Zaggle makes Rs 97 cr bet on Rivpe Technology

New Delhi, Dec 4 (PTI) Fintech firm Zaggle Prepaid Ocean Services has placed Rs 97 crore bet on consumer credit card and UPI-based payment solution provider Rivpe Technology with its 100 per cent acquisition, according to a regulatory filing.

Zaggle will acquire Rivpe for Rs 22 crore and invest Rs 75 crore in the latter's brand Rio.Money to support product enhancement and expansion of consumer payment offerings.

"We wish to inform you, the Board of Directors of Zaggle Prepaid Ocean Services Limited at its meeting held today...approved ...acquisition of 81,429 Equity Shares and 16,407 Compulsory Convertible Preference Shares for consideration up to Rs 22 crores from the existing shareholders of Rivpe Technology Private Limited (Rivpe), representing 100 per cent of issued and paid-up capital of Rivpe on a fully diluted basis," the filing said.

The transaction is expected to close in 120 days.

"Zaggle will invest up to Rs 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," the company said.

Zaggle said that the acquisition not only expands our product offerings for existing users and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market.

"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," Zaggle Founder and Executive Chairman, Raj P Narayanam, said. PTI PRS HVA