Zaggle Prepaid Ocean Services Limited has informed the Exchange about General Updates
ZAGGLE · price
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Zaggle Prepaid Ocean Services has agreed to acquire 100% of Rivpe Technology Private Limited, which operates the fintech brand Rio.Money, for INR 22 Crores in cash. Rio.Money operates in the UPI payments and consumer credit cards space, with a turnover of only Rs. 0.13 Crores in FY24 (its first full year, incorporated July 2023). The deal is currently at a non-binding term sheet stage signed on July 29, 2025, with definitive agreements and conditions precedent still pending. Completion is expected within 60 days, extendable by another 30 days. The acquisition is not a related-party transaction and no government approvals are required. The deal is aimed at expanding Zaggle's product offerings and adding UPI expertise plus entry into the consumer credit card market.
This is a strategic acquisition into fintech (UPI and credit cards), which aligns with Zaggle's prepaid and payments business. However, the target is very early-stage with negligible revenue, so the INR 22 Crore price reflects growth/synergy potential rather than current earnings. Near-term impact on stock is likely neutral-to-positive if investors view the credit card and UPI expansion favorably; deal completion still depends on signing definitive agreements.