ZAGGLE PREPA OCEAN SER L

Operates a fintech platform that manages corporate spending, prepaid cards, employee benefits, gift cards and fleet-related payments for businesses and their employees. Revenue is reported across three streams dominated by Propel platform revenue and gift cards (58.1% of segment revenue in FY26), followed by program fees on customer spends (39.4%) and platform/SaaS/service fees (2.5%). The platform layer includes products branded as Zatix, Zoyer, Zaggle Save and Zagg.money, covering expense management, employee benefits and prepaid card issuance. Recent client agreements span a 5-year cobranded retail credit card with Punjab National Bank, a 5-year fleet card loyalty programme with Hindustan Petroleum, a 3-year fleet payments tie-up with Daimler India Commercial Vehicles, and empanelment with Canara Bank as a fintech vendor. Cost structure is dominated by other operating expenses at 86.6% of revenue, with employee costs at 3.7% and depreciation at 1.9%; management has flagged a cash-back/incentive ratio around 68% that it intends to reduce to ~50% over 4-5 years. The business has expanded through acquisitions including the DICE asset purchase (INR 68 crore, adding AI-enabled SaaS at ~95% gross margins) and a 19.9% stake in Unobanc Private Limited to access cross-border payments and an FFMC licence.