Zaggle acquires Rio Money for Rs 22 crore; plans to invest Rs 75 cr post-acquisition

Fintech firm Zaggle Prepaid Ocean Services has fully acquired Rivpe Technology, a provider of consumer credit card and UPI payment solutions, for ₹97 crore, according to a regulatory filing.

Zaggle will buy Rivpe for ₹22 crore and invest another ₹75 crore in its brand Rio.Money to improve its products and expand its consumer payment services.

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"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.

"Zaggle will invest up to Rs 75 crore in Rio.Money, in one or more tranches, to support product enhancement, technology advancement, go-to-market initiatives and expansion of consumer payment offerings," the company said.

"The acquisition of Rio.Money is a strategic cornerstone in our ambition to build one of India's most comprehensive fintech ecosystems. Rio.Money brings exceptional capabilities in UPI and consumer credit cards, two of the most transformative payment avenues in India today," Zaggle Founder and Executive Chairman, Raj P Narayanam, said.

Zaggle said the acquisition will expand its product offerings for current users, bring strong UPI expertise, and help the company enter the consumer credit card market.

In June, Zaggle fully acquired Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for ₹150 crore.

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Rio.Money, founded in 2023 by Riya Bhattacharya and Vivek Amarnani, is a fintech startup that lets users make EMI-based credit payments on UPI using QR codes. The service is supported by the co branded Yes Bank–Rio RuPay Credit Card, launched in partnership with Yes Bank and NPCI in November 2024.

Zaggle reported operating revenue of ₹430 crore and a net profit of ₹33 crore for the September quarter. 

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