Zaggle To Invest INR 75 Cr In Fintech Startup Rio.Money Post Acquisition

SUMMARY

Zaggle said it will invest INR 75 Cr in Bengaluru-based fintech startup Rivpe Technology, which operates Rio.Money, post its acquisition

Zaggle said its board approved the purchase of 81,429 equity shares and 16,407 CCPS of Rivpe for up to INR 22 Cr, representing 100% of the startup’s fully diluted shareholding

Recipe offers UPI payments and co-branded credit cards. Its turnover stood at INR 98 Lakh in FY25 and INR 13 Lakh in FY24

Listed fintech SaaS company Zaggle said it will invest INR 75 Cr in Bengaluru-based fintech startup Rivpe Technology, which operates Rio.Money, post its acquisition.

In an exchange filing, Zaggle said its board approved the purchase of 81,429 equity shares and 16,407 CCPS of Rivpe for up to INR 22 Cr, representing 100% of the startup’s fully diluted shareholding.

The deal is expected to be completed in 120 days. Zaggle said that the acquisition will strengthen its product suite and deepen its capabilities in UPI and consumer credit segments.

“The acquisition not only expands our product offerings for existing users and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market,” the company said.

Notably, Zaggle signed a non-binding agreement in July this year to acquire Rivpe.

Founded in July 2023 by Riya Bhattacharya and Vivek Amarnani, Rivpe offers UPI payments and co-branded credit cards. Its turnover stood at INR 98 Lakh in FY25 and INR 13 Lakh in FY24.

Meanwhile, Zaggle, founded in 2011 by Raj Narayanam, provides expenses, payments, and corporate employee benefit solutions to enterprises. It offers a range of SaaS products, such as Zaggle Save for managing expenses and rewards, Zaggle EMS for expense management, and Zaggle Propel for employee rewards and incentives.

The deal adds to Zaggle’s recent acquisition spree, which includes increasing stake in Span IT Solutions and digital payments firm Mobileware Technologies over the past year.

On the financial front, Zaggle’s net profit rose 72% YoY and 34% QoQ to INR 35 Cr in Q2 FY26. Its operating revenue grew 42% YoY and 30% QoQ to INR 432.2 Cr during the quarter under review.

Shares of Zaggle ended today’s trading session 0.1% higher at INR 366 on the BSE. The stock is down 32.87% on a YTD basis.