Zaggle buys two companies in a single day, pumps Rs. 150 crore
PRNewswire
Mumbai (Maharashtra) [India], June 9: Zaggle Prepaid Ocean Services Limited, India's leading spend management company, is set to acquire a 100% stake in Dice and GreenEdge Enterprises for Rs150 crore. These consecutive acquisitions will enhance Zaggle's presence in the Indian market, significantly broaden its portfolio of advanced spend management solutions and further strengthen its offerings in the loyalty, rewards and travel segments. The company is set to acquire a 100% stake in Dice and GreenEdge. The company has made four acquisitions in the last four months, infusing about Rs. 215 crore.
With this acquisition, Zaggle has completed four strategic takeovers in the past four months, totalling nearly Rs215 crore. These moves align with the company's ambition to become a $1 billion revenue enterprise within the next five to seven years. Zaggle is strategically deploying the Rs595 crore raised through its Qualified Institutional Placement (QIP) to acquire companies that are product-accretive, geography-accretive, or EBITDA-accretive, while ensuring sustained positive returns on equity and investments.
Incorporated in 2018, Dice is a Pune-based AI-driven enterprise spend management platform, specializing in Spending as a Service. Its suite of solutions encompasses travel and expense management, accounts payable management and procurement management solutions. Its unified platform offers seamless self-booking, approvals and reconciliations with built-in policy controls, streamlining the entire spend cycle for businesses. The company has demonstrated consistent growth over the last two years, clocking a turnover of over Rs. 6 crores in FY24.
The acquisition of Dice will significantly enhance Zaggle's existing product portfolio, transforming it into a more comprehensive and integrated suite of spend management solutions. Through this acquisition, Zaggle will gain access to Dice's established customer base, which includes prominent enterprises such as Tata AIA, Bajaj Electricals and DTDC, further reinforcing its market presence. The combined capabilities will not only deepen Zaggle's reach within the Indian market but also create new opportunities to deliver its advanced solutions on a global scale.
GreenEdge Enterprises, on the other hand, is a specialized solution provider for golf travel, unique experiences and access-based rewards. With its stronghold in India, the company achieved a turnover of Rs. 19.82 crores in FY24. This acquisition will enhance Zaggle's product offerings in the loyalty and rewards and travel segment, providing a substantial boost to its Propel offering.
Zaggle had recently announced the acquisition of a 51% Controlling Stake in EffiaSoft and a 38.34% stake in Mobileware Technologies. The company had recently reported a consolidated profit after tax (PAT) of Rs. 87.4 crore for FY25, up from Rs. 44 crore in FY24.
About Zaggle
Founded in 2011, Zaggle (BSE: 543985) (NSE: ZAGGLE) is a leading player in spend management, offering a differentiated value proposition with a diversified user base. Operating within the business-to-business-to-customer (B2B2C) segment, Zaggle stands out as one of the few companies with a comprehensive range of financial technology products and services. Zaggle is one of India's top issuers of prepaid cards, collaborating with banking partners to drive its card offerings. The company also boasts a diverse portfolio of SaaS products and an extensive network of touchpoints. As of March 31, 2025, Zaggle has issued over 50 million prepaid cards, serves more than 3,400 corporate enterprise clients and supports a user base exceeding 3.2 million. With a robust corporate client base spanning various industries, including banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobiles, Zaggle is well-positioned as a leading player in the spend management sector.
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