ZAGGLE — THE DIGITAL SPEND MACHINE IS GETTING BIGGER 💳🚀

Companies are spending more. Employees are spending digitally. And Zaggle is building the infrastructure sitting between the two. Zaggle is evolving beyond prepaid cards into a broader corporate spend-management platform — combining SaaS, corporate cards, rewards, expense management, fleet solutions and financial services. And the scale is already meaningful. Q1 FY27 consolidated revenue from operations rose 27.5% YoY to ₹423 crore, while gross profit increased 15.4%. The platform now caters to 4,065+ corporates and 4 million+ users, with more than 50 million cards issued. But the bigger opportunity is what happens next. More corporates → More users → More cards → More transactions → More GTV → More software revenue. Zaggle is also turning inorganic. The Dice acquisition brings marquee enterprise clients and technology capabilities into the platform. Management expects Dice revenue to start contributing from Q2 FY27, while its integration is also being used to accelerate Zaggle's AI roadmap across Save and Zoyer. Then there is international optionality. Zaggle has invested in Unobanc, which holds an RBI-authorised Dealer Category-II licence, giving the company capabilities around cross-border payments, forex cards and remittances. Management has maintained its FY27 target of around 40% consolidated revenue growth, with standalone growth around 25%. The near-term weakness is important to acknowledge. Q1 adjusted EBITDA margin fell to 8.2% from 10.1%, largely because of Dice acquisition costs, additional employee expenses and other transition-related costs. PAT also declined YoY. But if these investments begin converting into revenue and operating leverage... Acquisitions → Integration → AI → Cross-selling → Higher revenue → Margin recovery. That's the Zaggle thesis. The market may be looking at today's margin compression. The bull case is that Zaggle is spending today to build a much larger platform tomorrow.