Zaggle Prepaid Ocean Services shares fell to a day low of Rs 175.16 on 28 September, down 2%, even as its founder spoke of growth plans.

In an interview with sources, Founder and Executive Chairman Dr Raj P Narayanam said its Zoyer platform should bring in 45% to 50% of revenue going forward.

It already makes up about 45% of gross revenue. Zoyer is software that helps companies manage buying, travel, expenses and supplier payments.

Narayanam described the model as ‘SaaS plus payments’. Clients pay a software fee, and Zaggle also earns on payments made through its products. The tie-up with Bandhan AMC adds to that plan, he said.

On 18 September, Zaggle Prepaid Ocean Services Ltd told exchanges it had signed an agreement with Bandhan AMC Ltd to provide the Zoyer platform.

The contract is usage based, so its value cannot be fixed yet. Costs are easing too. Narayanam said AI-related costs, which had squeezed margins, have started to moderate.

He gave no exact earnings outlook, but expects operating margins to stay near current levels.

Software and programme fees earn gross margins of about 95%, he added, while the Propel Points business earns less.

The company also expects to generate more cash than it spends within 18 to 24 months.

A new fee framework for merchant payments, known as MDR, takes effect on 15 October. Narayanam said it is too early to put a number on the impact.

Its Broom and Zag.money businesses could gain, he said, but it will take a few months of data to judge.

For April to June, consolidated revenue rose 28% to Rs 423 crore, and the company kept its FY27 growth target of 40%.

On Monday, shares of Zaggle closed at Rs 175.71 on NSE, down 1.75% from the previous close of Rs 178.84.

It is about 56.7% below its 52-week high of Rs 405.40 and has lost 49.41% so far this year.

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