Zaggle Prepaid Ocean Services Ltd News
Zaggle acquires Rivpe Technology for ₹97 cr to expand Rio.Money payments
Fintech firm Zaggle Prepaid Ocean Services has placed Rs 97 crore bet on consumer credit card and UPI-based payment solution provider Rivpe Technology with its 100 per cent acquisition, according to a regulatory filing. Zaggle will acquire Rivpe for Rs 22 crore and invest Rs 75 crore in the latter's brand Rio.Money to support product enhancement and expansion of consumer payment offerings. "We wish to inform you, the Board of Directors of Zaggle Prepaid Ocean Services Limited at its meeting held today...approved ...acquisition of 81,429 Equity Shares and 16,407 Compulsory Convertible Preference Shares for consideration up to Rs 22 crores from the existing shareholders of Rivpe Technology Private Limited (Rivpe), representing 100 per cent of issued and paid-up capital of Rivpe on a fully diluted basis," the filing said. The transaction is expected to close in 120 days. "Zaggle will invest up to Rs 75 crore in Rio.Money, in one or more tranches, to support product enhancement, ...
 "Zaggle acquires Rivpe Technology for ₹97 cr to expand Rio.Money payments")
Zaggle Prepaid set to shine: JM Financial eyes 44% upside growth; details
On the bourses around 10:20 AM, Zaggle share price was trading 1.84 per cent lower at ₹345.90 per share. In comparison, BSE Sensex was trading 0.26 per cent lower at 82,112.30 levels.
Zaggle Prepaid rises 5% on entering 5-year contract with Mastercard
Under the contract, Mastercard will incentivise Zaggle to launch and promote co-branded domestic prepaid cards on the Mastercard network
Zaggle acquires Rio Money for ₹22 crore to enter UPI credit card space
Zaggle Prepaid Ocean Services Ltd on Tuesday said it has acquired 100 per cent stake in fintech firm Rio Money for Rs 22 crore in a strategic move to enter the high-growth consumer credit card segment via UPI. With this acquisition, Zaggle, a major player in corporate spend management and commercial cards, has forayed into the rapidly expanding retail credit payments market, the company said in a statement. The acquisition forms part of Zaggle's broader strategy to invest proceeds from its Rs 595 crore QIP towards growth-focused, accretive acquisitions. Founded in 2023, Rio Money offers a cutting-edge UPI app that seamlessly integrates credit into UPI transactions. "Rio brings deep expertise in UPI solutions and the consumer credit cards space, with differentiated product offerings. This acquisition also enables us to drive innovation not only in corporate spend management but also in the consumer credit card segment," said Zaggle's Founder & Executive Chairman Raj P ...