Zaggle Prepaid Ocean Services Limited has informed the Exchange about Credit Rating- New
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Zaggle has informed the exchanges that CARE Ratings has assigned a credit rating of 'CARE A-; Stable' to a long-term bank facility of Rs 100 crore, classified as a Fund-based Cash Credit. This is a fresh rating assignment, as the company has no prior rating history for this facility. CARE highlighted strengths including the company's established position in digital expense management, strong revenue growth (TOI rose from Rs 240 crore in FY21 to Rs 1,303 crore in FY25), over 3,400 corporate clients, 3.2 million platform users, and a near-zero gearing of 0.01x as of March 2025. Key concerns flagged were moderate profitability margins, reliance on third-party payment networks, and regulatory risks tied to banking partner activities. The company also holds Rs 653 crore in cash and liquid investments and recently raised Rs 594 crore via a QIP in H2FY25.
This is a positive development for shareholders — securing an investment-grade rating (A-) for a new Rs 100 crore credit line gives Zaggle access to bank funding at competitive rates and signals strong financial health. The stable outlook and robust balance sheet (near-zero debt, high cash reserves) should support investor confidence, though regulatory risks in the prepaid card space remain a watchpoint.