The move will enable Zaggle to leverage Mobileware’s infrastructure and expertise to enhance its payment solutions
FinTech BizNews Service
Mumbai, 26 March 2025: Zaggle Prepaid Ocean Services Limited, India’s leading Spend
Management company, has announced a strategic investment in Mobileware Technologies.
The company has invested ₹15.60 crores to acquire a 26% ownership stake on a post-issue
and fully diluted basis.
In addition, Zaggle has also acquired a 12.34% stake, representing a portion of the post-
closing issued and paid-up capital of the company, on a fully diluted basis, from the
promoters of Mobileware for ₹7.25 crores.
Post this investment and acquisition, Zaggle's total shareholding in Mobileware Technologies
now stands at 38.34% on a post-issue and fully diluted basis. This move highlights Zaggle’s
commitment to strengthening its position in the Spend Management sector and reinforcing
its partnership with Mobileware as part of its ongoing strategic growth initiatives.
Mobileware is a prominent player in India's digital payments ecosystem empowering banks,
financial services, NBFCs, and all financial institutions with its extensive suite of products,
encompassing NPCI-certified switch solutions, including UPI, IMPS, AEPS, BBPS, and
proprietary API banking platform, TransXT, (also known as ‘Bank In A Box’!). The integration
with Mobileware has already started to enhance Zaggle’s offerings in to provide cutting-edge
embedded payment experiences to its clientele. The strategic move to further increase its
stake in the digital payments company reflects Zaggle’s commitment to solidify its position in
the SaaS FinTech sector, allowing it to deliver greater value and foster growth for 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
enhancing its product portfolio through targeted acquisitions over the next financial year,
creating significant value for all our stakeholders.”
The move will enable Zaggle to leverage Mobileware’s infrastructure and expertise to
enhance its payment solutions. Mobileware’s UPI switch solutions, available both on-
premises and in the cloud, will enable Zaggle to develop and co-create new use cases for
clients, including solutions for lending, credit, and card management services.
“This development marks a significant milestone in our ongoing commitment to delivering
innovative and holistic solutions across industries. Over the past six months, Zaggle has
successfully integrated its cutting-edge technologies with Mobileware’s advanced suite of
offerings, resulting in a seamless and comprehensive experience for our clients. This
collaboration has empowered us to enhance our service capabilities, optimize digital
payment solutions, and expand our reach to a broader and more diverse customer base. By
harnessing this synergy, we are not only addressing the evolving needs of various sectors
but also setting new standards for efficiency, security, and customer-centric innovation.” –
Mr. Avinash Godkhindi, Managing Director and CEO, Zaggle.
"This investment marks a pivotal milestone in our journey to transform the digital payments
infrastructure ecosystem," said Satyajit Kanekar, Co-founder of Mobileware Technologies, "At
Mobileware, we are committed to driving digital innovations and delivering resilient and
future ready payment solutions. Zaggle’s strategic vision aligns perfectly with our mission to
power businesses with cutting-edge digital payments processing. We aim to redefine the
digital payments landscape by combining our deep technological experience with industry-
leading expertise. This collaboration will help us invest in technological innovation, product
enhancements to provide efficiency, scalability, and security, ensuring a superior payments
experience for our customers. With the potential to grow internationally and upgrade our
current offerings we are setting new benchmarks in digital payments excellence, we will
continue to power the evolving needs of Banks, FinTechs, and Enterprises across the
ecosystem."
Zaggle had reported a 29.6 per cent increase in consolidated profit after tax to Rs 19.7 crore
in the October-December 2024 quarter, an increase from Rs 15.2 crore from last year. The
company had recently raised ₹595 crore through a Qualified Institutional Placement (QIP),
with the funds earmarked for strategic acquisitions and to achieve a $1 billion revenue
target.
