Rio, also known as Rivpe Technology Private Limited, is a fintech firm that will be acquired by employees’ expenditure management business Zaggle. A cash transaction for Rs 22 crore ($2.5 million) was made.
Regulatory documents indicate that the proposed acquisition includes voting rights and 100% equity.
Established in July 2023, Rio.Money specializes in consumer credit cards and UPI payments, two markets in which Zaggle hopes to expand. The agreement will assist Zaggle in expanding its product offerings in credit cards and UPI, as well as diversifying its fintech portfolio. The company claims that the acquisition will take use of Rio.Money’s ability to reach a larger customer base and access India’s expanding credit and digital payments industries.
Rio.Money reported an FY24 turnover of just Rs 13 lakh.
In order to strengthen their technological stack and obtain a competitive advantage in high-growth categories like UPI and digital credit cards, bigger companies are actively seeking out smaller businesses as fintech deals heat up.
This marks Zaggle’s fifth acquisition in 2025. It paid Rs 150 crore last month to purchase a 100% share in Dice and GreenEdge Enterprises. A 51% controlling ownership in EffiaSoft and a 38.34% investment in Mobileware Technologies were acquired by the company earlier this year.
