Zaggle Prepaid Ocean Services Limited has announced its intention to acquire 100 per cent equity in FinTech startup Rivpe Technology Private Limited, popularly known as Rio.Money, in a cash deal valued at Rs 22 crore.
The acquisition, formalised through a non-binding term sheet signed on July 29, 2025, is subject to the execution of definitive agreements and the fulfillment of certain conditions precedent.
Rio.Money, incorporated on July 13, 2023, is a growing Fintech venture with a focus on consumer credit cards and Unified Payments Interface (UPI) services.
The startup has demonstrated initial traction in the digital payments space, reporting a turnover of Rs 0.13 crore for the financial year 2023–24.
The acquisition marks a strategic step for Zaggle as it aims to broaden its product portfolio and deepen its presence in the rapidly evolving consumer FinTech landscape.
The deal does not fall under the category of related party transactions, and there is no promoter group interest in the acquisition.
The entire transaction is being executed at arm’s length, and no regulatory approvals are required at this stage.
Completion of the acquisition is expected within 60 days from the execution of the term sheet, with a provision to extend by an additional 30 days if necessary.
Through this acquisition, Zaggle plans to leverage Rio.Money’s UPI capabilities and domain knowledge to accelerate its foray into the consumer credit card market while enhancing offerings for its current user base.
The move is expected to strengthen Zaggle’s overall position in the FinTech space by aligning new-age digital payment solutions with its existing suite of services.
Rio.Money operates solely in India and has an authorised share capital of Rs15 lakh and a paid-up capital of Rs 11.32 lakh.
With this acquisition, Zaggle is poised to capitalise on emerging opportunities in the FinTech ecosystem and expand its technological footprint in the consumer finance domain.
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