Zaggle Acquires Stake in Mobileware to Enhance Digital Payment Capabilities

Zaggle Prepaid Ocean Services Limited, a leading B2B SaaS FinTech firm, has announced the acquisition of a significant minority stake in Mobileware Technologies Private Limited by investing INR 15.6 crores for a 26 percent ownership stake on a post-issue and fully diluted basis. Mobileware is a prominent player in India's digital payments ecosystem empower banks, financial services, NBFCs, and all financial institutions with their extensive suite of products, encompassing NPCI Switches, APIs, and their flagship platform - TransXT (also known as 'Bank In A Box'!). This investment aims to enhance Zaggle's capabilities in the FinTech space, particularly in embedded payment solutions.

The acquisition will enable Zaggle 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. This collaboration will strengthen Zaggle's ability to deliver cutting-edge embedded payment experiences to its clientele.

This investment also reflects Zaggle's commitment to advancing its digital payment solutions and maintaining a leading position in the SaaS FinTech industry. By integrating Mobileware's innovative payment technology, Zaggle is well-positioned to deliver superior value and drive growth for its diverse customer base.

"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. Mobileware has been a leader in driving innovation in digital payments in India. Their 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. We look forward to closely collaborating with the Mobileware team to accelerate our growth in the digital payments and spend management space" said, Mr. Raj Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited.

Mumbai-headquartered Mobileware has played a pivotal role in transforming the digital payments landscape in India through its integrated suite of NPCI-certified switch solutions, including UPI, IMPS, AEPS, and BBPS. With its proprietary API banking platform, TransXT, Mobileware has facilitated over crores of digital transactions and currently provides its payment infrastructure to more than 80 Banks and 20 FinTech companies. Since 2022, the company has received multiple certifications from the National Payments Corporation of India (NPCI), underscoring its strong partnership with NPCI and its commitment to innovation in the BFSI sector.

"Our collaboration with Zaggle marks a significant milestone in the journey of both brands. As the industry evolves, customers increasingly seek integrated and holistic solutions, particularly in the BFSI sector. 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 Mr. Satyajit Kanekar Co-Founder & CEO, Mobileware.

Mobileware's leadership team will continue to lead company's operations, ensuring continuity and a strong focus on scaling the business. The team of 120 employees will remain dedicated to expanding Mobileware's offerings while collaborating closely with Zaggle to enhance solutions for clients across various sectors.

Shares of Zaggle Prepaid Ocean Services Limited was last trading in BSE at Rs. 442.90 as compared to the previous close of Rs. 431.90. The total number of shares traded during the day was 200311 in over 5615 trades.

The stock hit an intraday high of Rs. 461.55 and intraday low of 436.00. The net turnover during the day was Rs. 90318868.00.

Source : Equity Bulls

Keywords

ZagglePrepaidOceanServices INE07K301024 ITEnabledServices StakeAcquisition MobilewareTechnologies