Zaggle Signs Five-Year HPCL Partnership; Shares Gain

Mumbai, July 1: Zaggle Prepaid Ocean Services Ltd. has entered into a five-year agreement with Hindustan Petroleum Corporation Ltd. (HPCL) to manage the rewards ecosystem for the oil marketer’s flagship Driver Track Plus programme, according to an exchange filing.

The partnership is aimed at rewarding fleet operators, retail customers and other eligible users purchasing petroleum products through HPCL’s Driver Track Plus platform. Under the arrangement, Zaggle will integrate its technology platform with HPCL’s loyalty programme to enable reward points funded by the fuel purchases of participating customers.

Rather than being a one-time order, the agreement is structured as a long-term engagement. The company said the commercial value cannot be quantified at this stage as revenue will depend on the number of customers onboarded, transaction volumes and fuel spends over the life of the contract.

The agreement was executed on June 30 and has a tenure of five years. Zaggle also clarified that the arrangement is with a domestic entity, does not involve any related-party transaction and that its promoters have no interest in HPCL.

Stock Market Snapshot

The announcement drew market attention, with the Zaggle share price trading higher during Wednesday’s session.

As of 1:36 PM IST on July 1, the stock was trading at ₹211.50, up 2.27%.

Unlike conventional contracts where the value is fixed upfront, platform partnerships of this nature typically generate revenue over time as customer adoption increases. That makes the pace of onboarding and transaction activity more important than the initial announcement value.

Why The Partnership Matters

For Zaggle, the agreement adds another large enterprise client to its portfolio in the fuel and mobility ecosystem. The company has been expanding beyond prepaid cards and expense management into customer engagement, loyalty and rewards platforms for corporates and public-sector enterprises.

HPCL’s Driver Track Plus programme serves commercial fleet operators and transport customers, making it a large-scale use case for Zaggle’s digital rewards infrastructure. If customer participation grows over the coming years, the partnership could provide recurring business rather than a one-off revenue opportunity.

Conclusion

The HPCL agreement stands out because of its long tenure and recurring revenue potential instead of a fixed contract value. While the financial contribution will depend on programme usage over the next five years, the deal further strengthens Zaggle’s presence in enterprise loyalty and engagement solutions and expands its relationships with large public-sector customers.

Source:

• https://www.nseindia.com/get-quote/equity/ZAGGLE/Zaggle-Prepaid-Ocean-Services-Limited
• https://nsearchives.nseindia.com/corporate/ZAGGLE_01072026132741_HPCL.pdf