“…this is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle) has entered into an agreement with Daimler India Commercial Vehicles Private Limited on July 27, 2026,” according to a stock exchange filing.
Under the agreement, Zaggle will offer the Zaggle Zatix platform and Corporate Credit Card Program to DICV for its fleet partners. The agreement is with a domestic entity and will remain in force for a period of three years.
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The company said the commercial consideration under the agreement will be proportional to the number of fleet partners and drivers onboarded by Zaggle, as well as the spending at authorised DICV touchpoints during the tenure of the agreement.
As a result, Zaggle said it is not possible to ascertain the value or amount of the contract at this stage. The company also said neither its promoter nor promoter group companies have any interest in DICV. It added that the agreement does not constitute a related-party transaction.
In May this year, Zaggle Prepaid Ocean Services said it expects steady revenue expansion in FY27, even as it prepares for near-term pressure from acquisitions and integration costs, according to Founder and Executive Chairman Raj P Narayanam.
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The company is guiding for around 25-30% standalone revenue growth and about 40% consolidated growth, with Narayanam saying the focus remains on execution and long-term scale building.
However, he also flagged that the acquisition of the Pune-based spend management startup Dice Enterprises will weigh on profitability in the near term as costs are fully taken to the profit and loss account, limiting near-term margin visibility.
“We have never, ever gone below our guidance. It has always been a little bit above,” Narayanam said, adding that the company prefers to “under promise and over deliver” and expects to build on momentum as the year progresses. He added that there are “green shoots already there,” even as he acknowledged short-term pressure linked to ongoing investments and expansion plans.
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Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹204.20, up by ₹4.00, or 2.00%, on the BSE.
