Hyderabad-based Zaggle acquires fintech startup Rio.Money for Rs 22 crore

Zaggle Prepaid Ocean Services Limited, a publicly listed spend management company, is expanding into the consumer credit card segment with the acquisition of fintech startup Rivpe Technology Private Limited, better known as Rio.Money.

The Hyderabad-based company said it has signed a non-binding term sheet to acquire 100% of Rio.Money for a cash consideration of Rs 22 crore.

The proposed deal, subject to definitive agreements and customary conditions precedent, is expected to close within 60 days, with a possible 30-day extension by mutual agreement, according to Zaggle’s exchange filing.

Rio Money, incorporated in July 2023, operates in the fintech sector with a niche in enabling equated monthly instalments (EMIs) through credit payments on QR codes via UPI. The service is facilitated through the co-branded Yes Bank–Rio RuPay credit card, launched in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024. The startup was founded by Riya Bhattacharya and Vivek Amarnani.

As per the disclosure, Rio Money reported a turnover of Rs 13 lakh for FY2023-24, and has a paid-up capital of Rs 11.33 lakh. The company operates solely in India.

“The acquisition not only expands our product offerings for existing user and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market,” the company said.

“We’re excited to join hands with Zaggle, a powerhouse in spend management. This acquisition supercharges our mission to make credit effortlessly accessible through UPI. With Zaggle’s vast reach and deep expertise, we’re set to take our innovative credit solutions to millions more users across India—unlocking exciting new possibilities for digital payments and consumer empowerment,” said Riya Bhattacharya, CEO of Rio Money.

The deal comes amid Zaggle’s broader inorganic growth strategy, following its Rs 595 crore Qualified Institutional Placement (QIP) in 2024. In June, the company acquired Pune-based Dice, an enterprise spend management platform, and golf-focused loyalty solutions provider GreenEdge, in a combined transaction valued at Rs 150 crore.