Under the agreement, Zaggle will provide loyalty reward points funded by HPCL for the purchase of petroleum products by Zaggle’s corporate, fleet and retail customers through HPCL’s Drive Track Plus fleet card programme. The partnership will be enabled through the integration of Zaggle’s platform with HPCL’s fleet programme.
The agreement has been signed with a domestic entity and will remain in force for five years. Zaggle said the commercial consideration under the contract will depend on the number of users onboarded to the programme and the fuel spending by Zaggle’s corporate, fleet and retail customers on HPCL’s Drive Track Plus platform during the tenure of the agreement.
As a result, the company said it is “difficult to ascertain the value or amount of the contract at this stage.”
Zaggle also clarified that the agreement is not a related-party transaction and that neither its promoters nor promoter group companies have any interest in HPCL.
The announcement comes a day after Zaggle Prepaid Ocean Services Ltd to provide its enterprise software platforms, including Zoyer, its procurement and spend management platform, and Zaggle Save, its employee expense management and benefits solution.
Similar to the HPCL deal, Zaggle did not disclose the value of its agreement with APAC Financial Services, stating that revenue will depend on the number of active users and their spending on the platforms over the contract period.
Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹209.40 up 1.25% on Wednesday.
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