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Business EconomyPosted at: Mar 27 2025 5:29PM


Zaggle acquires 38.34 pc stake in Mobileware Technologies

Hyderabad, Mar 27 (UNI) Zaggle Prepaid Ocean Services Limited, a leading spend management company, has acquired a 38.34 per cent stake in Mobileware Technologies, strengthening its position in the digital payments ecosystem.
As part of the deal, Zaggle invested Rs 15.60 crore to acquire a 26 per cent stake on a post-issue and fully diluted basis. Additionally, the company purchased a 12.34 per cent stake from Mobileware’s promoters for Rs 7.25 crore, bringing its total shareholding to 38.34 per cent, a company statement said on Thursday.
Mobileware Technologies is a key player in India’s digital payments sector, providing solutions such as UPI, IMPS, AEPS, BBPS, and the API banking platform TransXT. The partnership will enable Zaggle to enhance its payment solutions and expand its offerings in embedded finance.
Dr Raj P Narayanam, Founder & Executive Chairman of Zaggle, emphasised that the investment aligns with the company’s strategy to co-develop advanced payment solutions. Mobileware’s expertise in UPI and NPCI-certified platforms will complement Zaggle’s vision of delivering seamless, integrated payment experiences.
Mobileware Co-founder Satyajit Kanekar stated that the investment marks a significant step in transforming digital payments infrastructure, with a focus on innovation, security, and scalability.
Zaggle recently reported a 29.6 per cent rise in consolidated profit after tax to Rs 19.7 crore in Q3 FY24 and raised Rs 595 crore through a Qualified Institutional Placement (QIP) to drive strategic acquisitions and achieve its USD 1 billion revenue target.
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