Zaggle Shares Rally 9% On Bagging Order From Grant Thornton Bharat

Shares of listed SaaS fintech company Zaggle surged as much as 9.2% to INR 355 during the early trading hours today.

The rally came after the company secured an order from Grant Thornton Bharat LLP, a consulting, audit, and advisory services firm.

As per Zaggle’s exchange filing today, a three-year deal was signed under which Grant Thornton will offer the Zaggle Spend Management platform to its corporate clients and large enterprises.

Even at 12:19 PM, the shares remained up 7.5% at INR 349.95 on the BSE, taking the company’s market capitalisation to INR 4,696.51 Cr.

The stock’s uptrend aligned with the broader Indian indices trading in green, despite escalating tensions surrounding the India-Pakistan conflict. Notably, the Sensex continued its two-day winning streak, rising 0.05% to 80,793.04 at 12:19 PM.

However, the stock remains 45.58% below its 52-week high of INR 597, recorded on December 17 last year. It’s worth noting that Zaggle shares delivered a stellar performance in 2023 before undergoing a correction due to a broader market slowdown.

This correction is evident in the stock’s 35.14% year-to-date negative return. That said, the company managed to recover some ground, posting an 11.7% gain over the past month.

Brokerages’ Optimism Around Zaggle

Last month, brokerage firm Bajaj Broking initiated coverage on Zaggle with a ‘Buy’ rating and a target price of INR 456, while Equirus Securities initiated coverage on the company with a ‘LONG’ rating and a target price of INR 400.

There could be multiple reasons why these brokerages are offering higher price targets. First, the stock has undergone a significant market correction recently, making it more attractive to investors due to its lower valuation. Notably, the stock had surged by as much as 250% last year, indicating a precedent for such a rally.

While the company is set to announce its Q4 FY25 results on May 12, Zaggle showed a strong performance in the quarter ending December 2024.

Zaggle’s consolidated net profit. Its operating revenue zoomed 69% to INR 336.89 Cr in the reported period from INR 199.51 Cr in Q3 FY24.

Besides, the company has been doubling down on its offerings via inorganic expansion as well as by adding new products to its catalogue.

Recently, it also secured to operate as a third-party application provider (TPAP), which means it can now offer a financial suite, including payments, expense management, tax-saving tools and value-added financial services within a single interface.

The inorganic expansion part includes acquiring stakes in companies like and an additional stake in the digital payments and an additional stake in Span Across IT Solutions for INR 320.3 Cr, among others.

The fuel for these investments came from INR 595 Cr raised through its Qualified Institutional Placement (QIP) in December last year. Following this QIP, sources told Inc42 that the company was looking to make three more .

Founded in 2011 by Raj Narayanam, Zaggle currently provides expenses, payments, and corporate employee benefits solutions to enterprises. It offers a range of SaaS products, such as Zaggle Save for managing expenses and rewards, Zaggle EMS for expense management, and Zaggle Propel for employee rewards and incentives.

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