Employee expense management company Zaggle plans to acquire fintech startup Rivpe Technology Private Limited, also known as Rio.Money, in a cash transaction worth Rs 22 crore ($2.5 million).
According to regulatory filings, the proposed acquisition includes both 100% equity and voting rights.
Key Highlights
- Zaggle acquires 100% equity in fintech startup Rio.Money for ₹22 crore, entering UPI‑based consumer credit space.
- Founded in 2023, Rio.Money’s UPI credit integration powers Zaggle’s expansion into retail credit payments.
Rio.Money was founded in July 2023 and focuses on UPI payments and consumer credit cards, which are areas where Zaggle wants to expand its presence. The acquisition will allow Zaggle to diversify its fintech portfolio and strengthen product offerings in both UPI and credit cards. According to the company, the acquisition will allow Rio.Money to reach a larger consumer base and enter India's growing digital payments and credit markets.
Rio.Money had a turnover of just Rs 13 lakh in FY24.
The move comes as fintech deals heat up, with larger players looking for smaller startups to strengthen their technology stack and gain a strategic advantage in high-growth verticals such as UPI and digital credit cards.
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This is Zaggle's fifth acquisition in 2025. Last month, it paid Rs 150 crore for a 100% stake in Dice and GreenEdge Enterprises. Earlier this year, the company announced the acquisition of a 51% controlling interest in EffiaSoft and a 38.34% stake in Mobileware Technologies.
