Zaggle Prepaid Ocean Services, a spend management company, has acquired an additional 12.34% 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.
Previously in September 2024, Zaggle had acquired ₹26% stake in Mobileware for ₹15.60 crore. Post this investment and acquisition, Zaggle’s total shareholding in Mobileware Technologies now stands at 38.34% on a post-issue and fully diluted basis.
Founded in 2010 by Satyajit Kanekar and Amitabh Kanekar, Mobileware is a player in India’s digital payments ecosystem empowering banks, financial services, NBFCs, and all financial institutions with its extensive suite of products, encompassing NPCI-certified switch solutions, including UPI, IMPS, AEPS, BBPS, and proprietary API banking platform, TransXT, (also known as ‘Bank In A Box’!).
The integration with Mobileware has already started to enhance Zaggle’s offerings to provide cutting-edge embedded payment experiences to its clientele.
The move will enable Zaggle to leverage Mobileware’s infrastructure and expertise to enhance its payment solutions. Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will enable Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services.
Raj P. Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services said, “We are excited about this strategic investment, which 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. Zaggle remains committed to enhancing its product portfolio through targeted acquisitions over the next financial year, creating significant value for all our stakeholders.”
“This investment marks a pivotal milestone in our journey to transform the digital payments infrastructure ecosystem. At Mobileware, we are committed to driving digital innovations and delivering resilient and future ready payment solutions. Zaggle’s strategic vision aligns perfectly with our mission to power businesses with cutting-edge digital payments processing. We aim to redefine the digital payments landscape by combining our deep technological experience with industry-leading expertise. This collaboration will help us invest in technological innovation, product enhancements to provide efficiency, scalability, and security, ensuring a superior payments experience for our customers. With the potential to grow internationally and upgrade our current offerings we are setting new benchmarks in digital payments excellence, we will continue to power the evolving needs of Banks, FinTechs, and Enterprises across the ecosystem,” said Satyajit Kanekar, Co-founder of Mobileware Technologies.
Founded in 2011, Zaggle is a player in spend management, offering financial technology solutions, including corporate prepaid cards and SaaS-based expense management tools.
