Zaggle Prepaid Ocean Services Limited, a Hyderabad-based spend management solutions company, has acquired 26 per cent stake in Mobileware Technologies for ₹15.60 crore.
In addition, Zaggle has also acquired a 12.34 per cent stake, representing a portion of the post-closing issued and paid-up capital of the company, on a fully diluted basis, from the promoters of Mobileware for ₹7.25 crore.
Mobileware is a prominent player in India’s digital payments ecosystem empowering banks, financial services, NBFCs, and all financial institutions.
Post this investment and acquisition, Zaggle’s total shareholding in Mobileware Technologies now stands at 38.34 per cent on a post-issue and fully diluted basis.
The company said the move would help it strengthen its position in the Spend Management sector andsolidify its position in the SaaS FinTech sector.
“The integration with Mobileware has already started to enhance Zaggle’s offerings in to provide embedded payment experiences to its clientele,” a statement said.
“The investment will enable us to co-develop advanced solutions tailored to our diverse customer base. Mobileware’s proven expertise in building robust payment infrastructures, particularly in UPI and other NPCI-certified solutions, perfectly aligns with our vision of delivering seamless, integrated payment experiences,” Raj P. Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited, said.
Zaggle had reported a 29.6 per cent increase in consolidated profit after tax to ₹19.7 crore in the third quarter ended December 2024, an increase from ₹15.2 crore from last year.
The company had recently raised ₹595 crore through a Qualified Institutional Placement (QIP), with the funds earmarked for strategic acquisitions and to achieve a $1 billion revenue target.