Zaggle Strengthens Fintech Portfolio with Acquisition of Rio Money Zaggle announced that it plans to invest up to INR 75 crore in Rio Money after the acquisition.
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Spend management company Zaggle has signed definitive agreements to fully acquire Rivpe Technology, the fintech firm behind the consumer payments platform Rio Money.
The agreement covers the purchase of all equity and preference shares of Rio Money for a cash consideration. The deal will result in Zaggle owning the entire issued and paid up share capital of the startup once the share purchase agreement is formally executed.
Zaggle announced that it plans to invest up to INR 75 crore in Rio Money after the acquisition. The investment will be made in one or more tranches and will support the development of new products, improvements in technology and the strengthening of go to market plans.
The company said the move will help expand its consumer payment offerings and marks a significant step forward in its broader consumer payments strategy.
Rio Money was founded in 2023 by Riya Bhattacharya and Vivek Amarnani. The startup focuses on extending credit through UPI based payment methods. Its platform enables users to access credit through QR codes on UPI and also offers co-branded Rupay credit cards. The company has received backing from investors including Blume Ventures and Village Global.
The latest deal comes after Zaggle acquired Greenedge in September 2025. Greenedge works in the area of loyalty experiences and rewards with a special focus on golf oriented corporate engagement.
Zaggle was founded in 2011 by Raj N Phani Narayanam. The Hyderabad-based firm provides digital tools for business spend management and offers products that automate expenses and payments. Its services include digital rewards, prepaid cards and employee benefits management. The company works with clients across sectors such as banking and financial services, information technology, healthcare, manufacturing, consumer goods, infrastructure and automobiles.
As of the end of September 2025, Zaggle reported issuing more than 50 million prepaid cards and serving more than 3.5 million users.
