Zaggle Raises Stake in Mobileware with ₹7.25 Cr Investment
In a recent development, fintech SaaS company Zaggle has acquired a significant stake in Mobileware, a leading provider of UPI switch technology. Zaggle has acquired 4,622 equity shares from Mobileware’s promoters for a consideration of ₹7.25 crore, thereby increasing its stake in the company to 38.34% on a fully diluted basis.
Prior to this acquisition, Zaggle held a 26% stake in Mobileware. The new investment has boosted Zaggle’s shareholding in the company, making it a significant shareholder. The acquisition is expected to have a profound impact on Zaggle’s future growth and expansion plans, particularly in the areas of lending, credit, and card management.
Mobileware’s UPI switch technology is a vital component in facilitating seamless transactions between banks and financial institutions. With Zaggle’s increased stake in the company, it is likely to leverage this technology to develop innovative solutions for the lending, credit, and card management spaces. This strategic move is expected to strengthen Zaggle’s position in the fintech landscape and further its mission to revolutionize the way businesses manage their expenses and employee benefits.
Zaggle’s investment in Mobileware is a testament to the company’s commitment to innovation and its desire to stay ahead of the curve in the fintech industry. By acquiring a significant stake in Mobileware, Zaggle has demonstrated its confidence in the company’s technology and its potential for growth.
Mobileware’s UPI switch technology is a highly sought-after solution in the fintech industry, as it enables banks and financial institutions to facilitate transactions between different bank accounts. With Zaggle’s increased stake in the company, it is likely to tap into this technology to develop solutions that cater to the growing demand for digital payments and financial services.
The acquisition is also expected to have a positive impact on Zaggle’s existing products and services. By leveraging Mobileware’s UPI switch technology, Zaggle can enhance its offerings and provide its customers with a more comprehensive suite of financial solutions. This, in turn, is expected to drive growth and increase revenue for the company.
In conclusion, Zaggle’s investment in Mobileware is a significant development in the fintech industry. The acquisition of a 12.34% stake in Mobileware for ₹7.25 crore is expected to have a profound impact on Zaggle’s future growth and expansion plans. With Mobileware’s UPI switch technology, Zaggle is well-positioned to develop innovative solutions for the lending, credit, and card management spaces.
News Source:
https://inc42.com/buzz/zaggle-raises-stake-in-mobileware-with-inr-7-25-cr-investment/
