Hot Pursuit
Zaggle Prepaid Ocean Services said that it has agreed to acquire 100% stake in Greenedge Enterprises for total consideration of Rs 27 crore.
Greenedge Enterprises operates as a solution provider for golf travel, experiences, and access-based rewards. Its turnover was Rs 19.82 crore in FY24.
The acquisition will strengthen Zaggle's product offerings in loyalty and rewards segment and travel segment giving a boost to its Propel platform.
The acquisition is expected to be completed within 90 days. The mode of acquisition (cash consideration / shares swap) will be determined by the board at a later stage.
Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business-to-customer segment. It is one of the largest number of issued prepaid cards in India in partnership with its banking partners. Additionally, the company has a diversified portfolio of software as a service (SaaS) products, including tax and payroll software, and a wide touchpoint reach.
The company's consolidated net profit jumped 62.5% to Rs 31.14 crore on 50.8% increase in net sales to Rs 412.11 crore in Q4 FY25 over Q FY24.
The counter shed 0.69% to end at Rs 440.05 on the BSE.
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