Spend Management Firm Zaggle Raises Stake In Mobileware With Rs 7.25 Cr Investment

Fintech SaaS company Zaggle has bought an additional 12.34% stake in digital payments provider Mobileware Technologies for Rs 7.25 crore.

Zaggle purchased 4,622 equity shares from Mobileware’s promoters, increasing its total stake in the company to 38.34%. 

Last year, Zaggle acquired a 26% stake in Mobileware (now known as 86400) for Rs 15.6 crore.

Zaggle said this move will strengthen its position in spend management and the SaaS fintech sector.

With this acquisition, it aims to leverage Mobileware’s expertise in digital payments, including NPCI-certified solutions like UPI, IMPS, AEPS, BBPS, and its API banking platform, TransXT.

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Dr Raj P Narayanam, Founder and Executive Chairman of Zaggle, said, "We are excited about this partnership which enables us to co-develop advanced solutions for our customers. The strength of Mobileware in UPI and API banking aligns perfectly with our vision of delivering seamless, integrated payment experiences." He also said that Zaggle would continue to explore targeted acquisitions to enhance its product portfolio in the coming year.

About Zaggle 

Founded in 2011, Zaggle provides financial technology solutions like corporate prepaid cards and expense management tools. 

Zaggle is on a growth path, recently reporting a 29.6% rise in profit after tax to Rs 19.7 crore in Q3 FY24. It also raised Rs 595 crore through a Qualified Institutional Placement (QIP) to fund acquisitions, aiming for $1 billion in revenue.

About Mobileware Technologies

Founded in 2010 by Satyajit Kanekar, Mobileware Technologies (86400) offers digital banking and fintech solutions, helping banks and financial institutions enhance their digital services in both rural and urban areas.

Its API banking platform, TransXT (also called ‘Bank In A Box’), supports digital transactions and provides payment services to over 80 banks and 20 fintech companies.

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