Zaggle Q2 profit rises to Rs 20 cr

New Delhi, Nov 13 (PTI) SaaS fintech platform Zaggle Prepaid Ocean Services on Wednesday posted a three-fold increase in consolidated net profit to Rs 20.3 crore for the September quarter.
     It had reported a net profit of Rs 7.62 crore in the year-ago period, the company said in a regulatory filing.
     The revenue from operations for the quarter under review was Rs 302.5 crore, 64.22 per cent higher than Rs 184.2 crore a year earlier, it said.
     "As part of our growth strategy, we are actively seeking strategic alliances and inorganic growth opportunities. We are strongly focusing on M&As with a combined strategy of small tuck-ins and larger investment opportunities, in the SaaS Fintech sector, including areas like NBFC, Payments, etc.
     "In line with our growth plans, we have taken approval from the board of directors for a fundraise of up to Rs 9,500 million (Rs 950 crore) subject to shareholders' approval," Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services, said.
     The firm is increasing its guidance from 45-55 per cent to 50-55 per cent growth in topline for FY25, and is confident of doubling its FY24 revenues in the next two years, he added.
     Shares of Zaggle settled at Rs 410.70 apiece on the BSE on Wednesday, down 4.27 per cent from the previous close.

(This story has not been edited by THE WEEK and is auto-generated from PTI)