HYDERABAD: B2B SaaS fintech player Zaggle Prepaid Ocean Services Limited has acquired 26% ownership stake in Mumbai-based digital payments infrastructure player, Mobileware Technologies Pvt Ltd, on a post issue and fully diluted basis for a cash 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 said in a late night regulatory filing.
Zaggle said the investment is aimed at enhancing its capabilities in the fintech space, particularly embedded payment solutions and will enable it to leverage Mobileware’s expertise and infrastructure to enhance its payment offerings.
“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 explained.
“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,” said Zaggle founder & executive 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,” said Satyajit Kanekar co-founder & CEO, Mobileware.
Post-acquisition, Mobileware’s leadership team will continue to lead the company’s operations to ensure continuity and a strong focus on scaling the business.
Mobileware’s team of 120 employees will remain dedicated to expanding its offerings while collaborating closely with Zaggle to enhance solutions for clients across various sectors.
Mobileware is a key player in India’s digital payments ecosystem empowering banks, financial services, NBFCs, and all financial institutions with products encompassing NPCI switches, APIs, and their flagship platform – TransXT (also known as ‘Bank In A Box’!).
