Zaggle Prepaid Ocean Services Limited is set to make a decisive entry into the consumer credit card market with its plans to acquire Rio Money. The all-cash deal, valued at Rs 22 crore, reflects Zaggle’s ambition to expand beyond its established stronghold in corporate spend management and leverage new-age fintech solutions for the burgeoning consumer segment.
Founded in 2023 by Riya Bhattacharya and Vivek Amarnani, Rio Money has quickly made strides within India’s dynamic digital payments landscape. The company focuses on enabling equated monthly instalments (EMIs) for credit purchases using QR codes through UPI, a capability powered by the co-branded Yes Bank–Rio RuPay Credit Card. This card, developed in partnership with Yes Bank and the National Payments Corporation of India (NPCI), was launched in November 2024 and has since contributed to making credit more accessible via seamless digital transactions.
Zaggle’s move to acquire Rio Money is part of a broader growth blueprint, fueled by the Rs 595 crore recently raised through a qualified institutional placement (QIP). The fresh capital infusion is being strategically deployed across acquisitions and innovation. Earlier in June 2025, Zaggle had snapped up enterprise spend management company Dice and golf loyalty platform GreenEdge in a Rs 150 crore deal.
According to Raj P Narayanam, founder of Zaggle, the acquisition of Rio Money not only accelerates their entry into the consumer credit card ecosystem but also strengthens the decade-long relationship with Yes Bank. This synergy is set to foster further digital innovation, allowing Zaggle to offer diverse, user-friendly credit solutions catered to millions across India. The share price of Zaggle stood at Rs 398 as of this afternoon, highlighting investor confidence in the company’s expansionary strategy.
Riya Bhattacharya, CEO of Rio Money, expressed enthusiasm for the upcoming collaboration, stating that the partnership would significantly amplify their mission to democratize credit access through UPI. Backed by Zaggle’s expertise and scale, Rio Money expects to reach an even wider audience while remaining focused on making digital credit solutions more inclusive and efficient.
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