Zaggle Invests INR 48 Crore in Strategic Acquisitions to Strengthen FinTech Offering Zaggle Prepaid Ocean Services Limited has announced two major acquisitions as part of its strategic expansion. The company has invested a total of INR 48 crore to acquire stakes in two key players
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Zaggle Prepaid Ocean Services Limited has announced two major acquisitions as part of its strategic expansion. The company has invested a total of INR 48 crore to acquire stakes in two key players in India's financial technology ecosystem, as per a media release. In its first acquisition, Zaggle has infused INR 32.07 crore to secure a 98.32 per cent controlling stake in Span Across IT Solutions Private Limited, also known as TaxSpanner. This move will make TaxSpanner a subsidiary of Zaggle. TaxSpanner is recognized as a digital tax preparation and e-filing company, providing businesses with efficient, outsourced tax management solutions. Its services streamline tax filing and compliance, helping organizations enhance employee financial wellness. The acquisition is expected to enable Zaggle to offer an integrated tax filing and tax-saving solution for employees.
The second strategic move sees Zaggle investing INR 15.60 crore to acquire a 26 per cent stake in Mobileware Technologies Private Limited, a digital payments company. Mobileware's comprehensive suite of products includes NPCI-certified solutions like UPI, IMPS, and AEPS. Their proprietary platform, TransXT, also known as 'Bank in a Box', enables seamless banking services for financial institutions. This partnership will boost Zaggle's capabilities in embedded payment solutions and allow the firm to create new, innovative financial products.
"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," said Raj Narayanam, founder & executive chairman, Zaggle Prepaid Ocean Services.
Sudhir Kaushik, co-founder of TaxSpanner also stated, "The acquisition by Zaggle presents an exciting opportunity for us to expand our reach and enhance our offerings. With Zaggle's innovative approach and robust presence in the SaaS FinTech space, we can now provide a more comprehensive, end-to-end tax solution for employees and businesses across India,"
"Our collaboration with Zaggle marks a significant milestone in the journey of both brands. As the industry evolves, customers increasingly seek integrated and holistic solutions, particularly in the BFSI sector. Zaggle's strategic vision aligns perfectly with our goal of transforming the digital payments landscape," said Satyajit Kanekar co-founder & CEO, Mobileware.
