Zaggle Prepaid Ocean Services Ltd, a leading player in corporate spend management, has acquired a 100% stake in fintech startup Rio.Money in a cash deal worth ₹22 crore. The acquisition marks Zaggle’s entry into the consumer credit card and UPI-based digital lending market.
✅ Key Deal Highlights
- Full acquisition: Zaggle now holds 100% equity and voting rights in Rio.Money, allowing full operational integration and strategic control.
- Emerging focus: Founded in July 2023 by Riya Bhattacharya and Vivek Amarnani, Rio.Money offers EMI-based credit via QR-code UPI transactions tied to a co-branded Yes Bank–RuPay credit card launched in November 2024.
- Strategic intent: The acquisition allows Zaggle to diversify beyond B2B spend management into retail consumer finance, leveraging Rio.Money’s credit and UPI technology stack.
🔍 Strategic Context
- The acquisition is funded from proceeds of Zaggle’s ₹595 crore QIP, aligning with its broader strategy to execute growth-focused acquisitions.
- Rio.Money’s technology enables seamless integration of credit into everyday UPI flows—a fast-growing digital consumer finance opportunity in India.
- Zaggle had earlier completed three acquisitions in 2025—including Dice, GreenEdge, and a stake in EffiaSoft—totaling over ₹215 crore. This deal continues its aggressive inorganic growth trend.
📊 What This Means for Companies
| Company | Strategic Benefit |
|---|---|
| Zaggle | Entry into UPI consumer credit market, deepens financial services stack |
| Rio.Money | Access to Zaggle’s distribution ecosystem to scale credit offerings |
- Rio.Money reported modest revenues (around ₹13 lakh in FY24), but its innovative UPI credit platform offers high strategic value. Business Standard
- Through this acquisition, Zaggle can now offer a digital consumer credit card linked to UPI—tapping into growing UPI usage and credit demand.
🚀 Why It Matters
- Consumer fintech expansion: Entry into UPI-based credit cards marks Zaggle’s shift beyond B2B to retail financial services.
- Market opportunity: The Indian UPI ecosystem presents immense scale, and embedded credit is a fast-growing use case.
- Inorganic growth momentum: As part of Zaggle’s QIP-backed deal spree, the deal strengthens its fintech infrastructure and innovation pipeline.
