SUMMARY
- Zaggle acquired 26% of Mobileware Technologies for ₹15.6 Cr to enhance fintech capabilities.
- The investment focuses on strengthening Zaggle’s embedded payment solutions using Mobileware’s UPI infrastructure.
- Management group of Mobileware will retain operational control to ensure business continuity.
Zaggle Prepaid Ocean Services Limited, a B2B SaaS fintech company, has paid ₹15.6 crore in cash to acquire a 26% stake in Mobileware Technologies Pvt Ltd, a Mumbai-based provider of digital payments infrastructure. “The proposed acquisition is contingent upon the execution of the final agreement and the fulfillment or waiver of the conditions precedent, as mutually agreed upon by the parties,” Zaggle stated in a late-night regulatory filing.
According to Zaggle, the investment is intended to strengthen its position in the fintech industry, namely in embedded payment solutions. It will also allow the business to utilize Mobileware’s infrastructure and experience better to improve its payment products. The business further added, “Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will empower Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services, strengthening Zaggle’s ability to deliver cutting-edge embedded payment experiences to its clientele”.
Zaggle founder and executive chairman Raj Narayanam states, “Mobileware’s expertise in building robust payment infrastructure, particularly in UPI and other NPCI-certified solutions, aligns perfectly with our vision of delivering seamless and integrated payment experiences. This strategic investment will strengthen our offerings and create new opportunities to co-develop advanced solutions that place payments at the core of our client’s business needs.”
Satyajit Kanekar, co-founder and CEO of Mobileware said, “Zaggle’s strategic vision aligns perfectly with our goal of transforming the digital payments landscape. Together, we will leverage our combined strengths to deliver enhanced, secure, and more integrated payment experiences for our diverse clientele.”
Amitabh Kanekar and Satyajit Kanekar founded MobileWare, is a technology company that specializes in providing advanced mobile and IoT connectivity solutions. With over 20 years of experience, the company offers services like 5G connectivity, IoT connectivity, LTE failover, and SD-WAN solutions, targeting industries such as retail, logistics, transportation, and education.
The management group of Mobileware will stay in charge of the firm after the acquisition in order to maintain continuity and a strong emphasis on business growth. It is committed to growing its portfolio and working closely with Zaggle to improve services for customers in a range of industries. NPCI switches, APIs, and TransXT, or “Bank In A Box,” are just a few of the products that the firm offers to banks, financial services, NBFCs, and other financial institutions.
