Zaggle Acquires Rio.Money for Rs 22 Crore to Expand into Consumer Credit Card Market
Zaggle Prepaid Ocean Services Limited is set to expand its product offerings with the acquisition of fintech startup Rio.Money. The deal, valued at Rs 22 crore in cash, is expected to close within 60 days, with a possible 30-day extension.
Rio.Money, founded in July 2023 by Riya Bhattacharya and Vivek Amarnani, operates in the fintech sector, enabling equated monthly instalments (EMIs) through credit payments on QR codes via UPI. The startup reported a turnover of Rs 13 lakh for FY2023-24 and has a paid-up capital of Rs 11.33 lakh.
The acquisition, part of Zaggle's broader inorganic growth strategy following its Rs 595 crore QIP in 2024, will facilitate Zaggle's entry into the consumer credit card market. Riya Bhattacharya, CEO of Rio.Money, expressed excitement about the acquisition, stating it will 'supercharge' Rio.Money's mission to make credit accessible through UPI.
The acquisition of Rio.Money by Zaggle is expected to expand Zaggle's product offerings and facilitate its entry into the consumer credit card market. The deal, valued at Rs 22 crore, is set to close within 60 days, with a possible extension. Both companies look forward to the opportunities this acquisition presents.
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