanan said the company has doubled its revenue in the last three years and is set to double it again in the next two years through organic growth.

“Our revenue growth expectation for this financial year is 45%-55%. We are focused on gaining greater market share and making significant investments in technology, especially building deep AI capabilities to meet the massive demand for expense management solutions,” he added.

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