HYDERABAD: B2B SaaS fintech participant Zaggle Pay as you go Ocean Companies Restricted has acquired 26% possession stake in Mumbai-based digital funds infrastructure participant, Mobileware Applied sciences Pvt Ltd, on a put up challenge 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 situations precedent, as mutually agreed upon by the events,” Zaggle mentioned in a late evening regulatory submitting.
Zaggle mentioned the funding is geared toward enhancing its capabilities within the fintech house, significantly embedded cost options and can allow it to leverage Mobileware’s experience and infrastructure to boost its cost choices.
“Mobileware’s UPI change options, obtainable each on-premises and within the cloud, will empower Zaggle to develop and co-create new use circumstances for shoppers, together with options for lending, credit score, and card administration companies, strengthening Zaggle’s means to ship cutting-edge embedded cost experiences to its clientele,” Zaggle defined.
“Mobileware’s experience in constructing sturdy cost infrastructure, significantly in UPI and different NPCI-certified options, aligns completely with our imaginative and prescient of delivering seamless and built-in cost experiences,” mentioned Zaggle founder & govt chairman Raj Narayanam.
“This strategic funding is not going to solely strengthen our choices but in addition create new alternatives to co-develop superior options that place funds on the core of our shoppers’ enterprise wants,” Narayanam added.
“Zaggle’s strategic imaginative and prescient aligns completely with our purpose of reworking the digital funds panorama. Collectively, we’ll leverage our mixed strengths to ship enhanced, safe, and extra built-in cost experiences for our numerous clientele,” mentioned Satyajit Kanekar co-founder & CEO, Mobileware.
Submit-acquisition, Mobileware’s management crew will proceed to steer the corporate’s operations to make sure continuity and a powerful give attention to scaling the enterprise.
Mobileware’s crew of 120 workers will stay devoted to increasing its choices whereas collaborating carefully with Zaggle to boost options for shoppers throughout numerous 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 (often known as ‘Financial institution In A Field’!).
