NewsZaggle Prepaid Ocean Services Signs 10-Year Agreement with Forever New Apparels for Employee Mobile Phone LeasingZaggle Prepaid Ocean Services Signs 10-Year Agreement with Forever New Apparels for Employee Mobile Phone Leasing
Zaggle Prepaid Ocean Services Limited has entered into a 10-year agreement with Forever New Apparels Private Limited to provide mobile phone procurement and leasing services under its Employee Purchase Programme. The domestic agreement, announced on January 20, 2026, allows Zaggle to facilitate mobile phone access for Forever New Apparels' employees through its technology platform. The company confirmed this is not a related party transaction and represents a strategic expansion of its employee benefit services portfolio.
*this image is generated using AI for illustrative purposes only.
Zaggle Prepaid Ocean Services Limited has announced the execution of a 10-year agreement with Forever New Apparels Private Limited to provide mobile phone procurement and leasing services under its Employee Purchase Programme. The agreement was disclosed to stock exchanges on January 20, 2026, in compliance with SEBI regulations.
Agreement Details
The partnership establishes Zaggle as the service provider for Forever New Apparels' employee mobile phone requirements. Under this arrangement, Zaggle will facilitate the procurement and leasing of mobile phones to Forever New Apparels' employees through its established Employee Purchase Programme platform.
| Parameter | Details |
|---|---|
| Partner Company | Forever New Apparels Private Limited |
| Agreement Duration | 10 years |
| Service Type | Mobile phone procurement and leasing |
| Programme | Employee Purchase Programme |
| Nature | Domestic agreement |
Service Framework
The agreement enables Forever New Apparels to offer enhanced employee benefits through Zaggle's technology-driven platform. The Employee Purchase Programme allows employees to access mobile phones through a structured leasing arrangement, providing flexibility and convenience in device acquisition.
Key aspects of the service include:
- Procurement of mobile phones for employees
- Leasing facility management
- Technology platform integration
- Long-term service commitment
Regulatory Compliance
Zaggle has confirmed that the agreement does not constitute a related party transaction, ensuring arms-length dealing between the companies. The company has also disclosed that no promoter, promoter group, or group companies have any interest in Forever New Apparels Private Limited.
| Compliance Aspect | Status |
|---|---|
| Related Party Transaction | No |
| Promoter Interest | None |
| Transaction Nature | Arms-length |
| Regulatory Filing | SEBI Regulation 30 |
Strategic Significance
This agreement represents Zaggle's continued expansion in the employee benefits and financial services sector. The 10-year duration provides long-term revenue visibility and strengthens Zaggle's position in the corporate employee programme market. The partnership with Forever New Apparels, a prominent retail company, demonstrates the growing adoption of technology-enabled employee benefit solutions across various industries.
The agreement was signed by Avinash Ramesh Godkhindi, Managing Director and Chief Executive Officer of Zaggle Prepaid Ocean Services Limited, reflecting the strategic importance of this partnership for the company's growth trajectory.
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