Zaggle Approves Rivpe (Rio.Money) Buyout, Commits Rs 97 Crore for UPI and Credit Push
With closing targeted in 120 days, the move equips Zaggle with UPI depth, enabling an entry into consumer credit cards.
Overview
- Zaggle’s board approved purchasing 81,429 equity shares and 16,407 CCPS of Rivpe for up to Rs 22 crore, representing 100% ownership on a fully diluted basis.
- An additional investment of up to Rs 75 crore will be deployed in one or more tranches to fund product development, technology and go-to-market expansion.
- The transaction is expected to close within 120 days, will be settled in cash, and does not require regulatory approvals according to the filing.
- Rio.Money will become a wholly owned subsidiary upon completion, with the acquisition positioned to add UPI expertise and open a path into consumer credit cards.
- Rivpe, founded in July 2023 by Riya Bhattacharya and Vivek Amarnani, reported FY25 revenue of Rs 0.98 crore, and the deal follows Zaggle’s recent stakes in Span IT Solutions and Mobileware alongside stronger Q2 FY26 results.