Zaggle Prepaid inks pact to acquire Rio.Money

Zaggle Prepaid Ocean Services announced that it has signed non-binding term sheet to acquire 100% stake in Rivpe Technology (Rio.Money) for total consideration of Rs 22 crore.

Rio.Money, a fintech company offers UPI payments and co-branded consumer credit cards. Its turnover was Rs 0.13 crore as on 31st March 2024.

The said acquisition not only expands the company?s product offerings for existing user and customer base, it also adds a deep expertise on the UPI and facilitates its entry into the consumer credit card market.

The acquisition is expected to be completed within 60 days from the date of execution of term sheet which can be further mutually extended by 30 days.

Zaggle Prepaid Ocean Services (Zaggle) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business-to-customer segment. It is one of the largest number of issued prepaid cards in India in partnership with its banking partners. Additionally, the company has a diversified portfolio of software as a service (SaaS) products, including tax and payroll software, and a wide touchpoint reach.

The company?s consolidated net profit jumped 62.5% to Rs 31.14 crore on a 50.8% increase in net sales to Rs 412.11 crore in Q4 FY25 over Q4 FY24.

The counter rallied 7.23% to settle at Rs 396 on the BSE.

Powered by Capital Market - Live News