Synopsis
Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money is a fintech company offering equated monthly instalments (EMIs) through credit payments on QR codes via UPI. This service is enabled through the co-branded Yes Bank-Rio RuPay Credit Card, launched in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024.
Zaggle Prepaid Ocean Services Limited, one of India’s leading spend management companies, is set to acquire a 100% stake in fintech startupRio Money for Rs 22 crore. With this acquisition, Zaggle plans to foray into the consumer credit card space via UPI.
“Now, with this acquisition, we will be able to tap into that customer base and offer them a full-fledged digital experience with a retail credit card linked to UPI,” Avinash Godkhindi, CEO of Zaggle, told ET.
Earlier in June this year, Zaggle had acquired a 100% stake in Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for Rs 150 crore.
“This acquisition also strengthens our decade-long, successful partnership with Yes Bank, enabling us to drive innovation not only in corporate spend management but now also in the consumer credit card segment,” said Raj P Narayanam, founder of Zaggle.
The acquisition forms part of the company’s broader strategy to deploy the Rs 595 crore it raised through a qualified institutional placement (QIP)—a fast-track capital-raising method for listed companies. Zaggle was listed on the stock exchange in September 2023. As of 3:30 PM today, the company’s share price stood at Rs 398.
“We’re excited to join hands with Zaggle, a powerhouse in spend management. This acquisition supercharges our mission to make credit effortlessly accessible through UPI. With Zaggle’s vast reach and deep expertise, we’re set to take our innovative credit solutions to millions more users across India—unlocking exciting new possibilities for digital payments and consumer empowerment,” said Riya Bhattacharya, CEO of Rio Money.
Source: www.economictimes.indiatimes.com