Zaggle Pay as you go Ocean Companies Restricted has accomplished a 100 per cent acquisition of fintech startup Rio Money for ₹22 crore, marking the spend administration firm’s entry into the consumer credit card phase.
The acquisition brings Rio Money’s UPI-integrated credit platform to Zaggle’s community of three,400+ company prospects and three.2 million customers. Rio Money, based in 2023, operates a co-branded credit card with Sure Financial institution that permits credit-based UPI transactions at over 100 million service provider areas throughout India.
The Sure Financial institution Rio RuPay Credit Card presents zero becoming a member of and annual charges, credit limits up to ₹5 lakh, and consists of cashback rewards and airport lounge entry. Rio Money launched the cardboard in partnership with Sure Financial institution and NPCI in November 2024.
Dr. Raj P. Narayanam, Zaggle’s Founder and Govt Chairman, described the transfer as entry into “the quickly evolving consumer fintech area.” Rio Money CEO Riya Bhattacharya stated the acquisition would assist scale their credit options to tens of millions extra customers.
The deal types a part of Zaggle’s technique to deploy funds from its ₹595 crore Certified Institutional Placement towards acquisitions that drive progress. The corporate targets $1 billion income inside 5 to seven years.
Zaggle, based in 2011, has issued over 50 million pay as you go playing cards and serves company purchasers throughout banking, expertise, healthcare, and manufacturing sectors.
Revealed on July 29, 2025
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