Under the agreement, Zaggle will offer Mastercard credit cards and related solutions to its customers and prospects and will receive additional spend-linked incentives.

The company stated that the contract is valid for five years. It also clarified that neither its promoters nor members of the promoter group have any interest in the awarding authority, confirming that the agreement does not qualify as a related-party transaction under regulatory norms.

Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business-to-customer segment. It is one of the largest numbers of issued prepaid cards in India in partnership with its banking partners. Additionally, the company has a diversified portfolio of software as a service (SaaS) products, including tax and payroll software, and a wide touchpoint reach.

The company’s standalone net profit surged 79.1% to Rs 33.24 crore on a 42.4% rise in revenue from operations to Rs 430.98 crore in Q2 FY26 over Q2 FY25.