Hyderabad-based fintech company Zaggle purchases Rio.Money startup for an estimated 220 million Indian rupees.
Zaggle Expands into Consumer Credit Card Market with Acquisition of Rio Money
Zaggle, a publicly listed spend management company, has announced its entry into the consumer credit card market with the acquisition of fintech startup Rivpe Technology Private Limited, better known as Rio Money. The deal, valued at Rs 22 crore in cash, is expected to close within 60 days, with a possible 30-day extension by mutual agreement.
Incorporated in July 2023, Rio Money operates in the fintech sector, enabling equated monthly instalments (EMIs) through credit payments on QR codes via UPI. The company reported a turnover of Rs 13 lakh for FY2023-24.
Founded by Riya Bhattacharya and Vivek Amarnani, Rio Money operates solely in India and has a paid-up capital of Rs 11.33 lakh. Riya Bhattacharya, CEO of Rio Money, expressed excitement about joining forces with Zaggle.
The acquisition adds expertise on UPI to Zaggle Prepaid Ocean Services Limited, a company that conducted a Rs 595 crore Qualified Institutional Placement (QIP) in 2024 as part of its broader inorganic growth strategy.
The deal includes the launch of the co-branded Yes Bank-Rio RuPay credit card, which was launched in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024. The service is facilitated through this card.
In June, Zaggle made another significant move by acquiring Pune-based Dice and golf-focused loyalty solutions provider GreenEdge in a combined transaction valued at Rs 150 crore.
The acquisition of Rio Money by Zaggle marks a strategic step towards expanding its presence in the consumer credit card segment. Riya Bhattacharya, CEO of Rio Money, expressed her confidence in the partnership, stating, "We are thrilled to be joining forces with Zaggle. Together, we look forward to offering innovative credit solutions to consumers across India."
The proposed deal is subject to definitive agreements and customary conditions precedent. With this acquisition, Zaggle continues to demonstrate its commitment to growth and innovation in the financial services sector.
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
