Zaggle Acquires 26% Stake in Mobileware for Rs 15.6 Crore

New Delhi, Sep 25 (PTI) Fintech firm Zaggle Prepaid Ocean Services on Wednesday said it has acquired a 26 per cent stake in Mobileware Technologies for Rs 15.6 crore.

The acquisition will enable Zaggle to leverage Mobileware's expertise and infrastructure to enhance its payment offerings, the company said in a statement.

"Zaggle Prepaid Ocean Services Limited has announced the acquisition of a significant minority stake in Mobileware Technologies Private Limited by investing Rs 15.6 crore for a 26 per cent ownership stake on a post-issue and fully diluted basis," the statement said.

Zaggle expects Mobileware's UPI switch solutions, available both on-premises and in the cloud, will enable it to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services.

"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.

"We look forward to closely collaborating with the Mobileware team to accelerate our growth in the digital payments and spend management space," Zaggle founder and executive chairman, Raj Narayanam said.