Zaggle, the listed fintech SaaS startup, has announced the allocation of 44,161 additional stock options under its Employee Stock Option Plan (ESOP) 2022, further demonstrating its commitment to employee engagement. The approval for this allocation was granted by the company’s board and announced in an exchange filing on October 4.
Each stock option is convertible into “one fully paid up equity share” with a face value of INR 1, and employees can exercise these options within 10 years from the first date of vesting, with certain exceptions noted.
Founded in 2011 by Raj Narayanam, Zaggle provides comprehensive spend management solutions tailored for businesses, along with a suite of SaaS tools focused on expenses, payments, and rewards management. The recent ESOP expansion comes shortly after the company made strategic investments in two firms: acquiring a 26% stake in Mobileware Technologies for INR 15.6 crore and securing 98.32% shareholding in Span Across IT Solutions for nearly INR 32 crore.
Zaggle’s growth trajectory is underscored by its impressive financial performance in the first quarter (Q1) of the fiscal year 2024-25 (FY25). The company reported a staggering 716% increase in consolidated profit after tax (PAT), reaching INR 16.73 crore, compared to INR 2.05 crore in the same period last year. Additionally, revenue from operations soared by 113%, totaling INR 252.2 crore in Q1 FY25, up from INR 118.4 crore in Q1 FY24.
Following these announcements, shares of Zaggle closed the trading day at INR 460.25 on the Bombay Stock Exchange (BSE), reflecting a 3.14% increase.
As Zaggle continues to expand its offerings and strengthen its market position, the strategic allocation of stock options serves as a testament to the company’s focus on fostering a motivated workforce while capitalizing on its growth potential in the dynamic fintech landscape.
