News | Zaggle Acquires Rio Money for ₹22 Crore to Launch Consumer Credit Card Business

Zaggle Acquires Rio Money for ₹22 Crore to Launch Consumer Credit Card Business

News

31 July 2025

2 min read

UBS Forums

Zaggle Prepaid Ocean Services Limited, a leading corporate spend management firm based in Hyderabad, has acquired Bangalore‑based fintech startup Rio.Money in a ₹22 crore all-cash deal. The acquisition grants 100% ownership of Rio.Money and marks Zaggle’s strategic pivot into the rapidly growing consumer credit card sector, facilitated through UPI-based solutions.

Founded in mid‑2023 by Riya Bhattacharya and Vivek Amarnani, Rio.Money offers innovative EMI-at-QR‑code features through its co-branded Yes Bank–Rio RuPay credit card, launched in collaboration with NPCI in November 2024. While its standalone revenue was modest — approximately ₹0.13 crore in FY2023–24 — the startup brings critical technological capability and UPI integration expertise to Zaggle’s portfolio .

Zaggle intends to leverage its existing base of over 3,400 corporate clients to introduce consumer-facing credit products, significantly enhancing its digital payments offerings and expanding reach into retail consumer finance. “Rio brings deep expertise in UPI solutions and the consumer credit cards space, with differentiated product offerings,” said Raj P Narayanam, Founder & Executive Chairman of Zaggle. Rio.Money’s CEO echoed the enthusiasm: “This acquisition supercharges our mission to make credit effortlessly accessible through UPI”

The transaction sits at the heart of Zaggle’s broader inorganic growth ambition, fueled by ₹595 crore raised via a Qualified Institutional Placement (QIP) in 2024. This builds on the company’s recent acquisitions of enterprise spend platform Dice and loyalty-focused fintech GreenEdge for a combined ₹150 crore earlier this year.

The acquisition is expected to complete within 60 days, extendable by 30 days if needed, subject to customary closing conditions. With this move, Zaggle underscores its strategic ambition to transition from corporate spend management into high-volume consumer credit payments, positioning itself for accelerated digital financial inclusion in India’s fast-evolving fintech ecosystem