Ashish Kacholia backed IT stock jumps 3% after it partners with Standard Chartered Bank

Synopsis: Zaggle Prepaid Ocean Services Ltd gained after entering into a five-year referral agreement with Standard Chartered Bank. 

Ashish Kacholia backed IT-Services stock saw gains in trading after announcing a significant partnership with Standard Chartered Bank. The stock reacted positively as investors viewed the long-term contract as a step towards expanding its corporate customer base. The ace investor owns 2.24 percent stake in the company.

Zaggle Prepaid Ocean Services Ltd, with a market capitalization of Rs. 5,328 crore, opened at Rs. 397.35 against its previous close of Rs. 396.75. The stock touched an intraday high of Rs. 407.05, marking a rise of 2.59 percent from the previous close.

What’s the News?

Zaggle Prepaid Ocean Services Limited has entered into a referral agreement with Standard Chartered Bank for a period of five years. Under this arrangement, Zaggle will act as a solution provider by offering its prepaid payment instruments platform to corporate customers referred by the bank. 

The agreement is expected to strengthen Zaggle’s visibility in the enterprise segment, as it enables the company to leverage Standard Chartered’s corporate relationships to onboard new clients. The collaboration also aligns with Zaggle’s strategy of driving adoption of its spend management and payment solutions among large businesses, ensuring a steady pipeline of corporate users over the long term.

Also read: NBFC stock in focus after signing ₹4,384 Cr deal with BC Asia Investments and promoter group

Financial Snapshot

On a quarter-on-quarter basis, revenue declined by 19.4 percent to Rs. 332 crore in Q1FY26 from Rs. 412 crore in Q4FY25. Operating profit fell 16.7 percent to Rs. 30 crore from Rs. 36 crore, while profit before tax dropped 14.6 percent to Rs. 35 crore from Rs. 41 crore. Net profit slipped 16.1 percent to Rs. 26 crore from Rs. 31 crore.

Year-on-year, revenue rose 31.7 percent to Rs. 332 crore in Q1FY26 from Rs. 252 crore in Q1FY25. Operating profit improved 36.4 percent to Rs. 30 crore from Rs. 22 crore, while profit before tax increased 52.2 percent to Rs. 35 crore from Rs. 23 crore. Net profit jumped 52.9 percent to Rs. 26 crore from Rs. 17 crore.

About the Company

Incorporated in 2011, Zaggle is a uniquely positioned player in the fintech industry, offering a diversified range of products and services. The company is a leader in spend management, having issued more than 50 million prepaid cards in collaboration with banking partners and serving over 3 million users.

Its portfolio also includes SaaS solutions for expenses, payments, and rewards management, catering to a wide array of touchpoints. Ace Investor Ashish Kacholia owns 2.24 percent stake in the company.

Written by – Manan Gangwar 

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