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Zaggle Prepaid Ocean Services Limited, a leading publicly listed spend management company based in Hyderabad, has announced its strategic acquisition of fintech startup Rio.Money for Rs 22 crore. This landmark transaction represents a pivotal moment in Zaggle’s growth trajectory as the company ventures into the consumer credit card segment for the first time.
Expanding Beyond Traditional Boundaries
The acquisition demonstrates Zaggle’s commitment to diversifying its business portfolio beyond its established B2B spend management services. By integrating Rio.Money’s innovative UPI enabled credit solutions, Zaggle is positioning itself to serve both enterprise and consumer markets effectively. Rio.Money’s specialized technology enables equated monthly installments through credit payments on QR codes via UPI, utilizing their co branded Yes Bank–Rio RuPay credit card developed in partnership with Yes Bank and the National Payments Corporation of India.
Strategic Growth Through Acquisitions
This transaction forms part of Zaggle’s broader inorganic expansion strategy, following the company’s successful Rs 595 crore Qualified Institutional Placement completed in December 2024. In June 2025, Zaggle completed acquisitions worth Rs 150 crore, purchasing Pune based enterprise spend management platform Dice and golf focused loyalty solutions provider GreenEdge. These strategic moves underscore the company’s aggressive approach to market expansion and technological advancement.
Market Positioning and Future Outlook
The Rio.Money acquisition provides Zaggle with immediate access to UPI credit technology and consumer payment solutions, areas that complement its existing corporate offerings. Founded in July 2023 by Riya Bhattacharya and Vivek Amarnani, Rio.Money brings specialized expertise in digital payments and consumer credit accessibility.
The transaction, subject to definitive agreements and customary conditions, is expected to close within 60 days. This acquisition not only expands Zaggle’s product portfolio but also positions the company to capitalize on India’s rapidly growing digital payments ecosystem, reinforcing its status as a comprehensive financial technology solutions provider in the Indian market.
Also Read: RBI Governor Hints at Future UPI Charges: “No Charges For Now, But Costs Must Eventually Be Covered”
