Target: ₹520
CMP: ₹344.75
Zaggle Prepaid Ocean Services, a domestic SaaS-fintech platform, is focused on helping businesses streamline their spending in areas such as employee reimbursements, vendor payments, and channel partner incentives. Established in 2011, Zaggle has transitioned from a corporate gifting service to a comprehensive enterprise spend management solution.
Key offerings such as Save, Propel, and Zoyer empower companies to automate and monitor their expenditures, while recent product launches enhance analytics and international payment options. The company’s customer acquisition strategy is robust, having formed partnerships with 19 banks and major card networks. Zaggle has successfully issued over 50 million prepaid cards to more than 3,550 corporate clients, boasting approximately 3.3 million active users. The company operates on an asset-light model, which contributes to high customer retention.
Zaggle’s revenue model includes SaaS subscription fees, interchange income, and merchant commissions. With an increasing focus on cross-selling through ecosystem integration, a growing acceptance of digital spending tools, and a strong client portfolio, Zaggle is well-positioned to capitalize on the ongoing formalization of business expenditures in India.
Coverage on Zaggle is initiated with a “Buy” rating and a target price of ₹520 by September 2026. This valuation is based on a 30 times multiple of the estimated EPS for September 2027, which is considered slightly conservative compared to other B2B internet firms, particularly in light of recent margin fluctuations and increased working capital requirements for Propel.
Published on October 14, 2025.
