Hyderabad: Zaggle Prepaid Ocean Service Limited, India’s leading spending management company, announced a strategic investment in mobile software technology. The company has invested Rs 15.6 crore to acquire 26% of ownership shares on a post-issuance and a fully diluted basis.
After this investment and acquisition, Zaggle’s total stake in mobile software technology is now 38.34%, and is completely diluted. The move highlights Zaggle’s commitment to strengthening its position in the field of spending management and strengthening its partnership with mobile software as part of its ongoing strategic growth plan.
Mobile Software is an outstanding player in India’s digital payment ecosystem, authorizing banks, financial services, NBFC and all financial institutions, and its extensive product suite covers NPCI certified switching solutions including UPI, IMPI, IMPS, AEPS, AEPS, AEPS, BBPS, as well as proprietary API Banking Platform, transxt, transxt, also known (also known). Integration with mobile software has begun to enhance Zaggle’s products to provide its customers with state-of-the-art embedded payment experience. The strategic move to further increase its stake in digital payment companies reflects Zaggle’s commitment to consolidate its position in the SaaS Fintech industry, allowing it to provide greater value and growth to its diverse customer base.
Speaking about the development, Dr. Raj P. Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited said, “We are excited about this strategic investment, which will enable us to co-develop advanced solutions tailored to our diverse customer base. Mobileware’s proven expertise in building robust payment infrastructures, particularly in UPI and other NPCI-certified solutions, perfectly aligns with our vision of delivering seamless, integrated payment experiences. Zaggle remains committed to creating tremendous value for all of our stakeholders by enhancing its product portfolio through targeted acquisitions in the next fiscal year.”
The move will allow Zaggle to leverage the infrastructure and expertise of mobile software to enhance its payment solutions. Mobileware’s UPI switch solutions, both available on-premises and in the cloud, will enable Zaggle to develop and co-create new use cases for customers, including solutions for loan, credit and card management services.
“This development marks an important milestone in our commitment to delivering innovative and holistic solutions across the industry. Over the past six months, Zaggle has successfully integrated its cutting-edge technology with a premium product suite of mobile software, thus providing our customers with more scope to our services, more scope to our services, more scope to our customers, and more scope to our customers. With this synergy, we not only meet the evolving needs of all sectors, but also set new standards for efficiency, security and customer-centric innovation.” – Mr. Avinash Godkhindi, Managing Director and CEO, Zaggle.
“This investment marks a key milestone in our journey to transform the digital payment infrastructure ecosystem,” said Satyajit Kanekar, co-founder of mobile software technology. “On mobile software, we are committed to driving digital innovation and delivering resilient and future payment solutions. Zaggle’s strategic vision is exactly aligned with our mission to state-of-the-art digital payment processing for power enterprises. We aim to enhance the efficiency of technology by combining our in-depth technology experience with industry sectors to promote technology efficiency. Our customer payment experience, with the potential to grow and upgrade our current products internationally, we will set new benchmarks in excellent digital payments and we will continue to power the evolving needs of banks, fintechs and businesses across the ecosystem.”
Zaggle reported that in the October-December quarter of 2024, after-tax consolidated profit increased by 29.6%, an increase of Rs 1.52 crore from last year. The company recently raised Rs 5.95 crore through Qualified Institutional Placement (QIP) and raised funds specifically for strategic acquisitions and achieved a revenue target of US$1 billion.
