Zaggle invests Rs 48 Cr to acquire 98% stake in TaxSpanner; 26% in Mobileware
The company infused Rs 32.07 crore to gain a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner), making it a subsidiary, and Rs 15.60 crore for a 26% stake in Mobileware Technologies, a leader in digital payment infrastructure.
Zaggle Prepaid Ocean Services Limited, a B2B SaaS fintech startup, has invested about Rs 48 crore to acquire stakes in two companies, aiming to strengthen its service portfolio.
According to a statement, the company infused Rs 32.07 crore to gain a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner), making it a subsidiary and Rs 15.60 crore for a 26% stake in Mobileware Technologies, a digital payment infrastructure provider.
TaxSpanner, a tax preparation and e-filing company, offers digital tax solutions to businesses and individuals. With this acquisition, Zaggle can provide tax management services, covering tax filing and savings, expanding its capabilities in financial wellness and employee benefits.
“With the tax base expanding year after year, we see significant demand for platforms that provide comprehensive solutions for both tax filing and tax savings. With TaxSpanner, we aim to enhance our offerings by delivering a one-stop solution for all taxation needs,” said Raj Narayanam, Founder and Executive Chairman of Zaggle.
Meanwhile, Mobileware specialises in digital payment solutions, including UPI, IMPS, AEPS, and more, providing robust infrastructure to banks and financial institutions. Zaggle aims to leverage the startup's advanced payment systems and co-develop innovative solutions, such as embedded payment experiences and financial services for clients.
“These strategic investments will not only enhance our offerings but also open up new opportunities to co-develop advanced solutions for our customers. Mobileware has been at the forefront of driving innovation in digital payments in India. Their expertise in developing robust payment infrastructure, especially in UPI and other NPCI-certified solutions, aligns seamlessly with our vision of providing integrated and effortless payment experiences,"
With these strategic acquisitions, Zaggle aims to become a one-stop shop for financial solutions, from taxation to digital payments.
Edited by Suman Singh