Zaggle To Buy Spend Management Startup Dice Enterprises For INR 123 Cr

SUMMARY

Zaggle is acquiring Pune-based enterprise spend management startup Dice Enterprises for INR 123 Cr, aiming to expand its product suite and customer base

The acquisition, pending regulatory approvals, will give Zaggle access to high-profile clients like Tata 1mg and Britannia

The move follows Zaggle’s robust Q4 FY25 results, with a 62% YoY profit jump to INR 31.1 Cr and a 51% rise in operating revenue

Enterprise Tech major Zaggle is set to acquire Pune-based enterprise spend management startup Dice Enterprises Limited for INR 123 Cr (about $14.3 Mn).

Zaggle said that the acquisition will strengthen its product portfolio, give access to Dice’s customer base, and help it scale both in India and globally.

“…we wish to inform that the company has agreed to acquire 100% shares capital and voting rights in Dice Enterprises Private Limited form the existing shareholders of Dice Enterprises Private Limited subject to execution of definitive agreements and completion of certain identified conditions precedent In this regard, the company has executed a non-binding term sheet on June 5, 2025,” Zaggle said in an exchange filing.

Dice, founded in 2018 by Lakshay Jain, Sonam Khubchandani, Prashant Kushwah and Manohar Vashishta, operates in the spend management space, offering tools for managing travel, expenses, procurement and accounts payable.

The company reported a revenue of INR 6.3 Cr in FY24, up from INR 3.9 Cr in FY23.

Notably, Dice’s solutions are used by large enterprises, including Tata 1mg, BigBasket, Fino, Britannia, and DTDC.

According to the filing, Zaggle has signed a non-binding term sheet to acquire 100% of Dice’s shares. The deal is expected to close within 90 days, pending regulatory and board approvals.

This comes as Zaggle reported a 62% year-on-year increase in consolidated net profit, reaching INR 31.1 Cr in Q4 FY25, up from INR 19.2 Cr in the same quarter last year, driven by strong revenue growth.

Quarter-on-quarter, net profit rose 57% from INR 19.8 Cr. Operating revenue surged nearly 51% year-on-year to INR 412.1 Cr in the March quarter, compared to INR 273.4 Cr, while sequentially, it climbed over 22% from INR 336.9 Cr.

Zaggle’s share today ended 0.72% lower at INR 439.9 Cr on BSE today.