Zaggle Acquires 38.34% Stake in Mobileware for ?22.85 Cr
29 Mar 2025
2 Min Read
CW Team
Hyderabad-based spend management solutions provider, Zaggle Prepaid Ocean Services Limited, has acquired a 26% stake in Mobileware Technologies for ?156 million ($1.87 million). Additionally, it has purchased a 12.34% stake from Mobileware鈥檚 promoters for ?72.5 million ($870,000), bringing its total shareholding in the company to 38.34% on a fully diluted basis.
Mobileware Technologies is a key player in India's digital payments sector, offering solutions to banks, financial services firms, and non-banking financial companies (NBFCs). Zaggle stated that this strategic investment would bolster its position in the spend management and SaaS FinTech space.
鈥淭he integration with Mobileware has already started to enhance Zaggle鈥檚 offerings, enabling embedded payment experiences for its clientele,鈥� the company said in a statement.
Raj P. Narayanam, Founder & Executive Chairman of Zaggle, highlighted that the investment aligns with Zaggle鈥檚 vision of delivering seamless digital payment solutions.
鈥淢obileware鈥檚 proven expertise in building robust payment infrastructures, particularly in UPI and NPCI-certified solutions, complements our strategy of offering integrated financial services,鈥� Narayanam added.
Zaggle reported a 29.6% increase in consolidated profit after tax, reaching ?197 million ($2.36 million) in Q3 FY24, up from ?152 million ($1.82 million) in the previous year. The company recently raised ?5.95 billion ($71 million) via a Qualified Institutional Placement (QIP), with plans to fund strategic acquisitions and drive revenue growth towards a $1 billion target.
Hyderabad-based spend management solutions provider, Zaggle Prepaid Ocean Services Limited, has acquired a 26% stake in Mobileware Technologies for ?156 million ($1.87 million). Additionally, it has purchased a 12.34% stake from Mobileware鈥檚 promoters for ?72.5 million ($870,000), bringing its total shareholding in the company to 38.34% on a fully diluted basis.
Mobileware Technologies is a key player in India's digital payments sector, offering solutions to banks, financial services firms, and non-banking financial companies (NBFCs). Zaggle stated that this strategic investment would bolster its position in the spend management and SaaS FinTech space.
鈥淭he integration with Mobileware has already started to enhance Zaggle鈥檚 offerings, enabling embedded payment experiences for its clientele,鈥� the company said in a statement.
Raj P. Narayanam, Founder & Executive Chairman of Zaggle, highlighted that the investment aligns with Zaggle鈥檚 vision of delivering seamless digital payment solutions.
鈥淢obileware鈥檚 proven expertise in building robust payment infrastructures, particularly in UPI and NPCI-certified solutions, complements our strategy of offering integrated financial services,鈥� Narayanam added.
Zaggle reported a 29.6% increase in consolidated profit after tax, reaching ?197 million ($2.36 million) in Q3 FY24, up from ?152 million ($1.82 million) in the previous year. The company recently raised ?5.95 billion ($71 million) via a Qualified Institutional Placement (QIP), with plans to fund strategic acquisitions and drive revenue growth towards a $1 billion target.
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