Zaggle Prepaid Ocean Services shares gained 1.25% to ₹209.40 following the announcement of a strategic partnership with Hindustan Petroleum Corporation (HPCL). According to reports from CNBC TV18, the company has entered into a five-year agreement for HPCL's flagship Drive Track Plus fleet programme. Under the partnership, Zaggle will provide HPCL-funded loyalty reward points on petroleum product purchases to corporate, fleet and retail customers by integrating its platform with HPCL's Drive Track Plus fleet card programme.
As reported by CNBC TV18, the commercial consideration under the agreement will depend on the number of users onboarded by Zaggle and the fuel spends by its customers through the Drive Track Plus programme. The contract value cannot be ascertained at this stage due to this variable revenue structure. 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. This partnership aligns with Zaggle's position as a leading spend management company operating in the business-to-business-to-customer (B2B2C) segment and being one of the largest issuers of prepaid cards in India through partnerships with leading banks.
According to Business Standard, Zaggle demonstrated robust financial growth in Q4 FY26 with consolidated net profit surging 30.42% to ₹40.60 crore on a 49.94% increase in revenue from operations to ₹671.91 crore compared with Q4 FY25. The company also offers a diversified portfolio of software-as-a-service (SaaS) products, including tax and payroll software. HPCL similarly showed strong performance with standalone net profit jumping 46.09% to ₹4,901.50 crore in Q4 FY26 versus ₹3,354.98 crore in Q4 FY25, while total income (excluding excise duty) rose 4.97% YoY to ₹1,15,782.23 crore during the March 2026 quarter.
As reported by CNBC TV18, the HPCL partnership announcement comes a day after Zaggle announced agreements 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. The company has been actively expanding its software offerings beyond traditional prepaid card services.
