Zaggle Prepaid Ocean Services has been empanelled by Canara Bank to provide fintech services, a development that expands its partnership footprint in the banking sector. The empanelment, effective from June 30, 2026, was secured through an Expression of Interest (EOI) process and is valid for a period of two years, subject to an annual review of performance.

The agreement allows the company to offer its fintech solutions to Canara Bank, potentially enhancing its revenue streams over the contract duration. The Managing Director and Chief Executive Officer, Avinash Ramesh Godkhindi, confirmed the development in a regulatory filing submitted on July 01, 2026.

Key Details of the Empanelment

The following table outlines the key parameters of the empanelment agreement between Zaggle Prepaid Ocean Services and Canara Bank:

The disclosure was made to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's registered office is located in Telangana.

Zaggle Prepaid Ocean Services has entered into a five-year agreement with Hindustan Petroleum Corporation Limited (HPCL) to provide loyalty reward points for fuel purchases. This partnership integrates Zaggle's platform with HPCL's 'Drive Track Plus' fleet card program, offering rewards funded by HPCL to Zaggle's corporate, fleet, and retail customers. The commercial consideration under the agreement will be proportional to the number of users onboarded by Zaggle and the fuel spends on the HPCL Drive Track Plus program during the tenure.

Partnership Details

The agreement, executed on June 30, 2026, designates HPCL as a domestic entity. Zaggle will facilitate the loyalty rewards for the purchase of petroleum products through the integration of its platform with HPCL's flagship fleet program. The specific value of the contract is variable and depends on the usage by Zaggle's customer base.

Strategic Context

This collaboration leverages HPCL's extensive fuel retail network and Zaggle's expertise in prepaid and rewards solutions. By embedding loyalty benefits into fuel transactions, the program aims to enhance value for fleet operators and corporate clients. The agreement is not a related party transaction, and no promoter or group company holds an interest in HPCL.