Zaggle Prepaid Ocean Services Ltd, a listed fintech SaaS and spend management company, has announced its acquisition of Rivpe Technology Pvt Ltd, the parent company of consumer payments platform Rio Money. The deal, valued at approximately $2.6 million (Rs 22 crore), will give Zaggle full ownership of Rivpe once the share purchase agreement is finalized. This acquisition marks a major step in Zaggle’s expansion from enterprise spend management into the fast-growing consumer fintech segment.
Deal Structure and Investment Plans
Under the agreement, Zaggle will acquire 81,429 equity shares and 16,407 preference shares, representing 100% of Rivpe’s paid-up capital. The transaction, set to close within 120 days, will be executed entirely through cash consideration and does not require regulatory approval. Beyond the acquisition, Zaggle plans to invest an additional $9 million (Rs 75 crore) in Rivpe across multiple tranches to enhance product development, technology capabilities, and market expansion.
Strengthening Consumer Payments Expertise
Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rivpe operates as a fintech innovator through its consumer brand Rio Money. The company focuses on UPI-based credit solutions and co-branded RuPay cards that allow users to access credit via digital transactions. With investors such as Blume Ventures and Village Global, Rio Money has quickly built a niche in India’s evolving digital credit landscape, which is increasingly defined by embedded finance and interoperability.
Broader Strategic Vision for Zaggle
For Hyderabad-based Zaggle, this acquisition reflects a deliberate push to diversify its offerings and expand into consumer-facing financial products. Traditionally known for its enterprise solutions in spend automation, corporate rewards, and prepaid services, Zaggle is now positioning itself as a cross-sector fintech platform. The Rivpe acquisition follows Zaggle’s purchase of loyalty solutions firm Greenedge in September, demonstrating an ongoing effort to consolidate its fintech portfolio and strengthen digital engagement.
Market Context and Growth Potential
India’s consumer fintech sector continues to experience rapid expansion driven by the adoption of digital credit and UPI-linked lending. By integrating Rivpe’s technology and consumer expertise, Zaggle aims to capture a larger share of this market and build a seamless ecosystem for both businesses and individual users. The move also enables Zaggle to leverage Rivpe’s UPI and card issuance infrastructure to create new revenue streams in consumer lending and retail payments.
Operational Impact and Financial Outlook
According to the company’s latest regulatory filing, Rivpe reported revenue of approximately $118,000 (Rs 0.98 crore) for FY25, a significant rise from $16,000 (Rs 0.13 crore) in FY24. Post-acquisition, Zaggle plans to accelerate Rivpe’s product roadmap while integrating its technology with existing enterprise solutions. This strategic alignment is expected to drive synergies across customer acquisition, data analytics, and payment innovation.
Zaggle’s Established Enterprise Base
Founded in 2011, Zaggle has established itself as a major player in SaaS-based expense management and corporate payment automation. The company reports issuance of over 50 million prepaid cards and serves a user base exceeding 3.5 million across industries including banking, healthcare, manufacturing, and technology. By adding Rivpe’s consumer capabilities, Zaggle will now operate across both B2B and B2C fintech verticals, expanding its total addressable market.
Zaggle’s acquisition of Rivpe marks a defining moment in its evolution from enterprise spend automation to full-spectrum fintech solutions. The deal enhances its technological foundation, expands its market reach, and sets the stage for deeper participation in India’s rapidly growing consumer payments ecosystem. As digital credit adoption accelerates, Zaggle’s integration of Rivpe could position the company at the forefront of next-generation financial innovation.