Zaggle Prepaid Ocean Services Limited reported its Q1 FY27 financial results, showcasing a 28% year-on-year growth in revenue, reaching INR423 crore. Adjusted EBITDA stood at approximately INR34.7 crore. The company highlighted strategic transitions, including acquisitions like DICE and investments such as Unobanc, and discussed its focus on optimizing operations, harnessing AI, and enhancing cash flows.
Zaggle Prepaid Ocean Services Reports Strong Q1 FY27 Performance
Zaggle Prepaid Ocean Services Limited has announced its financial results for the first quarter of fiscal year 2027 (Q1 FY27). The company achieved a consolidated revenue of INR423 crore, marking a significant 28% year-on-year growth compared to Q1 FY26. This sustained top-line momentum reflects the increasing demand for Zaggle’s core platform and its expanding revenue footprint.
Key Financial Highlights and Strategic Focus
The adjusted EBITDA for Q1 FY27 was approximately INR34.7 crore. Dr. Raj Narayanam, Executive Chairman, noted that the company is transitioning from a profitable growth paradigm to a more focused approach on improving cash flows and calibrating capitalization. This strategic shift is aimed at positioning Zaggle for future growth with higher margins, emphasizing resilience and agility in a dynamic market.
Acquisitions and Investments
The company elaborated on its recent strategic moves, including a INR8 crore investment in Unobanc Private Limited (operating as moneyHOP), which focuses on digital cross-border payments. Furthermore, the acquisition of DICE was detailed, with a completed asset purchase valuing the deal at approximately INR68 crore, a significant optimization from its initial valuation. The integration of DICE’s AI capabilities is expected to accelerate Zaggle’s technology roadmap, enhancing automated spend analytics and predictive expense management. Zaggle also discussed the rebranding of Rio.Money to Zagg.Money and its continued traction in the credit card and UPI ecosystem.
Operational and Future Outlook
Avinash Godkhindi, Managing Director and Chief Executive Officer, provided an overview of key business metrics and highlights across Zaggle’s segments: Save, Zoyer, and Propel. The company is seeing significant growth in its Save business driven by new tax regulations and in its Zoyer business with AI-driven rollouts. Propel continues to demonstrate enterprise traction, particularly in automating incentive delivery. Zaggle also highlighted its entry into the UAE market via a subsidiary in ADGM. The company is actively investing in AI to drive revenue and operational efficiency, aiming to transform into an indispensable autonomous financial operating system.
Looking ahead, Zaggle Prepaid Ocean Services Limited is focused on optimizing operational cash flow and capitalization. The company anticipates continued growth in program fees and expects significant improvements in cash flow and incentive costs in the latter half of the fiscal year.
Source: BSE
