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Zaggle Prepaid Ocean Services has approved the acquisition of Rivpe Technology for a total consideration of up to ₹22 crore.
Rivpe operates only in India and works in the digital payments space, with a focus on UPI-led payments and co-branded credit offerings.
In simple terms, it helps power payment flows for businesses and also supports credit card tie-ups that brands can offer to customers.
Breaking it down: once the deal is completed, Rivpe will be fully owned and controlled by Zaggle, and it will run as a subsidiary company.
On top of the acquisition, Zaggle’s board has also approved an additional investment of up to ₹75 crore in Rivpe, which can be put in over multiple rounds or tranches.
The bigger reason behind the move: the company says this will help it offer more to its existing users and strengthen its fintech play, by adding UPI payment capabilities and entering the consumer credit card segment.
