Zaggle lands HPCL loyalty deal, but the cheque is blank
Five-year partnership with India's second-largest oil marketer to power Drive Track Plus rewards. Revenue is entirely usage-based, so the potential is real but the number isn't there yet.
— 2 earlier stories on Zaggle Prepaid Ocean Services Ltd. →What's new
- Zaggle to power HPCL's Drive Track Plus fleet card loyalty program.
- Five-year partnership; HPCL funds rewards based on fuel spend and user onboarding.
- No upfront fees or minimum guarantees; earnings entirely dependent on usage.
Why this matters
This pairs a small-cap fintech with a major PSU, but the lack of a disclosed minimum makes it impossible to model near-term revenue. If user onboarding scales, it could become a steady income stream, but that's an 'if', not guidance.
What we're watching
- Customer onboarding velocity under the Drive Track Plus programme.
- Any subsequent disclosure of transaction volumes or reward spend.
- Whether more PSU partnerships follow similar usage-only terms.
The full read
Zaggle has added another marquee name to its partnership roster, this time with HPCL's Drive Track Plus fleet card. The five-year agreement makes Zaggle the engine for loyalty rewards; HPCL will fund points based on how much fuel customers buy and how many new users are onboarded. There is no upfront fee, no minimum guarantee, no disclosed value. For a company that did ₹618 crore in sales last quarter, a usage-linked deal with a PSU giant like HPCL could become meaningful if volumes compound. But right now it's a name-brand win without a number; reminiscent of the PNB cobranding deal signed last month. The next test is whether HPCL's corporate and fleet customers actually switch onto the platform.
Questions answered
- Why is the deal value not disclosed?
- The arrangement is entirely usage-linked; revenue depends on how many users HPCL onboards and how much fuel they purchase. There is no upfront fee or minimum guarantee, so a figure cannot be assigned.
- Does this deal have a related-party interest?
- No. The filing explicitly states the deal involves no related-party interest.
- How does this compare to Zaggle's other recent partnerships?
- It is similar in structure to the PNB cobranding deal signed in June 2026; also a 5-year agreement with undisclosed usage-based revenue. Both are strategically positive but lack material near-term numbers.
- Could this deal significantly impact Zaggle's earnings?
- Potentially, if HPCL's fleet customer base adopts the programme at scale. But with Zaggle's latest quarterly revenue at ₹618 crore and no minimum revenue, the impact is currently unquantifiable.
- Who is HPCL in this context?
- Hindustan Petroleum Corporation Limited is India's second-largest oil marketing PSU, with a vast network of fuel stations and corporate fleet customers. Its Drive Track Plus programme is a fleet management card.
Zaggle Prepaid Ocean Services Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on ZAGGLE →- 1 Jul 2026 · 1:28 PM IST Zaggle lands HPCL loyalty deal, but the cheque is blank
- 5d ago Zaggle empanelled by Canara Bank, no revenue terms disclosed
- 17d ago Zaggle signs 5-year PNB cobrand deal, no revenue terms