On November 20, 2024, Zaggle Prepaid Ocean Services Limited announced that it has entered into a Supplier Framework Agreement with Strada India Pvt. Ltd. The announcement, made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marks a significant step in Zaggle’s business expansion and service offerings.

Key Details of the Agreement

The agreement between Zaggle and Strada involves Zaggle offering its SaaS platform, payment solutions, and card products to the corporate customers of Strada India Pvt. Ltd. This will enable Strada to leverage Zaggle's technological infrastructure to enhance its corporate services with payment solutions and prepaid card offerings.

The partnership aims to support Strada’s clients by offering a seamless integration of Zaggle’s financial products to meet business needs, thus broadening the scope of financial management for companies using Strada's services.

Contract Duration and Terms

The contract duration will begin on the effective date and continue indefinitely unless terminated by either party. This flexible term allows both parties to collaborate and refine their offerings without the pressure of fixed expiration. The nature of the contract is a Supplier Framework Agreement, meaning it will cover the delivery of various services and products as required by Strada’s corporate customers.

Nature of the Agreement

This agreement is primarily domestic, as it involves a domestic entity, Strada India Pvt. Ltd., based in India. However, it may also include opportunities for international expansion depending on the nature of Strada's customer base and needs.

Commercial Consideration

The commercial consideration of the agreement revolves around Zaggle’s SaaS platform, payment solutions, and card products offered to Strada’s corporate clients. While the exact financial details are not disclosed, the scope of the contract highlights the potential for substantial business opportunities in the corporate sector.

Compliance with SEBI Regulations

As required by SEBI, this disclosure has been made in line with the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, dated July 13, 2023, ensuring that all regulatory obligations are met. This move demonstrates Zaggle’s commitment to transparency and timely communication with the investors and stakeholders.

No Related Party Transactions

The disclosure also specifies that the agreement does not involve any related party transactions, ensuring that the arrangement is executed at arm's length, with no involvement from the promoters or their group companies in Strada India Pvt. Ltd.

Strategic Outlook for Zaggle

This partnership with Strada India Pvt. Ltd. further strengthens Zaggle Prepaid Ocean Services' position in the domestic market, particularly in the SaaS and payment solutions space. The Supplier Framework Agreement allows Zaggle to tap into a broad corporate customer base, positioning it as a key player in the B2B financial services market.

By entering into this partnership, Zaggle aligns itself with Strada’s growth trajectory, while also expanding its footprint in the corporate services sector, creating new opportunities for revenue and product innovation.

Conclusion

Zaggle’s entry into a Supplier Framework Agreement with Strada India Pvt. Ltd. is an exciting development that promises to boost the company’s market presence and foster new business relationships. As the agreement unfolds, stakeholders and investors will likely see increased activity around Zaggle’s SaaS platform and payment products, making it an important milestone in the company's growth strategy.

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