Monday, July 15, 2024

Zaggle Partners with Hero MotoCorp to Revolutionize Staff Expense Management through Innovation and Efficiency

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Zaggle Partners Hero MotoCorp To Help Streamline And Optimise Management Of Its Staff Expenses

In a significant development aimed at refining and enhancing the efficiency of staff expense management, Hyderabad-based enterprise technology firm Zaggle has announced a partnership with Hero MotoCorp, the world’s largest manufacturer of two-wheelers. Zaggle, known for its innovative spend management solutions, is poised to bring its expertise to streamline and optimise the management of employee expenses and benefits at Hero MotoCorp.

The collaboration is set to introduce ‘Zaggle Save’, a versatile card designed to consolidate various employee benefits into a single solution. This innovative offering aims to replace a multitude of traditional options such as food cards, fuel cards, travel vouchers, and gift cards. The utility of ‘Zaggle Save’ extends beyond convenience, as it also offers flexible employee benefit plans that facilitate tax savings for companies.

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The synergy between Zaggle and Hero MotoCorp is officiated under an agreement that commences on July 4, 2024, and will continue until an agreed upon termination. This partnership represents a strategic move by both corporations to leverage technology in simplifying corporate expense management, thereby driving efficiency and transparency across organizational processes.

Zaggle’s roots trace back to 2011 when it was established by Raj Phani. Over the years, it has carved a niche for itself in the enterprise tech sector, primarily focusing on providing SaaS-based spend management solutions tailored for corporations, SMEs, and startups. Zaggle’s innovative solutions are designed to assist businesses in managing their expenses seamlessly, facilitating an organized and cost-effective operational framework.

The collaboration announcement comes on the heels of Zaggle’s impressive financial performance in the fiscal year 2023-24. The company has reported a staggering 153% increase in its profit after tax (PAT), which surged to INR 19.2 Cr, up from INR 7.6 Cr the previous year. Additionally, Zaggle has witnessed a record-high quarterly revenue, marking a 46.3% increase. This financial upturn has been attributed to a significant rise in income from SaaS subscriptions, program fees, and its employee rewards solutions platform, Propel.

During the same period, Zaglass has substantially expanded its corporate client base, adding over 620 new corporations, including prestigious names such as Wipro, Bennett Coleman, and Emcure Pharmaceuticals. This expansion underscores Zaggle’s growing influence and effectiveness in providing cutting-edge spend management solutions across various sectors.

The partnership between Zaggle and Hero MotoCorp marks a significant milestone in the evolution of corporate expense management. With this collaboration, both entities aim to set a new benchmark in maximizing operational efficiency and employee satisfaction through innovative financial solutions.

Alex Sterling
Alex Sterlinghttps://www.businessorbital.com/
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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