ICCK

HYDERABAD: SaaS fintech player Zaggle Prepaid Ocean Services Ltd on Tuesday said it has posted a nearly 714% surge in net profit for the first quarter ended June 30, 2024, at Rs 16.7 crore as compared to a little over Rs 2 crore in the corresponding quarter of financial year 2023-24 (FY24). This was on a nearly 113% jump in revenue from operations at Rs 252 crore during Q1FY25 from Rs 118.5 crore in Q1FY24. The company said its year-on-year (YoY) topline growth was driven by a rise in credit card volume and a consistent performance of its Zoyer business spend management platform in addition to client addition with a large user base. Commenting on the performance, Zaggle Prepaid Ocean Services Ltd founder & executive chairman Raj P Narayanam said the growth was primarily led by strong demand for Zoyer and its credit card bundled solution. The Hyderabad-based SaaS fintech, which provides corporate spend management products and solutions, said in line with its growth strategy the company was also focused on inorganic growth opportunities in the spend management space that will help it scale faster and enhance its leadership position, he said. Having set a goal of doubling revenues within the next two years, the company expects to clock a similar performance in the upcoming quarters driven by increased customer base, newer use cases, deeper penetration into the existing customer base and cross selling of solutions, Narayanam added. 

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