Zaggle, a rapidly growing SaaS fintech company, has made a strategic investment by acquiring a 26% stake in Mobileware Technologies for Rs 15.6 crore, based on a post-issue, fully diluted valuation. The acquisition aims to leverage Mobileware’s expertise and infrastructure, enabling Zaggle to expand its embedded payment solutions and strengthen its overall offerings.
The newly raised capital will allow Zaggle to further enhance its payment capabilities and provide a more comprehensive suite of services to its clients. Mobileware Technologies, headquartered in Mumbai, specializes in enabling digital transactions for financial institutions such as banks and non-banking financial companies (NBFCs). Their services include switch solutions like Unified Payments Interface (UPI), Immediate Payment Service (IMPS), Aadhaar-enabled Payment System (AePS), Bharat Bill Payment System (BBPS), and a proprietary API banking platform called TransXT.
“This investment will not only strengthen our existing offerings but also create new avenues for developing advanced payment solutions that are crucial to our clients’ operations,” Zaggle said in a statement. The fintech company sees this partnership as a stepping stone toward building innovative and seamless payment experiences.
Mobileware Technologies has built a strong reputation in the industry, holding multiple certifications from the National Payments Corporation of India Ltd (NPCIL). This solidifies their standing as a trusted fintech player providing digital payment solutions.
“As the industry continues to evolve, customers increasingly demand integrated and secure solutions, especially in the BFSI sector. Zaggle’s strategic vision aligns perfectly with our goal of revolutionizing the digital payments landscape. Together, we will leverage our combined strengths to offer seamless, secure, and enhanced payment experiences to a diverse range of clients,” said Satyajit Kanekar, co-founder and CEO of Mobileware Technologies.
The acquisition positions Zaggle as a key player in the fintech space, particularly in the growing embedded payment segment. By collaborating with Mobileware, Zaggle aims to capitalize on the increasing demand for digital and embedded payment solutions, ensuring they remain at the forefront of this rapidly evolving industry.