Fintech firm Zaggle acquires Rio Money for Rs 22 crore; plans to invest Rs 75 crore post-acquisition
Fintech firm Zaggle, which offers spend management services, has acquired Rivpe Technology Private Limited ( Rio.Money), a digital banking platform offering UPI-based payment solutions for Rs 22 crore, the company said in a stock exchange filing on Thursday.
Additionally, the Hyderabad-based fintech plans to invest Rs 75 crore in Rio.Money over multiple tranches to strengthen its product and improve its customer offerings. Through the acquisition, Zaggle, which offers expense management systems to corporations, will be able to issue RuPay-powered credit cards and credit lines on UPI, two critical credit-based payment products.
Earlier in June this year, Zaggle had acquired a 100% stake in Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for Rs 150 crore.
Rio Money, founded in 2023 by Riya Bhattacharya and Vivek Amarnani, is a fintech startup that enables EMI-based credit payments on UPI through QR codes. The service is powered by the co-branded Yes Bank–Rio RuPay Credit Card, introduced in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024.
“Rio Money’s consumer credit and UPI capabilities align seamlessly with our growth strategy. By leveraging Zaggle’s 3.5 million users and 3,600 corporate clients, this acquisition, combined with our solid foundation in enterprise spend management and financial technology, will accelerate our expansion into new customer segments and markets,” said Avinash Godkhindi, MD and CEO, Zaggle, in a company statement.
Zaggle closed its September quarter with an operating revenue of Rs 430 crore and a net profit of Rs 33 crore. The company has a market cap of Rs 4,920 crore, and as of 3:30 PM today, its share price stood at Rs 365.70, flat from the previous close.
Additionally, the Hyderabad-based fintech plans to invest Rs 75 crore in Rio.Money over multiple tranches to strengthen its product and improve its customer offerings. Through the acquisition, Zaggle, which offers expense management systems to corporations, will be able to issue RuPay-powered credit cards and credit lines on UPI, two critical credit-based payment products.
Earlier in June this year, Zaggle had acquired a 100% stake in Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for Rs 150 crore.
Rio Money, founded in 2023 by Riya Bhattacharya and Vivek Amarnani, is a fintech startup that enables EMI-based credit payments on UPI through QR codes. The service is powered by the co-branded Yes Bank–Rio RuPay Credit Card, introduced in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024.
“Rio Money’s consumer credit and UPI capabilities align seamlessly with our growth strategy. By leveraging Zaggle’s 3.5 million users and 3,600 corporate clients, this acquisition, combined with our solid foundation in enterprise spend management and financial technology, will accelerate our expansion into new customer segments and markets,” said Avinash Godkhindi, MD and CEO, Zaggle, in a company statement.
Zaggle closed its September quarter with an operating revenue of Rs 430 crore and a net profit of Rs 33 crore. The company has a market cap of Rs 4,920 crore, and as of 3:30 PM today, its share price stood at Rs 365.70, flat from the previous close.
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