HYDERABAD: B2B SaaS fintech participant Zaggle Prepaid Ocean Services Limited has acquired 26% possession stake in Mumbai-based digital funds infrastructure participant, Mobileware Technologies Pvt Ltd, on a publish problem and absolutely diluted foundation for a money consideration of Rs 15.6 crore.
“The proposed acquisition is contingent upon the execution of the final agreement and the fulfillment or waiver of the conditions precedent, as mutually agreed upon by the parties,” Zaggle stated in a late evening regulatory submitting.
Zaggle stated the funding is aimed toward enhancing its capabilities in the fintech area, significantly embedded payment options and can allow it to leverage Mobileware’s experience and infrastructure to improve its payment choices.
“Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will empower Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services, strengthening Zaggle’s ability to deliver cutting-edge embedded payment experiences to its clientele,” Zaggle defined.
“Mobileware’s expertise in building robust payment infrastructure, particularly in UPI and other NPCI-certified solutions, aligns perfectly with our vision of delivering seamless and integrated payment experiences,” stated Zaggle founder & government chairman Raj Narayanam.
“This strategic investment will not only strengthen our offerings but also create new opportunities to co-develop advanced solutions that place payments at the core of our clients’ business needs,” Narayanam added.
“Zaggle’s strategic vision aligns perfectly with our goal of transforming the digital payments landscape. Together, we will leverage our combined strengths to deliver enhanced, secure, and more integrated payment experiences for our diverse clientele,” stated Satyajit Kanekar co-founder & CEO, Mobileware.
Post-acquisition, Mobileware’s management staff will proceed to lead the corporate’s operations to guarantee continuity and a powerful concentrate on scaling the enterprise.
Mobileware’s staff of 120 workers will stay devoted to increasing its choices whereas collaborating intently with Zaggle to improve options for purchasers throughout varied sectors.
Mobileware is a key participant in India’s digital funds ecosystem empowering banks, monetary companies, NBFCs, and all monetary establishments with merchandise encompassing NPCI switches, APIs, and their flagship platform – TransXT (also referred to as ‘Bank In A Box’!).
