Zaggle to Acquire Dice Enterprises for INR 123 Cr

Entrepreneur

06-06-2025

Zaggle said the deal aligns with its strategy to expand product offerings and strengthen its presence in India's fast-growing expense management sector.
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Zaggle Prepaid Ocean Services Ltd, a listed financial technology firm based in Mumbai, announced that it will acquire Dice Enterprises Private Limited for INR 123 crore.
The acquisition, disclosed via a regulatory filing to Indian stock exchanges, gives Zaggle full ownership of Dice, a spend management platform specialising in corporate travel expense tracking, procurement, and accounts payable.
Zaggle said the deal aligns with its strategy to expand product offerings and strengthen its presence in India's fast-growing expense management sector. The move also provides access to Dice's established customer base and a team of technically skilled professionals, which the company believes will enhance future product development.
"The acquisition expands our product offerings for our customers and gives us access to a large base of existing customers," Zaggle stated in its filing. The company also emphasized the value of integrating Dice's talent pool to bolster innovation.
Founded in January 2018, Dice Enterprises has shown consistent growth. Its revenue rose from INR 1.39 crore in FY22 to INR 6.32 crore in FY24, reflecting increasing demand for digital expense management tools.
Zaggle signed a non-binding term sheet on June 5, 2025, with Dice's shareholders. The mode of payment—cash or share swap—will be determined by Zaggle's board. The deal is subject to definitive agreements and certain customary conditions but does not require any regulatory approvals. The company expects to complete the acquisition within 90 days of board clearance.
The announcement follows a strong financial performance by Zaggle in Q4 FY25. The company reported a 67% surge in net profit to INR 32 crore, up from INR 19.2 crore a year earlier. Operating revenue rose 50% year-on-year to INR 411.4 crore. For the full year, Zaggle achieved record financials with revenue climbing 68% to INR 1,302.6 crore and net profit nearly doubling to INR 87.5 crore.
With the Dice acquisition, Zaggle aims to consolidate its leadership in the domestic market while exploring international opportunities.