Fintech SaaS platform Zaggle has announced plans to acquire 100% of Rio.Money’s parent company, Rivpe Technology Pvt Ltd, for ₹22 Cr as part of its strategy to expand into the consumer credit card space.
In a recent exchange filing, Zaggle confirmed that it has entered into a non-binding agreement for the acquisition.
“The acquisition not only expands our product offerings for existing users and customer base, it also adds a deep expertise on the UPI and facilitates our entry into the consumer credit card market,” the company stated.
Rio.Money was founded in 2023 by Riya Bhattacharya, a former founding team member at Navi, along with angel investor Vivek Amarnani. The startup operates in the fintech space, offering UPI-based payments and co-branded credit cards, promoting the use of credit cards for UPI transactions.
Rio.Money currently issues RuPay credit cards in collaboration with Yes Bank. The cards come with no joining or annual fees, provide credit limits of up to ₹5 Lakh, and reward users with cashback through its proprietary Rio Coins.
While Zaggle did not disclose Rio.Money’s financials for FY25, the startup reported a turnover of ₹13 Lakh in FY24.
With this acquisition, Zaggle aims to accelerate its entry into the consumer payments vertical and deepen its partnership with Yes Bank to build out new credit offerings.
