Zaggle to acquire fintech startup Rivpe for Rs 22 Cr, plans additional Rs 75 Cr investment

Zaggle Prepaid Ocean Services Ltd, a listed fintech SaaS and spend management company, said its board has approved the acquisition of Rivpe Technology Pvt Ltd, a consumer credit cards and UPI-focused startup, for up to Rs 22 crore. The deal will give Zaggle 100% ownership of Rivpe on a fully diluted basis.

The fintech player will acquire 81,429 equity shares and 16,407 compulsory convertible preference shares, representing Rivpe’s entire paid-up capital.

The acquisition will be completed through cash consideration and is expected to close within 120 days, subject to customary processes and execution of the share purchase agreement.

No regulatory approvals are required for the transaction, and the deal does not fall under related-party transactions, the filing clarified.

In addition to the buyout, Zaggle plans to invest up to Rs 75 crore in Rivpe over multiple tranches to further develop its products and accelerate growth, the company said in a regulatory filing.

With this move, Rivpe will become a wholly owned subsidiary of Zaggle once the share purchase agreement is executed and the transaction is completed.

The move signals Zaggle’s intent to broaden its footprint beyond enterprise spend management into consumer fintech—a fast-growing arena driven by digital credit cards, UPI interoperability, and personalised payment experiences.

The additional Rs 75 crore investment signals that Zaggle intends to scale Rivpe’s products aggressively after the acquisition.

According to Zaggle, the acquisition strengthens its presence in consumer-facing fintech categories and adds deep product expertise in UPI and consumer credit cards, areas that have seen massive growth as India transitions further toward digital payments and credit-led spending.

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

Rivpe currently operates in the fintech space with a focus on digital credit and UPI solutions. The company reported Rs 0.98 crore in revenue for FY25, up significantly from Rs 0.13 crore in FY24.