Fintech SaaS company Zaggle Prepaid Ocean Services Ltd has announced the acquisition of a 51% controlling stake in Hyderabad-based billing software provider EffiaSoft Private Ltd. This deal, valued at over ₹41 crore, is set to strengthen Zaggle’s position in the fintech ecosystem by enhancing its merchant services and payment processing capabilities.
The acquisition will be executed in two stages. Initially, Zaggle will acquire a 45.33% stake in EffiaSoft for ₹36.72 crore, purchasing shares from founders Koushik Shee and Akula Krishna Rao, as well as other existing shareholders. The board has also approved acquiring an additional 5.67% stake for ₹4.59 crore, with the mode of acquisition, cash or share swap, to be decided later. The deal values EffiaSoft at an enterprise valuation of approximately ₹81 crore.
EffiaSoft, founded by alumni of BITS Pilani, specialises in providing enterprise software solutions, including billing systems, inventory management, and point-of-sale (PoS) platforms under its flagship product, JustBilling. The company operates across India and Southeast Asia, catering to over 300 merchant partners. With a workforce of around 220 employees, EffiaSoft has established itself as a key player in the PoS software market.
Zaggle views this acquisition as a strategic move to accelerate its growth in the fintech sector. By leveraging EffiaSoft’s technological expertise and established merchant network, Zaggle aims to improve operational efficiency, drive product innovation, and expand its merchant engagement initiatives. This aligns with Zaggle’s broader vision of delivering cutting-edge digital solutions to small and medium-sized enterprises (SMEs) and merchants across India.
This acquisition comes shortly after Zaggle completed its investment in Mobileware Technologies, acquiring a 38.34% stake for nearly ₹23 crore. These deals are part of Zaggle’s aggressive expansion strategy following its successful capital raise of approximately ₹595 crore through a Qualified Institutional Placement (QIP) in late 2024. The EffiaSoft deal marks the first of several acquisitions planned by Zaggle to consolidate its position as a leader in the fintech space.
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EffiaSoft’s advanced software solutions and strong market presence are expected to complement Zaggle’s existing offerings, enabling it to deliver more comprehensive financial technology services. The partnership is also likely to facilitate digital transformation for merchants by integrating advanced tools like blockchain for transparency and supply chain optimisation.
With this acquisition, Zaggle is poised to further strengthen its fintech ecosystem while driving innovation and growth in India’s rapidly evolving digital payments landscape.
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