Zaggle, a fintech company, wants to invest Rs 75 crore after acquiring Rio Money for Rs 22 crore

Fintech company Zaggle, known for its spend-management services, has acquired Rivpe Technology (Rio.Money) for ₹22 crore, the company said in a stock exchange filing on Thursday.

Zaggle also plans to invest an additional ₹75 crore in Rio.Money in the coming months to improve the platform, build new products, and enhance customer services.

Why this deal matters

With this acquisition, Zaggle will now be able to:

• Issue RuPay-powered credit cards

• Offer credit lines on UPI

These are important credit-based payment products that will help Zaggle expand its offerings to more users and businesses.

About Rio.Money

• Founded in 2023 by Riya Bhattacharya and Vivek Amarnani

• Offers EMI-based credit payments on UPI using QR codes

• Uses the Yes Bank–Rio RuPay Credit Card, launched in partnership with Yes Bank and NPCI in November 2024

Zaggle’s Recent Acquisitions

Earlier in June 2024, Zaggle bought:

• Dice, an enterprise spend-management platform

• GreenEdge, a golf loyalty and travel solutions provider
  The combined deal was worth ₹150 crore.

What Zaggle Says

“Rio Money’s credit and UPI solutions fit perfectly with our growth plans. With Zaggle’s 3.5 million users and 3,600 corporate clients, this acquisition will help us expand into new markets and customer groups,” said Avinash Godkhindi, MD & CEO of Zaggle.

Financial Snapshot

• Revenue (Sept quarter): ₹430 crore

• Net profit: ₹33 crore

• Market cap: ₹4,920 crore

• Share price today (3:30 PM): ₹365.70, unchanged from the previous close