As per the terms of the agreement, the contract will be executed over a period of two years.
The company clarified that its promoters, promoter group, and group companies have no interest in the awarding entity. It also confirmed that the transaction does not qualify as a related party transaction under applicable regulations.
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.
Suryoday Small Finance Bank is a scheduled commercial bank. It commenced operations as an NBFC over a decade ago, with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. The bank has a wide presence across 15 states and Union Territories in India through its 710 banking outlets, with a strong presence in Maharashtra, Tamil Nadu, and Odisha. It offers a wide array of services to customers through its asset and liability products via multiple delivery channels.
Shares of Suryoday Small Finance Bank rose 1.06% to Rs 123.55 on the BSE.