Fintech company Zaggle Prepaid Ocean Services has completely bought Rivpe Technology, which offers consumer credit card and UPI payment solutions, for INR 97 crore, according to a regulatory filing.
Zaggle will pay INR 22 crore to buy Rivpe and invest an additional INR 75 crore in its Rio.Money brand to enhance its products and grow its consumer payment services.
“We wish to inform you, the Board of Directors of Zaggle Prepaid Ocean Services Limited at its meeting held today…approved …acquisition of 81,429 Equity Shares and 16,407 Compulsory Convertible Preference Shares for consideration up to Rs 22 crores from the existing shareholders of Rivpe Technology Private Limited (Rivpe), representing 100 per cent of issued and paid-up capital of Rivpe on a fully diluted basis,” the filing said.
“Zaggle will invest up to Rs 75 crore in Rio.Money, in one or more tranches, to support product enhancement, technology advancement, go-to-market initiatives and expansion of consumer payment offerings,” the company said.
“The acquisition of Rio.Money is a strategic cornerstone in our ambition to build one of India’s most comprehensive fintech ecosystems. Rio.Money brings exceptional capabilities in UPI and consumer credit cards, two of the most transformative payment avenues in India today,” Zaggle Founder and Executive Chairman, Raj P Narayanam, said.
Zaggle said the acquisition will expand its product offerings for current users, bring strong UPI expertise, and help the company enter the consumer credit card market.
In June, Zaggle fully acquired Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for ₹150 crore.
Rio.Money was founded in 2023 by Riya Bhattacharya and Vivek Amarnani. It is a fintech startup that allows users to make EMI-based credit payments on UPI using QR codes.
The service is backed by the co-branded Yes Bank–Rio RuPay Credit Card, which was launched in partnership with Yes Bank and NPCI in November 2024.
For the September quarter, Zaggle reported an operating revenue of ₹430 crore and a net profit of ₹33 crore.
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