Zaggle acquires 26% stake in Mobileware to spice up its digital fee capabilities

HYDERABAD: B2B SaaS fintech participant Zaggle Pay as you go Ocean Providers Restricted has acquired 26% possession stake in Mumbai-based digital funds infrastructure participant, Mobileware Applied sciences Pvt Ltd, on a submit concern and absolutely diluted foundation for a money consideration of Rs 15.6 crore.
“The proposed acquisition is contingent upon the execution of the ultimate settlement and the achievement or waiver of the circumstances precedent, as mutually agreed upon by the events,” Zaggle mentioned in a late night time regulatory submitting.
Zaggle mentioned the funding is geared toward enhancing its capabilities within the fintech area, notably embedded fee options and can allow it to leverage Mobileware’s experience and infrastructure to reinforce its fee choices.
“Mobileware’s UPI change options, obtainable each on-premises and within the cloud, will empower Zaggle to develop and co-create new use instances for purchasers, together with options for lending, credit score, and card administration providers, strengthening Zaggle’s capacity to ship cutting-edge embedded fee experiences to its clientele,” Zaggle defined.
“Mobileware’s experience in constructing strong fee infrastructure, notably in UPI and different NPCI-certified options, aligns completely with our imaginative and prescient of delivering seamless and built-in fee experiences,” mentioned Zaggle founder & govt chairman Raj Narayanam.
“This strategic funding is not going to solely strengthen our choices but additionally create new alternatives to co-develop superior options that place funds on the core of our purchasers’ enterprise wants,” Narayanam added.
“Zaggle’s strategic imaginative and prescient aligns completely with our aim of remodeling the digital funds panorama. Collectively, we are going to leverage our mixed strengths to ship enhanced, safe, and extra built-in fee experiences for our various clientele,” mentioned Satyajit Kanekar co-founder & CEO, Mobileware.
Put up-acquisition, Mobileware’s management workforce will proceed to steer the corporate’s operations to make sure continuity and a robust give attention to scaling the enterprise.
Mobileware’s workforce of 120 workers will stay devoted to increasing its choices whereas collaborating intently with Zaggle to reinforce options for purchasers throughout numerous sectors.
Mobileware is a key participant in India’s digital funds ecosystem empowering banks, monetary providers, NBFCs, and all monetary establishments with merchandise encompassing NPCI switches, APIs, and their flagship platform – TransXT (also referred to as ‘Financial institution In A Field’!).