Zaggle To Acquire Greenedge For INR 25 Cr

SUMMARY

The deal would see Zaggle buy out 1.3 Lakh equity shares from Greenedge's existing shareholders for INR 25 Cr

The golf-centric corporate engagement company recorded a turnover of INR 19.8 Cr in FY24, up 45% from INR 13.7 Cr in the previous fiscal year

All of these acquisitions are fuelled by Zaggle's maiden qualified institutional placement (QIP) which was completed in December and saw the company raise INR 594.8 Cr

Continuing its acquisition spree this year, fintech SaaS company Zaggle has now announced plans to acquire Greenedge Enterprises, a solution provider for golf travel, experiences and access-based rewards.

The deal would see Zaggle buy out 1.3 Lakh equity shares from Greenedge’s existing shareholders for INR 25 Cr. Further, the SaaS company would invest INR 25 Cr the startup in one or more tranches.

Mumbai-based Zaggle said it would look to strengthen its product offerings in loyalty and rewards segment and travel segment giving a boost to its employee rewards platform “Propel” offering.

The golf-centric corporate engagement company recorded a turnover of INR 19.8 Cr in FY24, up 45% from INR 13.7 Cr in the previous fiscal year. The deal is fructifying over three months after Zaggle agreed to acquire Greenedge. Back then, the deal size was pegged slightly higher at INR 27 Cr.

The latest deal adds on to the spree of acquisitions that Zaggle has undertaken in the past month, which includes three major deals.

July: Entered an agreement to acquire 100% stake in UPI payments startup Rio.Money for INR 22 Cr.
June: Announced acquisition of enterprise spend management startup Dice Enterprises for INR 123 Cr.
March: Bought more stake in PoS software solutions provider Effiasoft worth INR 36.7 Cr and digital payments service provider Mobileware Technologies for INR 7.3 Cr.

All of these acquisitions are fuelled by Zaggle’s maiden qualified institutional placement (QIP) which was completed in December and saw the company raise INR 594.8 Cr.

At the time, sources told Inc42 that the company was on the look out for acquisition of companies that are highly margin accretive.

On the back of these acquisitions, Zaggle aims to touch a gross revenue of INR 2,000 Cr in FY26, along with a net profit of INR 200 Cr.

In the first quarter of the fiscal (Q1 FY26), the company’s net profit soared 56% YoY to INR 26.1 Cr. Its top line zoomed 32% to INR 332 Cr from INR 252.2 Cr in Q1 FY25.

Shares of Zaggle ended today’s trading session up 0.16% at INR 349.85.