Zaggle Acquires 26% Stake in Mobileware for Rs 15.6 Crore
By Rediff Money Desk, New Delhi Sep 25, 2024 22:06
Fintech firm Zaggle acquires a 26% stake in Mobileware Technologies for Rs 15.6 crore, aiming to enhance its payment offerings. The acquisition will leverage Mobileware's UPI switch solutions for new use cases.
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.
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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 10.41 (+ 0.48)
- 53727067
- GTL Infrastructure
- 2.41 (+ 4.78)
- 49996392
- Five-Star Business F
- 797.20 ( -1.39)
- 47756593
- Spicejet Ltd.
- 61.84 ( -0.87)
- 37121295
- Reliance Power L
- 44.16 (+ 4.99)
- 36538149
MORE NEWS
Gulf Oil Promoter Sells 4% Stake for Rs 263 Crore
Gulf Oil International Mauritius Inc. sold a 4% stake in Gulf Oil Lubricants India for...
Zaggle Acquires Stakes in Span Across IT &...
Fintech firm Zaggle invests Rs 48 crore in Span Across IT Solutions and Mobileware...
Swiggy Files Updated IPO Papers: Eyes Rs 3,750 Cr
Swiggy files updated IPO papers with Sebi, aiming to raise Rs 3,750 crore through fresh...