Zaggle, a spend management and fintech company, has entered into definitive agreements to acquire a 100% stake in Rio.Money-parent Rivpe Technology, for ₹22 crore.
Under the proposed transaction, Zaggle will acquire Rio Money’s equity and preference shares for cash consideration, resulting in the purchase of the company’s entire issued and paid-up share capital on a fully diluted basis, subject to the execution of the Share Purchase Agreement.
Upon completion of this acquisition, Rivpe will become a wholly owned subsidiary of the Company.
As part of the deal, Zaggle will also invest up to ₹75 crore in Rio.Money, in one or more tranches, to support product enhancement, technology advancement, go-to-market initiatives and expansion of consumer payment offerings.
Rio.Money is a fintech company with offerings including UPI payments, along with co-branded consumer credit cards.
With the acquisition, Zaggle will expand its product offerings for existing users and customer base and also add a deep expertise on the UPI and facilitate its entry into the consumer credit card market.
Zaggle Founder and Executive Chairman, Raj P Narayanam, said, “The acquisition of Rio.Money is a strategic cornerstone in our ambition to build one of India’s most comprehensive fintech ecosystems. Rio.Money brings exceptional capabilities in UPI and consumer credit cards, two of the most transformative payment avenues in India today.”
