Zaggle, a company known for managing employee expenses, is acquiring fintech startup Rivpe Technology Private Limited, widely known as Rio.Money, for Rs 22 crore in an all-cash deal. The acquisition includes 100 percent equity and voting rights, as mentioned in regulatory filings.
Rio.Money was founded in July 2023 and works in the area of UPI payments and consumer credit cards. Zaggle aims to expand its presence in these fast-growing segments, and this deal supports its strategy to grow its fintech portfolio. With this move, Zaggle plans to use Rio.Money’s capabilities to reach a broader customer base and make the most of India’s growing digital payments and credit market.
Rio.Money reported a turnover of only Rs 13 lakh for the financial year 2024. Despite the low revenue, the company’s focus areas align well with Zaggle’s goals for future growth.
This marks Zaggle’s fifth acquisition in 2025. Just last month, Zaggle bought a 100 percent stake in Dice and GreenEdge Enterprises for Rs 150 crore. Earlier in the year, it had also acquired a 51 percent controlling stake in EffiaSoft and a 38.34 percent stake in Mobileware Technologies.
The fintech space in India continues to attract strategic deals, as larger companies seek to strengthen their technology and expand into key verticals like UPI and digital credit solutions.
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